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How To Value Your Ebay Inventory For Tax Purposes
By Kristine McKinley
One of the questions I hear most often from eBay sellers is how to value inventory for purposes of preparing their tax return, especially if it was purchased at a garage sale, or if you used the item before you sold it on eBay.
For new items that you purchase for inventory, make sure you keep all of your receipts. In addition, you might want to keep a spreadsheet with a description of the item purchased, date, and the purchase price, including shipping costs.
For items that you purchase from a garage sale or thrift store, you may not get an itemized receipt from the seller. So, I would encourage you to write up a receipt (carry a small notepad with you while garage sale shopping or thrift store shopping), while you are still at the garage sale or thrift store. Record a description of the items purchased, date, amount paid, and the location. Ask the seller to sign the receipt you wrote
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Southern California drivers see price spikesA week of price spikes brought Southern California pump prices back to the high levels paid in February, erasing the declines of March and April.
According to the Automobile Club of Southern California?s Weekend Gas Watch, the average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.405 per gallon, which is 17.2 cents more than last week, 17 cents higher than last month, and 19 cents higher than last year.
On the Central Coast, the average price is $4.420, up 16.7...<div class="feedflare">
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</div>California unemployment drops a sliver, but number of jobs drops, too<img src='http://assets.bizjournals.com/sanfrancisco/news/California_state_flag*100.jpg?v=1'>California's unemployment rate dropped a tenth of a percent from March to April, falling to 10.9 percent. But the number of jobs in the Golden State also fell by 4,200.
Despite that drop, California's unemployment rate was considerably better in April than a year earlier, when it was 11.8 percent. And the number of jobs was also 175,600 higher than a year earlier.
The unemployment rate is a guess based on a survey of 5,500 households in the state.
California still had a higher rate than the U.S....<div class="feedflare">
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</div>United, Continental pilots union calls for strike vote<img src='http://assets.bizjournals.com/austin/news/unitedairlines*100.jpg?v=1'>The Air Line Pilots Association (ALPA) International, which represents United and Continental Airlines? pilots, said late May 17 that those airline pilots have decided to call for a strike vote.
The pilots are calling for this action because they have been unable to come to an agreement on a new contract since the airlines merged into one entity, United Continental Holdings Inc. (NYSE: UAL). Negotiations have been ongoing since May 2010.
?There has been more than ample time to reach agreement...<div class="feedflare">
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up. The hardest inventory to value is inventory that you used for personal use before you sold it on eBay, such as clothes you bought for your children that they have outgrown. Before you sell these items on eBay, you should research similar items to see what they have sold for on eBay or similar auctions. For tax purposes, the value of your inventory is the average selling price on the similar items you researched. Print out your research, and be sure to enter the average selling price on your inventory spreadsheet, in case the IRS comes knocking. If you clean out your garage and list the items on eBay for sale, you cannot claim a loss on their sale. The amount used as your cost basis in inventory converted from nonbusiness use can be no greater than its fair market value at their time of conversion. You also must be able to prove the property’s cost or you may be denied any basis (you’ll have to report the entire proceeds as gain). The most important thing to remember is to keep good documents. If the IRS audits you and you can't provide documents showing how much you paid for an item, they may claim that your cost basis is $0, which means you will pay tax on 100% of the sale price instead of just paying tax on the profit. To your financial success, Kristine McKinley Article Source: http://articlecrazy.com Kristine McKinley is a CPA and Certified Financial Planner®. For more information on eBay taxes, sign up for our free special report 'Tax Tips for eBay Sellers'.beaconfinancialtips.typepad.com/ebaytaxtips/2007/02/free_special_re.html
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Sonoma wine bar expanding to the Heights
<img src='http://assets.bizjournals.com/milwaukee/print-edition/040612_AH_WineNot05282FEA*100.jpg?v=1'>Sonoma Retail Wine Bar & Restaurant is the latest restaurant to move to the popular White Oak area.
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<img src='http://assets.bizjournals.com/houston/blog/top-of-the-lists/RRE-TRANSACTION-MAINSLIDE*100.jpg?v=1'>Martha Turner Properties and Heritage Texas Properties have moved into the top five on this year?s Houston Business Journal Largest Houston-Area Residential Real Estate Brokerage Firms list, ranked by 2011 transaction sides of closed sales.
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</div>Houston residential real estate firms boost dollar volumes
<img src='http://assets.bizjournals.com/houston/blog/top-of-the-lists/RRE-DOLLAR-MAINSLIDE*100.jpg?v=1'>Houston?s largest residential real estate firms increased their total gross dollar volume of closed sales in 2011 compared to 2010.
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A process of money management that may include any or all of several strategies, including budgeting, tax planning, insurance, retirement and ...
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