Buying and reselling for PROFITS Thread 02-19-2013

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Buying and reselling for PROFITS Thread

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Posted 02-19-2013, 09:00 AM

canonikon

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Buying and reselling for PROFITS Thread

Anyone in here buy things to resell for profits?

I always do and I was wondering the legal issues with it. I ordered 5 Canon DSLR cameras from the Canon store website one time and they kept asking me if I were reselling it when they called me to confirm the order.

Another time I called *Company ABC* to confirm my order due to billing/shipping address error and when they asked for my phone number, a long list of my history purchases appeared in his screen and he asked me am I reselling the cameras I buy. Of course I said no.

So I'm just wondering what are the legal issues with buying and reselling for Canon cameras for profits?

What's wrong with using my own money to pay for things and then reselling it for profits?

I guess doing it one or twice is fine, and if I keep doing it then it's not? What's the legality of it?

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02-19-2013, 09:10 AM

tennis8363 L7: Teacher Member sinceDec 2008 Posts2,142 Reputation 840 Followers 1 + Give Rep	You are not an authorized re-seller. Warranties, etc are not valid.
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02-19-2013, 09:22 AM

travathian L6: Expert Member sinceMay 2010 Posts1,493 Reputation 386 Followers 0 + Give Rep	Uh, business license? Are you charging tax? Are you reporting this income to the IRS?
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02-19-2013, 09:32 AM

DWad

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If you make over a certain amount of money each year on it, you should be paying taxes on your earnings (and probably have a business license) as trav said.

The benefit of doing this is that you can write off a lot on your taxes as a business expense - the computer/software you use to do your buying/selling, your 'home office', cell phone if you're using it for buying/selling, postage, etc. Granted, you can't just write off your whole home office and call it a day, but if you're using a room in your house as an office to sell stuff, you can at least write off part of it.

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02-19-2013, 10:32 AM

Nick6280 L3: Novice Member sinceMar 2006 Posts217 LocationColumbus, Ohio Reputation 48 Followers 0 + Give Rep	And I believe that for 2013 you can claim a standard "streamlined" home office exemption @ $5 sq ft up to 300 sq feet, or $1500.00. http://articles.washingtonpost.co...e-interest My question is, if my Wife an I each have our own business run out of the same house, can we claim $1500 each? Last edited by Nick6280; 02-19-2013 at 11:43 AM..
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02-19-2013, 11:05 AM

travathian L6: Expert Member sinceMay 2010 Posts1,493 Reputation 386 Followers 0 + Give Rep	Oh, and as far as the legality, no idea, but the company can simply refuse to sell to you at some point.
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02-19-2013, 03:33 PM

canonikon

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Quote from tennis8363

You are not an authorized re-seller. Warranties, etc are not valid.

Yeah but that's the problem with my buyers not the company that sells me the cameras, why would they care?

Quote from travathian

Uh, business license? Are you charging tax? Are you reporting this income to the IRS?

None of these issues have anything to do with my suppliers though, why would they care?

Last edited by canonikon; 02-19-2013 at 03:34 PM.. Reason: Automerged Doublepost

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02-19-2013, 03:35 PM

canonikon

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Quote from DWad

But that's not what I'm concerned about nor was it the question. I was asking why does camera retailers care if I am writing off taxes or not? I'm buying the cameras from them and paying them straight up anyway. Why would they not sell it to me if I am reselling it?

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02-19-2013, 04:04 PM

BreakingTheBank L3: Novice Member sinceOct 2012 Posts169 Reputation 44 Followers 1 + Give Rep	Same as Tennis said earlier. You are not an authorized reseller.
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#10

02-19-2013, 05:00 PM

DWad

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Quote from canonikon

They care because they'd rather sell directly to the customers if possible, and if you're not authorized then that means they don't know whether or not you're a 'quality' seller. They want their customers to get the best experience possible at a reasonable price, and they don't know if you're going to provide that.

Legally, they can refuse to sell to you for that reason. As for your legality, it's probably fine if you run it as a business and follow the related tax laws.

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#11

02-19-2013, 06:32 PM

travathian

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Quote from canonikon

Yeah but that's the problem with my buyers not the company that sells me the cameras, why would they care?

Tax reasons maybe? If they consider you a reseller there may be tax implications for them.

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02-19-2013, 10:19 PM

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Quote from travathian

Tax reasons maybe? If they consider you a reseller there may be tax implications for them.

Why would there be? What happens to the product after Canon sells it has no impact on Canons finances.

Its probably just an authorized seller thing.

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#13

02-19-2013, 10:57 PM

canonikon

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Quote from DWad

I understand that Canon would feel the same way of what you said but what about regular retailers? LIke for example BeachCamera or B&H or Adorama, they sell it other customers is the same price as they sell it to me also their customer.

Quote from BargainSnatcher

Why would there be? What happens to the product after Canon sells it has no impact on Canons finances.

Its probably just an authorized seller thing.

I understand how Canon might not want to sell it to me because I'm not authorized but what about the retailers that buys their merchandise from Canon? Why are retailers asking me if I am buying it to resell or not? I pay the same price as their other customers also.

Last edited by canonikon; 02-19-2013 at 10:59 PM.. Reason: Automerged Doublepost

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#14

02-19-2013, 11:30 PM

D1337

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Quote from Nick6280

And I believe that for 2013 you can claim a standard "streamlined" home office exemption @ $5 sq ft up to 300 sq feet, or $1500.00.

http://articles.washingtonpost.co...e-interest

My question is, if my Wife an I each have our own business run out of the same house, can we claim $1500 each?

Not the same room, and you cant use the room or any other business items for personal use.

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#15

02-20-2013, 04:26 AM

Nick6280

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Quote from D1337

Not the same room, and you cant use the room or any other business items for personal use.

Good to know. Thank you. We have a 2000+ sq ft 4 bedroom house with one daughter, so we have two spare bedrooms, a basement, and a front living room doing nothing right now.

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Buying and reselling for PROFITS Thread