Honest Full Time Solo Reselling Numbers | How Much Did I Make Reselling on Poshmark in 2024

[@ladettea1qaanderson908]

Thanks🌷

[@JewelsNcrime]

What about all the unsold inventory, it's still a cost and technically is still money out. Why do resellers just completely ignore that cost. Someone can make 15k but if 15 k went out between inventory and all other expenses then they didn't profit anything at least for that year they didn't. Whatever going out amount is reported to IRS should be what you report here, at least for transparency. Unless cost of unsold goods is just something not looked at as money out but even if it's looked at as an investment for the future it's still money that went out. Does cost of unsold goods not get accounted for when filing or when figuring out profits for the week, month or year ? Or does it get filed a certain way?

[@rilzthrifted]

I can't speak as to why all resellers don't speak on this, but I don't intentionally ignore this number when sharing profits. The way I do my accounting, I track profit per item and I've been reselling so long that the number I have into my unsold inventory doesn't impact me. I rarely reinvest more into my business than I get back in COG monthly. I give my unsold inventory number to my accountant at the end of the year and they do their thing. I don't know the ins and outs of reselling taxes, which is why I have an accountant.