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<p>[QUOTE=&quot;MrNate, post: 5701792, member: 5515&quot;]There&#039;s certainly some challenges to the online business. To me it&#039;s definitely worth it, but it&#039;s also definitely a lot of work. I&#039;m sure I&#039;ve said it on the forum before, but most of my time looking through thrift stores is to find non-silver items to resell, and silver items happen to be found along the way...</p><p><br /></p><p>I share your love of collecting, but my problem is the pile of goodies gets unwieldly over time, so I have learned to keep the really beautiful pieces, to scrap the ugly pieces, and slowly sell the rest trying to get the best price I can.</p><p><br /></p><p>I&#039;ve been selling online for 6 years now, in my spare time outside of my career. I kind of giggle nowadays that sellers are kind of freaking out about all the new selling regulation. Since day one I&#039;ve kept full financial records and from day one I&#039;ve reported my profit and loss annually via a Schedule C tax filing. Of course it&#039;s terrible to pay taxes, but I would rather do it honestly up front and sleep soundly at night because if the tax man decides to knock on my door someday he&#039;s going to be bored with my audit....</p><p><br /></p><p>That said, using the tax system as it&#039;s written really helps:</p><p><br /></p><p>-I get to claim all my mileage driving to thrift stores, that adds up a lot over the year.</p><p>-I get to claim a portion of my dwelling as business space.</p><p>-All of my purchases (silver or re-sellable items) are expenses under cash basis reporting (you have to elect to be either a cash basis or accrual basis entity).</p><p>-Because I keep good financial records, I can keep track of my profit margin, and my scale of operations between each year to see how I&#039;m doing. </p><p>-Since I started in September of 2016, I&#039;ve been able to do $337,000 in revenue, of which $156,000 was profit after expenses. It&#039;s been a nice side income from re-selling items from thrift stores, and buying/selling silver online and in thrift stores.[/QUOTE]</p><p><br /></p>

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