Cost of goods

[mpapz]

How could I determine my cost of goods sold. I don't have receipts, most items I sell are autographed which I obtained myself and are @ 20 years old or more. Also how do I account for the time I spent waiting on celebrities? Appreciate the help.

[tobaccocardyahoo]

You can estimate them, but they may not survive an IRS audit.

Ask your tax preparer for his opinion.

[reallynicestamps]

You did not buy them for resale, but for your own pleasure.

Your time then has no commercial value.

You are disposing of them now that your interest has waned.

You could enquire on fansites what the current cost of obtaining a given celebrity's autograph is today since most do charge for autographs and photographs.

[inhawaii]

I believe waiting in the rain for 22 hours to have Lady Gaga sign a $2 photo, in the IRSs eyes, it's still worth $2.  As @tobaccocardyahoo suggested, I would consult a tax professional. 

[stainlessenginecovers]

Your 'time' is NOT a cost; otherwise, everyone selling anything would say "I spent $400 of MY TIME' getting these 20 items at a garage sale' (because MY time is worth $100 per hour) 

or

I spent 4 hours a day for 2 weeks (56 hours) at $100 per hour ($5600) locating and purchasing all these 'items' on various websites, spending $2000 to get all these items so my REAL cost is $7600? 

Nope- would NEVER fly in an audit (and using these type figures would probably net you a free appointment with an IRS agent). 

[mpapz]

I understand the time involved can't be used.

What about the cost of the items with no receipt? A lot of the cards I sell I paid @ .25 - $2.00, Photos 3-$5 etc. 

[susanb1872]

As @tobaccocardyahoo said, you can estimate the cost of the cards and photos.

[monica-sells]

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@mpapz wrote:

I understand the time involved can't be used.

What about the cost of the items with no receipt? A lot of the cards I sell I paid @ .25 - $2.00, Photos 3-$5 etc. 

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You really just answered your own question.....