Help: Need advice on selling collection

[hulk181]

Hello fellow collectors.

There comes a time when eventually our collecting habits must change or end and mine just did.

Recently, I was diagnosed with a very serious illness and need to start selling (to US buyers) my collection (Hot Toys, Marvel/DC, Star Wars, MOTU, etc. It’s something unexpected and obviously not wanted but that’s life.

My question is where is the best place to sell your items online? Here, EBay or elsewhere say on a Facebook group.

I’m just primarily concerned about scammers.

I have a long history on EBay (as a 100% positive as a buyer and seller) so I can provide references and all my items are still sealed (whether in a shipper, blister, etc.). Yeah, I’m one of those who never opened them up.

Thank you to those for your helpful input. It is greatly appreciated.

 

[darthviper107]

Try Facebook marketplace first, you'll get the most money for the sale and you have the piece of mind that they already have the item and aren't going to scam you later. Especially for large items that are hard to ship it works better if someone can come in-person and pick it up. Just remember to be careful about your safety when doing those transactions. You can post stuff to Craigslist too but I've found that Facebook has many more people that are looking to buy stuff.
Ebay is an option if you're concerned about meeting people in person. Also, for items that aren't likely to find a local buyer. But Ebay fees are insane, and stuff just isn't selling as well on there as they used to, things can sit for months when they used to take just weeks to sell even at reasonable prices. Overall, on Ebay you have to put your price lower than you used to to get it to sell and then the fees are higher than they used to be too.

 

[Nagoya]

So sorry to hear about the illness. I hope you are able to make a recovery even if it means current sacrifices.

I agree that FB marketplace is probably the most straightforward way to sell. This forum seems like a very good option as well, but your items might not move nearly as quickly as you’d hope.

It’s ridiculous how much of a cesspool eBay has become. I’d personally avoid it like a plague unless all your products are already opened and used and you don’t expect to make back all your money. Make sure to only sell to buyers with high ratings and be very wary of post-sale address scams—I’ve personally experienced completely different accounts message me about how they need an address changed. Also be mindful that even if buyers admit they overlooked something in a listing and you have the “does not accept returns” option on, eBay will still force you to accept a return. Terrible place to sell and should be a last resort option.

Note if you’re in the USA, PayPal G&S and eBay sales will also get you a 1099K tax form you’ll need to file if you sell over $600 worth of inventory. The taxable income is apparently only PROFIT you made versus your original purchases, but it’s usually a royal pain to fill out with standard tax preparation software.

Good luck and well wishes to your health.

 

[hulk181]

So sorry to hear about the illness. I hope you are able to make a recovery even if it means current sacrifices.

I agree that FB marketplace is probably the most straightforward way to sell. This forum seems like a very good option as well, but your items might not move nearly as quickly as you’d hope.

It’s ridiculous how much of a cesspool eBay has become. I’d personally avoid it like a plague unless all your products are already opened and used and you don’t expect to make back all your money. Make sure to only sell to buyers with high ratings and be very wary of post-sale address scams—I’ve personally experienced completely different accounts message me about how they need an address changed. Also be mindful that even if buyers admit they overlooked something in a listing and you have the “does not accept returns” option on, eBay will still force you to accept a return. Terrible place to sell and should be a last resort option.

Note if you’re in the USA, PayPal G&S and eBay sales will also get you a 1099K tax form you’ll need to file if you sell over $600 worth of inventory. The taxable income is apparently only PROFIT you made versus your original purchases, but it’s usually a royal pain to fill out with standard tax preparation software.

Good luck and well wishes to your health.

Thank you very much for your insightful post.

Have you ever tried Paypal F&F to sell? I can understand from a buyer the potential hesitancy but I know I’ve always been honest and upfront (but how can I get them to know) other than my 100% feedback on EBay with over 1200 transactions.

Would you have any more information as to the 1099k form in regards to for example is shipping taxable? And any solid Facebook selling groups you may know of?

Thank you for your time and I apologize with the amount of questions. It’s just I have to go about it correctly and not blindly into this. Thanks again!!!

 

[Nagoya]

Have you ever tried Paypal F&F to sell? I can understand from a buyer the potential hesitancy but I know I’ve always been honest and upfront (but how can I get them to know) other than my 100% feedback on EBay with over 1200 transactions.

Would you have any more information as to the 1099k form in regards to for example is shipping taxable? And any solid Facebook selling groups you may know of?

I only have local purchasing experience with FB, but others here should be able to point you to groups with a collector focus!

Yes, F&F is virtually risk-free from the perspective of the seller but is essentially treated as a gift/donation that the buyer would not be able to initiate a refund for. These payments are favoured by sellers since it doesn’t get treated as taxable income by the IRS and also doesn’t require any automatic small fees to PayPal like selling G&S would. Your eBay feedback is definitely worth pointing out when discussing payment options with your buyers.


As for the 1099K, I’m no expert but can only speak from my experience dealing with it. You might find better information online especially due to last year’s influx of resources when it was mandated federally (I had to do it earlier since it used to be state-based). Anyway, no, shipping costs for you are exempt from what is taxable. Essentially, you will need to demonstrate to the IRS that you acknowledge all of the total revenue you received for the given year, but then you must keep records of every transaction so you can subtract the total incurred costs from every transaction (shipping, eBay/PayPal fees, etc.) from the total amount you originally spent on the items. It is intentionally confusing so people will be overtaxed.

A hypothetical example would be if you bought an Iron Man figure for $400 total last year but then sold it this year for $500 total, including shipping. But wait, you had to spend $30 to ship it and $20 was deducted by PayPal/eBay, leaving you with $450 total from the transaction. The difference between your original transaction and the money you end up with, a net $50 profit, would be all that’s taxable.

It works the other way as well, where if you don’t make any profit after the sale, you won’t be taxed on anything. However, unfortunately, you won’t get tax credit back if you “lose” money on sales. But you will need to report it all. And you will definitely want to keep ALL receipts from both your sales, and original purchases, in the rare case of an audit.

 

[hulk181]

Thank you Nagoya for your help and time.

 

[Rondesmo]

Really sorry to hear your illness.
Really wish you better days.

Personally I’ve sold almost 50% of my entire collection this last 6 months.
A little bit on FB and 80% on eBay without problem.
I would say that I’ve lost money on a few items but earn on many others so I’ve easily had a cash back of the initial amount.

 

[MeatHookGekko]

Recently, I was diagnosed with a very serious illness and need to start selling (to US buyers) my collection (Hot Toys, Marvel/DC, Star Wars, MOTU, etc. It’s something unexpected and obviously not wanted but that’s life.

My question is where is the best place to sell your items online? Here, EBay or elsewhere say on a Facebook group.

If time is critical and you just want to dump everything as fast as possible, you can elect to put it up for some variation of "consignment", i.e. approach one of the loose parts dealers, take photos, send them photos, and ask them what they'd offer for it all. You would get cents on the dollar obviously, but you'd be done with it and get it off your mind, etc, etc. In some cases, the dealer would hold the item, list it, and would only pay you if it sells.

If you are in a major city, or very near one, something like Craiglist and Facebook Marketplace can be useful. I wouldn't advise going alone, especially if it's a good sum of cash changing hands. ( And it would have to be cash IMHO, the other methods are too fraught with danger) But more to point, daylight hours, public place, well lit, decent traffic around the meet zone, cameras everywhere, etc, etc. Consider good situational awareness.

The most practical course is five items a week. Set a goal to move five items a week. You didn't build a collection overnight, you won't be able to move on off overnight. That being said, no one knows your time/health/other obligations situation. ( And I'm not asking specifically, but good luck with your health, for what that is worth of course )

Whatever you do, when you take photos, put your screen name and the current date on a piece of paper within visual view of the hobby items you want to sell. That situation might require multiple photos if your screen names are different in different places.

The two major loose parts dealers left in the US are Toy Anxiety and Monkey Depot. Both have good reputations if you don't have history with them already. I'd seek them out first if you decide to try to sell your collection whole. I have no affiliation with either one of them. Echo Base Toys and Keith Justice / Justice Fighters might also absorb your collection as well. Steven Allen of Timewalker Toys might be another option if you have a lot of MIMB left. Expect to ship first, then get paid.

I would use Ebay as a last resort out of all those options. If you choose to use Ebay, dip your toes small with just a few small items and see how you feel about it. If time left is the most precious thing you have right now, then it might be simpler to dump your collection onto a dealer. There are non hobby businesses that will generally sell your stuff for you. Those exist. I've never heard good things about any of them to be honest.

Good luck.

 

[hulk181]

If time is critical and you just want to dump everything as fast as possible, you can elect to put it up for some variation of "consignment", i.e. approach one of the loose parts dealers, take photos, send them photos, and ask them what they'd offer for it all. You would get cents on the dollar obviously, but you'd be done with it and get it off your mind, etc, etc. In some cases, the dealer would hold the item, list it, and would only pay you if it sells.

If you are in a major city, or very near one, something like Craiglist and Facebook Marketplace can be useful. I wouldn't advise going alone, especially if it's a good sum of cash changing hands. ( And it would have to be cash IMHO, the other methods are too fraught with danger) But more to point, daylight hours, public place, well lit, decent traffic around the meet zone, cameras everywhere, etc, etc. Consider good situational awareness.

The most practical course is five items a week. Set a goal to move five items a week. You didn't build a collection overnight, you won't be able to move on off overnight. That being said, no one knows your time/health/other obligations situation. ( And I'm not asking specifically, but good luck with your health, for what that is worth of course )

Whatever you do, when you take photos, put your screen name and the current date on a piece of paper within visual view of the hobby items you want to sell. That situation might require multiple photos if your screen names are different in different places.

The two major loose parts dealers left in the US are Toy Anxiety and Monkey Depot. Both have good reputations if you don't have history with them already. I'd seek them out first if you decide to try to sell your collection whole. I have no affiliation with either one of them. Echo Base Toys and Keith Justice / Justice Fighters might also absorb your collection as well. Steven Allen of Timewalker Toys might be another option if you have a lot of MIMB left. Expect to ship first, then get paid.

I would use Ebay as a last resort out of all those options. If you choose to use Ebay, dip your toes small with just a few small items and see how you feel about it. If time left is the most precious thing you have right now, then it might be simpler to dump your collection onto a dealer. There are non hobby businesses that will generally sell your stuff for you. Those exist. I've never heard good things about any of them to be honest.

Good luck.

Thank you very much for your help. I really do appreciate all the information that leads me to positive options I can take. Much appreciated!!!

 

[potato]

You want it fast and easy try your local hobby store that also sells used stuffs. But price will ve lower as they need to have a margin. Selling them off 1 by 1 can take some time and lots of packing effort unless you live in a big town where many collectors around.

 

[ebor]

Sorry to hear about your health concerns! One’s health and family come first!

I would suggest Facebook collecting groups. I live in Canada and our few groups are excellent with like minded individuals who look out for each other. That said PayPal only for distant sales and I accept e-transfer for local pick up. I avoid eBay for reasons already stated— mainly their selling fees.

Good luck and hope for speedy recovery!