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Esteemed Contributor
Posts: 6,435
Registered: ‎06-06-2019

Poshmark -- Anyone Here Sell Items?

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

Honored Contributor
Posts: 14,812
Registered: ‎03-11-2010

Re: Poshmark -- Anyone Here Sell Items?

[ Edited ]

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 

Honored Contributor
Posts: 14,812
Registered: ‎03-11-2010

Re: Poshmark -- Anyone Here Sell Items?


@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,

 

 

Honored Contributor
Posts: 12,570
Registered: ‎03-10-2010

Re: Poshmark -- Anyone Here Sell Items?

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.

Frequent Contributor
Posts: 87
Registered: ‎03-10-2010

Re: Poshmark -- Anyone Here Sell Items?

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

Super Contributor
Posts: 338
Registered: ‎08-18-2010

Re: Poshmark -- Anyone Here Sell Items?

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.
Respected Contributor
Posts: 3,131
Registered: ‎03-09-2010

Re: Poshmark -- Anyone Here Sell Items?

[ Edited ]




@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.


'I refuse to engage in a battle of wits with an unarmed man'.......Unknown
Honored Contributor
Posts: 18,415
Registered: ‎11-25-2011

Re: Poshmark -- Anyone Here Sell Items?

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.

Frequent Contributor
Posts: 87
Registered: ‎03-10-2010

Re: Poshmark -- Anyone Here Sell Items?

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.

Respected Contributor
Posts: 2,496
Registered: ‎01-23-2019

Re: Poshmark -- Anyone Here Sell Items?

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