5 Things Sneaker Resellers Should Know About Their Taxes

TurboTax CPA Lisa Greene-Lewis has provided 5 tips that sneaker resellers should know before they file their taxes.

Yeezy Reseller

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Yeezy Reseller

Over the course of the last few years, sneaker reselling has transformed from a hobby to make some quick cash to fund your collection to a legitimate full-time job for some people. Consignment boutiques are popping up left and right across the country. Other people move pairs online from the comfort of their living room. The sneaker aftermarket has become so big that there is now even a stock market for sneakers—most readers know it as StockX

With so many self-employed resellers out there that are new to the practice, there may be some things for them to learn when it comes to handling their income. You might not realize it, but doing heavy reselling, whether it's online with GOAT or in person at Round Two, can actually save you some money when you go to file your taxes for the year. 

Tax season is right around the corner. Ahead of the painstaking process this April, TurboTax CPA Lisa Greene-Lewis has compiled some tips for resellers to take advantage of when they go to file their taxes this April. Check out the 5 tips below. 


You Can Claim Your Sales as Hobby Income

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High-Volume Resellers Are Considered Self-Employed

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Self-Employed Resellers Can Qualify for Business Deductions

Air Jordan Reseller

You May Have to Claim Inventory as a Capital Asset

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Third Party Providers Will Report Your Income