Selling consignment

[beenancyb516]

Does anyone here sell consignment

[pickapaper]

tools* wrote:  "You would only have to pay income tax on your profit, minus expenses, from the sale of something for someone else."

That is correct but @beenancyb516 is already an eBay seller and should know about all the things involved with net income, expenses, etc. on her tax return so I didn't go into the details of that. 

[adamcartwright]

I made about $400 last year selling on consignment for a trusted friend, charging 50% of the net.

She brought me a box, I told her what I thought I could sell, and she gave me permission to donate the leftovers.  No Tiffany or gold, but it was a tidy sum for each of us. 

[animal-house-8]

Yes have many times for people I know well we just split it 50-50 after fees

[pickapaper]

@adamcartwright wrote: "I made about $400 last year selling on consignment for a trusted friend, charging 50% of the net."

The key words here are "trusted friend".  That makes a big difference if something goes south.

[adamcartwright]

@pickapaper  Very true -- that's why I said I only do it for family and friends.