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What we fail to realize

Over the last 6 months I have really dived into these discussion boards reviewing EBAY fees, increases and whatever. I want to present a hypothetical situation which some of the result applies to all of us. One note, I had this discussion with a friend and from past experience. Let's say a person purchases an abandoned storage unit every month. Your costs were to purchase is $400/month. Thats $4800/yr. So, let's say you donate roughly half of the storage unit to goodwill, the other half you sell on a platform and lastly you have rented a storage unit for $125/month to house your items that you purchased. Tax implications, you have a LLC it's a business. Tax write-offs include the storage unit u rented, any use of your car to and from a facility to ship your products, pick up supplies, maybe you rented a U-Haul or used your car to pick up your items, and the list goes on. So, my final statement is, does a .35% increase in seller fees on a platform really play into the overall numbers? No, in this case it does not. In other case's maybe so but I doubt it. What we sometimes forget is all the extras that can be applied to our taxes that we are not accounting into the equation. I am sure some people will contradict me but so be it. I know the numbers based on this situation. 

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Re: What we fail to realize


@traditonalproducts wrote:

Because the room is split in half with me and my wife who is not remote. The numbers in my case would be very minimal. 


It still would not kick you into an audit because you claimed it.  Have you actually ran the numbers to figure out how much the deduction would be for an entire year. 

 

https://turbotax.intuit.com/tax-tips/small-business-taxes/the-home-office-deduction/L1RZyYxzv


mam98031  •  Volunteer Community Member  •  Buyer/Seller since 1999
Message 31 of 33
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Re: What we fail to realize

Yes I did run the numbers and it does not make sense for me. Thanks for asking.

Message 32 of 33
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Re: What we fail to realize


@traditonalproducts wrote:

Yes I did run the numbers and it does not make sense for me. Thanks for asking.


It doesn't make sense for me, either - these deductions need to be clearly delineated and mine aren't, with office space and internet mashed in with other pursuits.  I can claim storage and that's about it.


“The illegal we do immediately, the unconstitutional takes a little longer.” - Henry Kissinger

"Wherever law ends, tyranny begins" -John Locke
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