Sales tax is owed on sales price to end consumer, has zero to do with profit.

Jun 4, 2020
9:26:06am

TeeKaa All-American

If the seller meets the taxable nexus criteria - which is generally easy to do. For example, Utah economic nexus standard is $100K in sales (not profit) OR 200 transactions in a year.

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TeeKaa

Bio page: TeeKaa
Joined: Jun 11, 2003
Last login: May 5, 2024
Total posts: 10,068 (153 FO)

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Messages

Author

Time

My son got a job doing junk removal for a guy in our ward when he came home from

BigD Coug

6/4/20 8:43am

<< Deleted >>

Buffalo

6/4/20 8:45am

I wonder... 🤔

zephyr

6/4/20 8:49am

Probably JW custom hats.

Malathion

6/4/20 9:50am

Mostly baseball hats that have been sitting in people’s attics. He gets $20-30

BigD Coug

6/4/20 8:51am

$30 for a used hat? People are genuinely stupid.

John Doe

6/4/20 9:07am

Interesting. Do you think it is the retro logos or the shape of the hat bill?

Malathion

6/4/20 9:53am

Mostly because they want a high value hat that may have collectible value

BigD Coug

6/4/20 10:13am

Did this with books when I worked at BYU recycling department

Covid-19

6/4/20 8:46am

lol. Me too haha. It was good money for the amount of work.

conetah

6/4/20 8:50am

<< Deleted >>

JimmyZ

6/4/20 8:47am

RE: Building salvage and junk removers can make lots of $ on the back end

Eddie

6/4/20 9:11am

Does he still do the junk haul away. Or just find the stuff to resell?

Iman23

6/4/20 8:48am

No, that didn’t last very long but gave him the idea.

BigD Coug

6/4/20 8:52am

Sounds like a good way to pay his way through school. He could create a good business potentially.

KingDave

6/4/20 8:52am

How does staying in school help with that?

cougsareforreal

6/4/20 9:04am

How much does a college drop out know about a business plan and finances?

KingDave

6/4/20 9:19am

Tricky part is knowing the value of items

lemonademan

6/4/20 8:54am

My uncle did a lot of that in the '08 recession

Beggar

6/4/20 8:55am

When you say made a killing, what does that mean? Thousands? Tens of thousands?

Iman23

6/4/20 8:56am

I don’t know the details but he made

Beggar

6/4/20 10:34am

Cool but don't let him drop out of school.

mudpupper

6/4/20 8:58am

Definitely making sure he sticks with it.

BigD Coug

6/4/20 9:05am

Be careful he now owns sales tax on everything at a profit

cypresstx

6/4/20 9:12am

Sales tax is owed on sales price to end consumer, has zero to do with profit.

TeeKaa

6/4/20 9:26am

Right and each state nexus is different so if he is selling over state lines he

cypresstx

6/4/20 9:44am

My son did this a lot in High School. We live in Orem. He would wait until BYU

O Gaucho

6/4/20 10:27am

How would he find them? door knock? Why didn't the students just sell them on

Iman23

6/4/20 11:20am

They used to have some board where they posted them. I'll have to ask him.

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