I'm a diehard thrifter and garage sale addict! I love the thrill of the hunt! And I love making CASH from trash so I also resell on eBay and Etsy. I share my successes to inspire you ... and my failures so you learn from my mistakes. Please join me on this wild and crazy ride of making cash from trash!

Monday, November 28, 2011

eBay Blocks Users for Not Providing Tax IDs to PayPal

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12-2-11 UPDATE end of this post …

Due to a new IRS reporting rule, PayPal is now asking online sellers for their tax ID number.  The new rule, however, doesn't apply to all sellers. The IRS is requiring payment-service providers (such as PayPal & Amazon) to report gross payment volume from sales of goods or services received by merchants if they receive more than $20,000 in gross payment volume from sales of goods or services in a single year AND receive more than 200 payments for goods or services in the same year.  Both conditions must be met to trigger the reporting requirement.

Although my sales this year have exceeded any previous year, I didn’t think I’d ever make $20,000 in sales.  So when I first heard of this new IRS rule, I wasn’t concerned; but then I started receiving requests from PayPal for my tax ID.  Naturally, I was a little miffed. You see, I was under the mistaken assumption that only the Sales Price was considered payment by the IRS.  Unfortunately, ALL income received from sales is subject to this new ruling, including payment for shipping!

I keep an Excel spreadsheet of the details of all my transactions (includes eBay, Bonanza and Etsy).  And, when I added up the total paid for each transaction, I was not too surprised to see that I have exceeded $20,000 in payments.

So, after doing some research and getting over the idea of providing my SSN, I submitted my info to PayPal.  Am glad I did, now that I see eBay is blocking users for non-compliance.

What I’m not happy about is paying taxes on my sales.  You can be sure I’ll be going through all my receipts (expenses) and recreating my mileage.  So glad I kept everything, even if it is just thrown in a box.  With the new year just around the corner, I’ll definitely be more diligent about keeping expense records for write-offs!


UPDATE 12-2-11:  Oops!  Momtoqts is right!  Obviously I'm not the math major in the house!  Just to clarify, if you have BOTH a minimum of 200 transactions AND have received $20K in TOTAL payments - this includes what you received for shipping - then you do need to report.  And it also includes what you have received from Amazon, Etsy, Bonanza, etc. - any payment you received thru PayPal or Amazon or any payment processor.

In my case, I have over 1400 transactions and just over $17,500 in eBay sales; but adding what I received for shipping puts me over $20,000. I also had a handful of sales from Etsy and Bonanza that were paid thru PayPal.

Now eBay is blocking buyers for not providing their tax ID, even though some buyers do not meet this criteria.  Not sure if eBay has corrected this, but AuctionBytes has a great article here.

Sunday, November 27, 2011

The Best Things I’ve Sold on eBay ~ #21 BARBIE PINK HARD CASE FOR DOLL ACCESSORIES

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Starting Bid: $9.99 Winning Bid: $20.62
Paid: $1.50 From: Goodwill
Ended: 8/24/2008 Winner: Vacaville, CA

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Starting Bid: $9.99 Winning Bid: $9.99
Paid: $1.50 From: Goodwill
Ended: 9/21/2008 Winner: Australia

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Starting Bid: $9.99 Winning Bid: $9.99
Paid: $1.77 From: Goodwill
Ended: 11/24/2009 Winner: N/A

A few years back, I found three Barbie storage hard cases on separate occasions.  I was pleasantly surprised when the first one sold for over $20.  So, when I found the other two, I was hoping they’d sell for as much; but I was a little disappointed when they did not do as well.

The GW stores in my area no longer accept toys, although they will accept the occasional plush.  I’m not exactly sure why but I suspect it has to do with liability and recalls on toys.  So I have not come across these again. 

In fact, I’m not sure how rare or collectible these really are.  There are none currently listed on eBay, although there are a few older vintage cases that sold for over $50 (and a couple that sold for about $10).  But if I come across another one for under $2, I would pick it up because I know it’d be a sure sale.

Wednesday, November 2, 2011

Cash for Trash Wednesday

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KENNER 401 SPIROGRAPH DRAWING TOY COMPLETE ORIGINAL VINTAGE 1967 – SOLD $39.99 – PAID $1

Whadda ya know?  I just wrote a post about this vintage toy last week and it just sold!  When I first listed it a month ago, I had a BIN price of $49.99 with free shipping and Best Offer.  I received an email or two, but no hits.  Then I received a message from someone who had a few questions about condition.  At first I was a little annoyed, thinking the buyer had not read my description.  Well, turns out that I never mentioned its condition.  Once I revised my listing to include condition, removed the Best Offer and lowered the price, the item received more interest and it sold within days.  Ka-ching!


I know I keep repeating myself, but ya gotta sell internationally!  Here are a few of my recent international sales:

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THE NORTH FACE BROWN LABEL DOWN JACKET Medium Brown Sz XL – sold $50 – paid $2

This jacket was listed in my store for 2-1/2 weeks before it sold to a buyer from the United Kingdom.  They paid a total of $66 to have this.

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DICKIES Denim Jeans Bib Overalls Men's size 36 x 32 Blue – sold $20 – paid $2

Third time’s the charm!  For some reason, these Dickies overalls just couldn’t keep a buyer.  They’d previously sold TWICE and each time the buyer failed to pay.  When eBay had their recent listing promotion, I listed them again – for the THIRD time.  This time the buyer was from Norway, who paid a total of $35.99 to get these pants.  Somehow I managed to really squish these into a flat-rate padded envelope, and they are now on their way.

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SIX FULLY NESTING AMERICAN GLASS COASTERS 1984 LOS ANGELES OLYMPICS COLLECTIBLES – sold $15 – paid $0.95

I still remember the 1984 L.A. Olympics.  We didn’t go to any of the games, but there were many other Olympic-related events and things to see and do. DH and I were still newlyweds, and we were so excited to be living in L.A.  

Anyway, I found the glass coasters pictured above at a small church thrift store and paid less than $1.  I listed them at $15.00 with free domestic shipping.  They’ve been in my store for a few weeks, but finally sold this week to a buyer from Greece.  The beauty is they not only paid the $15 but also paid another $15 for shipping!  AND, eBay will NOT include the shipping to calculate the final value fee.  Yea!

Many of the items we sell may not generate much interest with US buyers.  But these items may not be available in other countries, and international buyers are willing to pay good money for our “trash”.  Gotta love ‘em!

Hope you’re having a great week! 

Believe in yourself and prosper!

Happy saling and selling!


Linking up to the following blogs. Be sure to check them out for more great thrifty treasures!

Thrifty Thursday @ Bloggervitaville

Club G.W. Party @ Charm Bracelet Diva