topic Re: Poshmark -- Anyone Here Sell Items? in Community Chat

Poshmark -- Anyone Here Sell Items?

rms1954 — Thu, 01 Aug 2019 22:46:48 GMT

I've been perusing their site but can't get much information on a couple things. Specifically reporting sales at tax time.

Re: Poshmark -- Anyone Here Sell Items?

jackthebear — Fri, 02 Aug 2019 10:54:53 GMT

i think you need to talk to your accountant, and you would need to be generating a huge income on posh for this.

there are many FAcebook groups for Posh sellers you could ask there

Re: Poshmark -- Anyone Here Sell Items?

jackthebear — Fri, 02 Aug 2019 10:54:32 GMT

@rms1954 wrote:
I've been perusing their site but can't get much information on a couple things. Specifically reporting sales at tax time.

one more thing, despite the cutesy ads PM is a lot of work it's more than posting a picture and your stuff just magically sells,

Re: Poshmark -- Anyone Here Sell Items?

depglass — Fri, 02 Aug 2019 13:29:25 GMT

Their commercials are nonsense. She paid for all their vacations with her sales of used items? Yet another spot claims she paid $100 for a pair of $700 Louboutons. You can't have it both ways.

Re: Poshmark -- Anyone Here Sell Items?

shell — Fri, 02 Aug 2019 14:12:09 GMT

My sister and a friend sell on Poshmark and they dont have to report their sales as income.

Re: Poshmark -- Anyone Here Sell Items?

dsw503 — Fri, 02 Aug 2019 14:22:08 GMT

I have sold 1 tote bag on PM. Listing the item and including pictures of it was not difficult. I had an offer for it that was less than what I was asking and accepted the offer. I like that potential buyers can make an offer. I've since listed another bag. Like any online marketplace, you have to be willing to take pictures and do a little writing. My experience with PM was not better or worse than it's been selling on other sites.

Re: Poshmark -- Anyone Here Sell Items?

reiki604 — Fri, 02 Aug 2019 14:28:50 GMT

@shell wrote:
My sister and a friend sell on Poshmark and they dont have to report their sales as income.

They may not be reporting it, but it's still income and should be reported.

Re: Poshmark -- Anyone Here Sell Items?

sidsmom — Fri, 02 Aug 2019 14:40:21 GMT

Yeah, the commercial where she says she ‘..paid for all their vacations..’

Good holy cow...HOW much money did she originally spend to get the fraction to ‘pay for a vacation?’ Just don’t spend the original amount &

pay for vacation 3-fold...w/ some left over for investing.

I know it’s a fictional commercial but I have a feeling this happens

quite often in real life.

Re: Poshmark -- Anyone Here Sell Items?

shell — Fri, 02 Aug 2019 14:53:07 GMT

According to Poshmark's web site, the 20% is a sales commission you are paying to Poshmark for what they do. It is not for taxes. If someone is just occasionally selling items of their own clothing for less than what they paid for it, it would not be a business and it would not be reported on their tax return.

Re: Poshmark -- Anyone Here Sell Items?

Grouchomarx — Fri, 02 Aug 2019 15:20:49 GMT

I just saw a Poshmark ad and the woman said she bought her CAR with the proceeds. What on earth was she selling? Yikes.

Re: Poshmark -- Anyone Here Sell Items?

sunshine45 — Fri, 02 Aug 2019 15:26:39 GMT

As you may have heard, new laws have been enacted that require marketplaces to collect sales tax on all eligible orders. This means that Poshmark is required or may be otherwise obligated to collect sales tax on sales and submit these taxes directly to states and localities. To simplify sales tax for our community, we created Posh Remit—one of the first country-wide tax remittance services. This allows Poshers to continue to reach shoppers across the United States, while at the same time supporting their local communities directly.

Starting in April, Posh Remit will begin collecting and submitting sales tax on all eligible orders and we’ve updated our Terms of Service, effective as of March 28th, to reflect these changes.

https://blog.poshmark.com/2019/03/28/introducing-posh-remit-sales-tax-made-simple/

Re: Poshmark -- Anyone Here Sell Items?

CelticCrafter — Fri, 02 Aug 2019 20:02:47 GMT

@depglass wrote:
Their commercials are nonsense. She paid for all their vacations with her sales of used items? Yet another spot claims she paid $100 for a pair of $700 Louboutons. You can't have it both ways.

One paid for her wedding, another bought a car. If you are generating that much money selling used stuff, how much did you originally spend!

Re: Poshmark -- Anyone Here Sell Items?

GenXmuse — Fri, 02 Aug 2019 21:48:00 GMT

It’s a little too focused on social selling, throwing online parties, following, hearting items etc. I prefer eBay.