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How a week on eBay caused a lifetime of worry
publication date: Mar 7, 2007
*****
- Editorial
- How To Value Your eBay Inventory For Tax Purposes
- Create And Sell Your Own Info Products On eBay
*****
Hi,
I am a great worrier, I even look for new things to worry about
when all looks to be going too well. When everything looks to
be plain sailing, I'm convinced it's just the calm before the
storm, something has to give and it will give very soon.
But even I was shocked, after a good week's trading on eBay,
when 'worry' took on a whole new meaning, even for me!
The odd few things went wrong, nothing too much, a few
people emailed about packages they had not received
(including someone who paid late last night); another wanted
me to relist ten items they forgot to bid on at auction and now
wanted to buy them all 'if the price is right'; another wanted me
to post an expensive postcard to her friend's address 'in case
my husband thinks I'm wasting his money'.
Still just the usual run of the mill sort of stuff .... then .... last
Saturday .... the tornedo struck with a vengeance. Two major
problems to sort out in my eBay account, rather all my eBay
accounts, and my PowerSeller daughter's account, and the
other daughter's account .... and still more problems to come!
Firstly, I, rather we, could not view our invoices or how much
we owed eBay and what we thought we owed turned out to be
what we had already paid. The figures were all mixed up and
we were totally confused.
Secondly, the button you press in your eBay account to show
which of your listings already have bids is also not working, in
my account, all my accounts, and both of my daughters'
accounts.
Are we alone in having these problems which frankly are
confusing, time wasting, worrying, and consume so much time
for hitherto very quick tasks.
According to eBay, yes we are alone, it is just a one-off, no one
else has reported similar problems, not one of millions of
people using eBay in the UK. How strange as my daughters
and I use different computers, we all work from different street
addresses. But the best was still to come, because ....
.... eBay has just introduced its new Feedback system which
at first glance looks long drawn out, complicated, and really has
used up my quota of things to worry about this month.
Those other problems are tame compared to getting to grips
with this new feedback system. Oh yes, you and I will work out
what's required, but what of the poor customer, how will he or
she feel about assessing sellers on a whole new string of
criteria alongside the usual need to rank transactions as
Positive / Negative / Neutral.
It isn't just the criteria you are asked to rank on a scale of 1 to 5
that causes problems, not by a long shot. I've had people
today email, one phoned, all very upset because whatever they
bought from me is open for all to see. "You're breaching my
privacy", my phone caller said, "My mother knows exactly what
I've got for her birthday, and it's all your fault", then she
threatened to report me to eBay. When a gap came in the
tirade of abuse I politely pointed out that eBay had initiated the
changes, not me, I hadn't even seen them yet.
eBay seems to have launched the new system without telling
some members, who then assume the changes are the work of
individual members, not eBay at all. Nice one!
The new system, called Feedback 2.0, really does include a
snapshot of items individuals have recently bought and sold.
While it's true you could always check out what people had
bought and sold by clicking on the eBay listing number
alongside feedback left for and given, now that information and
lots more is available without leaving the feedback page. In
fact that one page shows up to 200 items a person has bought
or sold in the recent past with description, price and listing
number plus an invitation to click through to view the listing.
Under the old system you'd still find that information but you'd
have to work longer and harder over many pages to access it,
so all eBay has done it bundle it all together in one easy to view
location.
Let's face it, few people are interested in what you and I have
bought and sold in the last ninety days or so and I'm willing to
bet whatever complaints exist now will be very short lived. At
least that is what I thought until I visited eBay forums populated
by people detailing their concerns about the new system.
These are problems expressed by some forum members which
all sellers should be aware of to help anticipate and handle
complaints from browsers and bidders on their listings:
* Having family and friends know what you bought them and
how much you paid matters little against people actually
knowing your taste in private and adult items. One anonymous
forum entry speaks of exposing this individual's sexual
preferences to others who until now did not know he is gay.
How embarrassing is that?
* A large number of eBay forum members insist they will not be
leaving feedback at all, just to make sure no one knows what
they are buying. Those people are also insisting others follow
their lead, and refuse to leave feedback until eBay addresses
their concerns.
eBay did in fact emphasise that information about Item, Title
and Price would be shown under the new system, even though
it was already there if you looked closely enough, but few
expected so much to be shown in one easy to access location.
By far the greatest concern for sellers is that buyers can now
rate them on factors totally beyond their control, such as slow
postal delivery, heavy handling causing damage on route,
packages being left behind dustbins when the householder is
away from home and refuse collection is imminent.
Here's the url in case you want to learn more or have your say
about the new system:
As to those other problems, one about viewing your invoices,
the other highlighting listings which currently have bids, if eBay
says the problem is unique, let me tell you it's not! Go chase
them!
Happy eBaying!
Avril
***
In case you missed this...
***
The other day I emailed to tell you about a magazine that
ensured a £315,000 a year housewife could lead a £350,000 a
year lifestyle...
If you missed my email, click here:
How could she holiday at least 3 times a year, completely re-
model her home (including an £311,000 fitted kitchen), dine at
London's most exclusive restaurants and still have £3150 a
week after living expenses?
You could do the same! Click here:
***
How To Value Your eBay Inventory For Tax Purposes
***
(Avril: Be aware that tax laws vary between countries and can
change significantly in short time.. This information is basic to
all eBayers but you must check with your accountant or the
Inland Revenue before spending time or money on whatever
information is contained in this and any other article in our
eLetters).
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 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 non business 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.
Kristine McKinley is a CPA and Certified Financial Planner£E.
For more information on eBay taxes, sign up for our free
special report 'Tax Tips for eBay Sellers'.
***
Create And Sell Your Own Info Products On eBay
***
If you are looking for the perfect eBay business you have found
it. For good reason, information products are among the hottest
categories right now on eBay. There are hundreds of eBay
sellers currently making afull time living just selling information
products. Here's why you need to be one of them:
You can run your business from anywhere...
You can set your eBay auctions to begin and end any time that
you want. After your auction ends, your customer pays and the
product is automatically delivered to them by instant download.
It's truly "automatic income". You no longer need to "surf the
net" to make an income, now you can make money while
"surfing the waves".
Unlimited product to sell...
The hardest part of selling on eBay is coming up with a unique
physical product that people are interested in buying. Many
times you are at the mercy of a dropshipper or bulk wholesaler
to fulfill your orders. With your own information product you now
have an unlimited amount of products to sell.
You can avoid the dreaded USPS...
Digital items are delivered electronically and automatically. You
will no longer have to stand in long lines, (remember the
Christmas rush), or rely on the USPS for your livelihood.
You have no competition...
When you create your own information product you will have a
unique item that no one else will be selling on eBay. When
people want your item, they must purchase it from you. The first
rule of business is to "Eliminate the Competition".
Unlimited backend sales...
Once someone buys a product from you and likes what you
offer, they are much more likely to purchase additional items as
well. A single customer can be worth many hundreds of dollars
over a lifetime and you will be able to create complimentary
products to sell them on the backend. Sell them a "bass fishing"
book and follow it up with a "fly tying" book, sell a "fitness book"
and follow it up with a "healthy recipe" book. The opportunities
are endless.
Creating and selling your own information products is an
effective way to build a lucrative business on eBay. Research
"how to write an e-book", "publishing your own e-book" and
"public domain books" for further information.
To learn more about the Money Making Power of eBay from a
Real PowerSeller go to: http://www.auctionprofittips.net
******************************
Not an eBay Confidential member yet?
Check out: http://www.ebayconfidential.co.uk
*******************************
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