Why do I need to enter my purchase date for some items?
Since neither eBay nor Flipwise knows when you purchased items in your inventory, you must enter that information into Flipwise.
- Active Items: By default, Flipwise assigns each active item a purchase date matching its original listing date. If this isn’t accurate, you can adjust it manually.
- Sold Items: By default, Flipwise also assigns a purchase date matching the original listing date. However, eBay only provides the original listing date for items sold within the last 90 days (counting back from the day you signed up for Flipwise). For items sold more than 90 days before your sign-up date, the original listing date is unavailable. As a result, those items will have a blank purchase date, and you will need to provide one.
Flipwise helps you prepare your taxes by allowing you to log and track your reselling data, but it is not tax software. Flipwise does not offer tax advice and this article should not be considered tax advice. We strongly recommend that you consult with a professional tax advisor when preparing your tax return.
Why does the purchase date matter?
The purchase date is essential for calculating your starting and ending inventory values, which are important for tax purposes.
What if I don't know the original purchase date?
It’s understandable if you don’t know the exact purchase date for every item. The most important part is to ensure the purchase year is accurate so your tax reports correctly reflect which items were purchased in each tax year.