Legal and Taxes
- Do I need a business license to sell thrift store finds?
It depends on your location and how you sell. Many casual flippers don't need a license, but if you sell regularly or at certain venues, you might need a local permit or seller's permit. - How do I report income from flipping items on my taxes?
You report flipping income as self-employment income on Schedule C if you're running a business, or as hobby income on Schedule 1 if it's not. You can deduct related expenses.