I'm thinking of ways to make money and one thing i'm thinking about doing is buying stuff then reselling it. Would hit up consignment stores and buy stuff then check it out refurb it if necessary then sell it on E-Bay. My question of Legality stems from other places like TJMaxx and the items they sell. Bought a very nice watch from them that like retails for quite a bit, but I got it for like $200. Would it be against the law if I bought the watch then resold it online for $100 to $200+ of the original amount?

It will only be illegal if you don't pay taxes for sales and self-employment...

I buy gloves from Pakistan for about $3 a unit and flog them for about $25. If you can find a market, exploit the crap out of it.

Buy low, sell high. It's pretty much the most basic, and legal, business model there is. Go for it man .

where exactly does one buy these gloves?

Yeah.

You should be able to profit to a certain point, then after that point you gotta start claiming income when you do your taxes. You should talk to an accountant who knows the rules/regulations where you live.

Pfft. Who pays taxes?

This. And thus... Welcome to the World of advlts. You can only enter once you've filed your taxes at least once.

If you sell for a profit, then technically you have to
1) do sales tax if sold in-state
2) report the profit as profit when you do all your income tax forms

Unless you are really handy with stuff and can spot hot items, then what you propose is a bit of a gamble. The cost of buying the item + time and money refurbishing could be less than what the items sells for - if it sells at all.

I made quite a bit of money selling stuff on Craigslist - my old Legos and K'nex, for example. Not at a profit, but the stuff hadn't depreciated too much in value over the years (well, maybe quite a bit if I calculate for inflation...)

You sold your Legos? :shocking:

I would never consider it!

I buy junk and sell antiques.

:stare:

WTB rolex $50



WTS rolex $500

Heh I would hope so, but no I don't think that will happen. However to give some more detail I bought my watch for $212 and it originally retails for about $599. Could probably have turned around and sold it on E-Bay for like $300 and made about $80 something bucks back in difference. Sadly I may have to consult with an accountant, financial adviser, or tax preparer to make sure I don't get arrested for tax evasion. Know the government isn't really to forgiving right now and want to make sure i'm not sent to jail with everything I own claimed for the government.

This

Pretty sure the details depends on your turnover. Otherwise people would be filing every single eBay (or pawn shop, even!) sale they make, which would generally be way more trouble than its worth.

But, yeah, if you reckon you'll be selling a decent amount of stuff, its certainly worth checking to a professional. The cheapest option would be to contact you local taxation body. If you do that, I suggest getting things in writing if possible, so that you can prove you acted according to the information provided to you, just in case someone screws up.

Buying something from an established store when they're having a discount, and then selling for a full price isn't illegal, it's intelligent. If a store is doing that without being able to control resale, they're gambling or doing something wrong, and you're free to take advantage of that.