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« on: August 16, 2011, 09:30:10 AM »
That is a great first unit imo. So what did you do with the $20 in foreign bills? Ask as depending what they were those could be valuable also, or at least worth 5-10 bucks depending on the condition, country, etc.
CopiaVita has a point. You really should factor in at least your variable cost (dump fees, postage, extra gas). To me you would already have some sunk cost like lunch, drinks, gas for initial trip that you could include or not in your tally. I don't since I'd be buying lunch and gas anyways for the trip to the auction no matter if won a unit or not. But, I'm not doing this as a buisness. If father decides to really get into this and we start buying under the buinesess license then we will keep better records. Just don't try to claim any loss on your taxes if you are doing this as a hobby. Plus, if you really start making some money better report the extra income not matter how much it sucks to pay the IRS.