How does one start a second hand books business ?

Question

What accounting books are necessary to maintain ? There are no receipts for books purchased from roadside vendors so what does one do ?

Answer 1

The IRS requires you to keep a log of all transactions in some format. This could be as simple as a spiral notebook with each title, date bought, date sold, price bought, price sold.business expenses  (i.e.utilities, rent) should also be documented by amount paid and date.