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08-01-2019 06:46 PM
I've been perusing their site but can't get much information on a couple things. Specifically reporting sales at tax time.
08-01-2019 07:49 PM - edited 08-02-2019 06:54 AM
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
08-02-2019 06:54 AM
@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,
08-02-2019 09:29 AM
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.
08-02-2019 10:12 AM
My sister and a friend sell on Poshmark and they dont have to report their sales as income.
08-02-2019 10:22 AM
08-02-2019 10:28 AM - edited 08-02-2019 10:28 AM
@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.
08-02-2019 10:40 AM
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.
08-02-2019 10:53 AM
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.
08-02-2019 11:20 AM
I just saw a Poshmark ad and the woman said she bought her CAR with the proceeds. What on earth was she selling? Yikes.
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