Hi, newbie user here. I've been thinking about a side business doing some online selling through EBay and some other sites of inventory I have been acquiring through private sales via Kijiji, etc, and some of my own personal purchases over the last couple of years. I never really thought about starting a business, but I think it might have the potential to make about $1000 to $3000 / month in sales.
My question is, since I have not kept any receipts or even received receipts for a lot of the items that I have purchased, is there any way to claim this startup inventory as a business expense? I have kept track of how much everything has cost me, but without receipts am I going to have to pay tax on the whole sale without the cost of the inventory offsetting it? Can I get an "appraisal" of the stock and use that value to claim for startup costs?
Any advice would be much appreciated!
giser
My question is, since I have not kept any receipts or even received receipts for a lot of the items that I have purchased, is there any way to claim this startup inventory as a business expense? I have kept track of how much everything has cost me, but without receipts am I going to have to pay tax on the whole sale without the cost of the inventory offsetting it? Can I get an "appraisal" of the stock and use that value to claim for startup costs?
Any advice would be much appreciated!
giser
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