MisterGoomba | 132 Posted April 25, 2022 Share Posted April 25, 2022 I'm almost at $3k in ebay sales since starting at the end of Feb. It was stuff I couldn't sell last year at retro world expo or my local flea and just didn't want to hold on it for the next season or this year's retro world. Link to comment Share on other sites More sharing options...
Boosted52405 | 178 Posted May 9, 2022 Share Posted May 9, 2022 What's up VGSers, I stepped away from the buy/sell aspect of the hobby around 3Q 2021 to sell and buy a house. I am now cracking open my fallout shelter vault to see the daylight on VGS and am shocked by this tax change. Thanks to @Bostonitalian88 for the heads up as I was planning sell some stuff soon. Might as well climb back down the vault ladder and lock the door, this is absolutely crazy. 1 Link to comment Share on other sites More sharing options...
Boosted52405 | 178 Posted May 9, 2022 Share Posted May 9, 2022 On 10/5/2021 at 8:47 AM, BreaKBeatZ said: Using a car as an example again, many people bought used 2001 Honda S2000s in 2010 for around $12,000 because they wanted to drive the cars. Now that car has become collectible and sells for around $27,000, and sellers have to pay capital gains taxes on the $15,000 profit. That is the situation many of us are in with video games. On 4/18/2022 at 12:50 PM, MrWunderful said: No dinner, no kisses. Just face down in the back seat of a dirty 92’ civic hatchback and kicked to the Curb. I'm diggin the Honda references fellas Link to comment Share on other sites More sharing options...
fox | 1,666 Posted May 9, 2022 Share Posted May 9, 2022 Time to start scalping baby formula 1 Link to comment Share on other sites More sharing options...
docile tapeworm | 4,198 Posted May 9, 2022 Share Posted May 9, 2022 1 hour ago, fox said: Time to start scalping baby formula The purple gentle ease Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted May 10, 2022 Share Posted May 10, 2022 (edited) This change has kind of hurt kind of not so far. I've had ok luck getting rid of things and marginally not all that much worse than ebay after their disgusting fees they keep increasing and slapping on stuff. I had run numbers last year and when you have stuff at like $10 or less, the % they take creeps higher and higher, at a $5 item you don't even keep half since they tax you their fees on shipping charges too. Over that it creeps back closer to fairer levels like their 15%~ish they advertise (20-25 or so really again shipping fvf.) Seeing their amazing break down tool I'll give them credit for, I saw what I supposedly took in, but after their charges, shipping charges, fvf nonsense, and then having to occasionally buy some bubble wrap, bubble bags in mass, occasional box I was losing like 35% on ebay and another 5+% in materials so it was around 40%. Locally the point being you can look at what ebay stuff sells for, slice a 1/3 off that, make a clear point on facebook you'll do cash only, trades, or PP friends and family (doesn't report) and that you are firm unless multiple items go. Seems to work fairly well. If they bitch and lowball, tell them to pound sand or point out how much the same sells for, remind them of shipping costs, then state taxes too on that. That seems to shake some sense into some people too. In the end it's a bit more up front work vs just post and wait, and it will take longer with a limited audience, but it works. I'd rather lose 40% in trading/selling local than ebays(or the others) bs. Tack on the now shitty 15%~ tax over $600 an you'll be at 50% or better loss on what you sell vs what you keep. F that. Edited May 10, 2022 by Tanooki 1 Link to comment Share on other sites More sharing options...
fcgamer | 4,723 Posted May 10, 2022 Share Posted May 10, 2022 @Tanookiis it confirmed for certain PP friends and family won't trigger anything? Link to comment Share on other sites More sharing options...
Tulpa | 3,492 Posted May 10, 2022 Share Posted May 10, 2022 (edited) 6 hours ago, fcgamer said: @Tanookiis it confirmed for certain PP friends and family won't trigger anything? https://www.zenledger.io/blog/does-paypal-report-to-irs-on-friends-and-family "Are personal payments included in the criteria of IRC Section 6050W? Only commercial transactions will be reported to the IRS, not PayPal Friends and Family transactions. But PayPal monitors all the transactions on the platform in order to comply with government financial regulations. Thus, it can determine if commercial users are exploiting the PPFF option in order to evade the tax obligations." If you're just a hobbyist and do a few for local buyers, they'll probably give you the benefit of the doubt. Make it look like you're moving as much as a store, who knows? Might report you to cover their ass. Edited May 10, 2022 by Tulpa 1 1 1 Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted May 10, 2022 Share Posted May 10, 2022 8 hours ago, fcgamer said: @Tanookiis it confirmed for certain PP friends and family won't trigger anything? Yes he beat me to linking that, but I've been to a few tax broker/law payment sites trying to cross reference it after it was brought up to me around a month/month and a half ago. As long as it's sent as friends and family, and you're not stupid enough to write "hey dude thanks for the games, here's X money" on the comment line you're safe. They can check for dumb comments on self audit at paypal or whatever, they see that, you'll have issues if you're caught. I'm not saying go hog wild, but let's say between you and me, you find another FC game or Japanese/Taiwanese gb cart or something I want, if I were to F&F you the funds and not leave a note, or thanks friend, or here's the payback I owe you thanks...something innocent in there, you're good. Just don't make it like a weekly habit is all either. Do it frequently enough and it'll smell, once a week, bi weekly, monthly you're fine. They'll just ignore it like you're a bunch of roomies and sending rent/utility money, friends sharing cash, etc you get the idea. That's why I broke my post on here back off of just being 100% trade only to adding some payment choices like cash, mo, or F&F paypal as a choice. 2 Link to comment Share on other sites More sharing options...
docile tapeworm | 4,198 Posted May 10, 2022 Share Posted May 10, 2022 @Tanooki that’s what I been doing. Taking sold comps cutting about 25% off and listing local for cash. It’s working out ok. Bunch of flakes though. Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted May 10, 2022 Share Posted May 10, 2022 5 minutes ago, docile tapeworm said: @Tanooki that’s what I been doing. Taking sold comps cutting about 25% off and listing local for cash. It’s working out ok. Bunch of flakes though. Yeah that's my problem so far. When I find the non-flake it's great. Since I know I was losing looking at my big final ebay push last year over 40% when factoring their scummy tactics in on top of some supplies I needed to ship I figured I'd just offer like 1/3 or more off locally. I don't get any whiners over price, and when someone offers to buy enough I'll give them the cheapest item or two free for saving me the headache. That got me 2 people who have bought a few times from me over that. 1 Link to comment Share on other sites More sharing options...
RegularGuyGamer | 2,012 Posted May 10, 2022 Author Share Posted May 10, 2022 One of the guys I know sells a lot of Cornhole bags online and he got $13k sent friends and family last year and didn't get anything. I'm curious to see what happens this year because he said he doesn't plan on slowing down sales at all. Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted May 11, 2022 Share Posted May 11, 2022 (edited) Hey I got this email from ebay earlier, they're lobbying on 3 different senate/house bills currently moving through the process to deal with this $600 bs. Two of them restore the original 20k(S.948 & S.3546), and one just goes to 5k up from 600 (S.3840). This is their community mailer, if someone has an account (or if not even required) give it a click. I mean it couldn't hurt.https://www.ebaymainstreet.com/campaign/2021-federal-1099-campaign Go here, copy/paste the bills I put into the field up top, you can read the language they're short: https://www.congress.gov/ Edited May 11, 2022 by Tanooki 1 Link to comment Share on other sites More sharing options...
docile tapeworm | 4,198 Posted May 11, 2022 Share Posted May 11, 2022 @Tanooki I got it today. this must be hurting eBay. 1 Link to comment Share on other sites More sharing options...
sdamike | 4 Posted May 11, 2022 Share Posted May 11, 2022 8 hours ago, Tanooki said: Hey I got this email from ebay earlier, they're lobbying on 3 different senate/house bills currently moving through the process to deal with this $600 bs. Two of them restore the original 20k(S.948 & S.3546), and one just goes to 5k up from 600 (S.3840). This is their community mailer, if someone has an account (or if not even required) give it a click. I mean it couldn't hurt.https://www.ebaymainstreet.com/campaign/2021-federal-1099-campaign Go here, copy/paste the bills I put into the field up top, you can read the language they're short: https://www.congress.gov/ I got this also and did fill it out. No ebay account is needed to fill it out. Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted May 11, 2022 Share Posted May 11, 2022 @docile tapeworm @sdamike Good, and good to know. I had a feeling it was an open letter for anyone to take a poke at. They do submit it to right places, I got an email from Sen Rand Pauls office about receiving my online letter about it and if I wanted to follow up further to give them a call or write again. Unlike bitch mitch, he does actually care as much as a senator can at least these days. I've written there before once or twice from a form letter and had a conversation, not an autopenned response. Everyone should be filling that out. I get it's reporting vs skirting the rules but that's also why it was done that way so people wouldn't just end up slammed out of nowhere as long as they kept it under the ceiling. $600 is bs farce that was shoveled through with no transparency, no discussion, just thrown in as a sub-clause/rider on the bill and f'd tens of millions of people which was wrong. Link to comment Share on other sites More sharing options...
sdamike | 4 Posted May 11, 2022 Share Posted May 11, 2022 2 hours ago, Tanooki said: Everyone should be filling that out. I get it's reporting vs skirting the rules but that's also why it was done that way so people wouldn't just end up slammed out of nowhere as long as they kept it under the ceiling. $600 is bs farce that was shoveled through with no transparency, no discussion, just thrown in as a sub-clause/rider on the bill and f'd tens of millions of people which was wrong. I totally agree. They were really going after the big fish with that $600 limit. And like you said, with zero debate, and also great timing. Meanwhile they all continue to get away with what is basically insider trading. 1 Link to comment Share on other sites More sharing options...
LeatherRebel5150 | 1,056 Posted May 11, 2022 Share Posted May 11, 2022 As much as I hate the $600 limit. I wonder if it would actually benefit collectors as a whole by pushing transactions off the internet. While on one hand you see less variety, on the other its a lot harder to manipulate in person transactions and screw with price trends when no one sees them happen. It would damage sellers but be the boon to buyers perhaps? 1 Link to comment Share on other sites More sharing options...
Tanooki | 4,932 Posted May 12, 2022 Share Posted May 12, 2022 (edited) 38 minutes ago, LeatherRebel5150 said: As much as I hate the $600 limit. I wonder if it would actually benefit collectors as a whole by pushing transactions off the internet. While on one hand you see less variety, on the other its a lot harder to manipulate in person transactions and screw with price trends when no one sees them happen. It would damage sellers but be the boon to buyers perhaps? For me it has...but it's not easy, and to be fair, depending how large your population is in an area it will work out, fail at various levels, or you're just screwed if you're in the sticks with a 'city' like an hour away or more. It is a boon to buyers they save like 30+% off the ebay price. But more, they're also not eating the instant state taxes on top and the shipping charges as well so they're likely saving another 5-15% more in expense depending on size/weight. I offloaded 1-2mo back maybe 1200 in goods from my collection I lost interest in locally, no shitty fees, no taxes, nothing...cash. 1/2 of it was my remaining few PS1 games with the psone+lcd system combo to a local I've known before from local stuff. Currently I've got my virtual boy backup I solder fixed, a nice box set of one read manga, and a few other interesting bits up. Going to refresh it again tonight or tomorrow, got some more eye catch worthy stuff to drop. I'll take a 1/3 off the average ebay pay out, stand firm unless a bundle is made, and just wait. When I get the cash I'll just deposit it in the bank, transfer it to paypal, then from there into my online only bank for my personal use, though largely saved now for my PC replacement because screw the inflation it got worse and I'm short. Edited May 12, 2022 by Tanooki Link to comment Share on other sites More sharing options...
AnimalHouse | 117 Posted May 12, 2022 Share Posted May 12, 2022 (edited) Earlier today at a restaurant. Of all the subjects I was hearing pple discussing, this one couple sitting behind me was intriguing. This guy said he sold his used Nike shoes on ebay for 500 bucks. Then the woman responded "nice" and "don't forget to report it to the IRS." Then I heard him say "umm no." Then I heard the woman giggle or laugh and reply, "you dork, anything you earn online must be reported to the IRS." After they left, this got me thinking... 1. Who would buy used Nike shoes for 500 bucks? 2. What the woman said about any income must be reported to IRS, is true or false? If true, what is the point of having a $600 limit? Edited May 12, 2022 by AnimalHouse Link to comment Share on other sites More sharing options...
Tulpa | 3,492 Posted May 12, 2022 Share Posted May 12, 2022 46 minutes ago, AnimalHouse said: 2. What the woman said about any income must be reported to IRS, is true or false? By the strictest reading of the law, it is true, but no one realistically expects it to actually happen. 47 minutes ago, AnimalHouse said: If true, what is the point of having a $600 limit? That's the limit that generates a 1099-K form. 1 Link to comment Share on other sites More sharing options...
TDIRunner | 2,734 Posted May 12, 2022 Share Posted May 12, 2022 1 hour ago, AnimalHouse said: 1. Who would buy used Nike shoes for 500 bucks? I would think that any member of this site would at least understand the collector mentality. You or I may not care about shoes, but there are many people who buy and collect shoes just as those of us do with video games. 1 hour ago, AnimalHouse said: If true, what is the point of having a $600 limit? It's all taxable, but the IRS knows that most people won't self report the small stuff. The limit is just for what is required for places like Paypal or eBay to report. Lowering the limit makes it more difficult to keep small sales under the table. 1 Link to comment Share on other sites More sharing options...
Tenjikuronin | 1,720 Posted May 12, 2022 Share Posted May 12, 2022 15 hours ago, AnimalHouse said: 1. Who would buy used Nike shoes for 500 bucks? Most likely one of the 15 people who bid on these shoes.... Link to comment Share on other sites More sharing options...
AnimalHouse | 117 Posted May 13, 2022 Share Posted May 13, 2022 On 5/12/2022 at 1:36 PM, Tenjikuronin said: Most likely one of the 15 people who bid on these shoes.... Wow, that is high. I checked TPR and noticed the $ drop lol. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now