Selling over $600 requires you to pay taxes on it (Not spam I swear)

[Unclechopchop]

when was the last time the middle class had good health care or wages?

That’s the point. Instead of transferring all the wealth up, they could’ve helped the country and finally get those things.

 

[SwedishHeat]

I actually had no idea you could claim losses of collectible sales on your taxes. I will probably be selling a few Guyver statues at a big loss this year

In order to do it that way, you have to record all your profits and losses as part of a hobby.

I'm sure there's a fun way to buy figures and kitbash them and sell those kitbashes, then write off your purchases, then sell your kitbashes for less than what you paid for the first figure, and ultimately reduce your taxable income by a significant amount, but you'd have to be diligent in recording the transactions.

If the govt thinks they can just start taxing every single electronic transaction, **** is gonna hit the fan in this country. I don't think there is any way they would know a Venmo payment was either for a take out dinner or selling a statue.

This is why in PayPal you can send money as 'friends and family' or 'goods'. I assume Venmo has similar functionality. You aren't taxed on the 'friends & family' transactions.

I'm not sure if anyone uses Venmo or PayPal enough and has enough people accidentally send them money via 'goods' to pay them back for purchases, and ultimately hit the $600 threshold, but we shall see how it all shakes out come February 2023.

 

[Sweet Rabbit]

That’s the point. Instead of transferring all the wealth up, they could’ve helped the country and finally get those things.

But they wouldn’t get the kickbacks out of that

 

[Unclechopchop]

But they wouldn?t get the kickbacks out of that

Somebody here gets it.

 

[TonTon]

Sounds like a huge PIA, but pretty easy to save receipts these days considering most of our transactions for figures/parts are all online. I can imagine a lot more "friends/family only" requests and selling more to people you know (for that reason) but also more people getting scammed who use that method. At least it doesn't kick in for a couple years so maybe PayPal/eBay, etc can successfully fight it.

For me personally, I'll now only be selling my figures in cryptocurrency and mailed cash.

 

[azurepred]

In order to do it that way, you have to record all your profits and losses as part of a hobby.

I'm sure there's a fun way to buy figures and kitbash them and sell those kitbashes, then write off your purchases, then sell your kitbashes for less than what you paid for the first figure, and ultimately reduce your taxable income by a significant amount, but you'd have to be diligent in recording the transactions.




This is why in PayPal you can send money as 'friends and family' or 'goods'. I assume Venmo has similar functionality. You aren't taxed on the 'friends & family' transactions.

I'm not sure if anyone uses Venmo or PayPal enough and has enough people accidentally send them money via 'goods' to pay them back for purchases, and ultimately hit the $600 threshold, but we shall see how it all shakes out come February 2023.

damn, I'm definitely gonna have to do some more research with this come tax time. I always save my receipts with collectibles purchases, so that's a good habit on my end.

Sounds like a huge PIA, but pretty easy to save receipts these days considering most of our transactions for figures/parts are all online. I can imagine a lot more "friends/family only" requests and selling more to people you know (for that reason) but also more people getting scammed who use that method. At least it doesn't kick in for a couple years so maybe PayPal/eBay, etc can successfully fight it.

For me personally, I'll now only be selling my figures in cryptocurrency and mailed cash.

I will probably start attempting to sell more locally. Thankfully, I know there are a lot of collectors around me, it's just more about branching out and making more of a effort to find them.

 

[Unclechopchop]

Sounds like a huge PIA, but pretty easy to save receipts these days considering most of our transactions for figures/parts are all online. I can imagine a lot more "friends/family only" requests and selling more to people you know (for that reason) but also more people getting scammed who use that method. At least it doesn't kick in for a couple years so maybe PayPal/eBay, etc can successfully fight it.

For me personally, I'll now only be selling my figures in cryptocurrency and mailed cash.

Doubt they’ll fight anything. Most likely the government will subsidize it all, and send us yet another bill to pay......

 

[Unclechopchop]

Seriosly why is nobody talking about this still??? They are literally squeezing the life out of some us, but yet people are more excited about a new hot toys release?

 

[matticus]

Seriosly why is nobody talking about this still??? They are literally squeezing the life out of some us, but yet people are more excited about a new hot toys release?

Nobody on here can do anything about it. The people voted in a dementia patient over a great businessman and great policy maker that just tweeted too much. We are getting what we asked for now since Dems are known for raising taxes and the most likely scenario of inflation which could be worse. Guess best thing to do is keep your own house in order since that is all that you can control.

 

[Unclechopchop]

Wow...

 

[matticus]

Wow...

I know, good and insightful post. You're welcome.

 

[xipotec]

Relax, no one is going to report that unless your a fool.

So you know how many people sell huge items all the time and don?t report it on taxes????

If you sell 600 and report it your the problem , not the IRS.

Your post also says some pretty crazy things about the last admin, so I?ll assume it was a blatant attempt to start political discussions.

Plus it will never stand as a law.

Come back to the really world.


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[xipotec]

And BTW Florida?s Desantis, better known as Trump part two, just signed a law that taxes Floridians for online out of state purchases.....


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[matticus]

And BTW Florida?s Desantis, better known as Trump part two, just signed a law that taxes Floridians for online out of state purchases.....


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I hate to say it cause I profited from it, but not having this type of law has really hurt the brick and mortar stores. It would've evened the playing field for local comic shops and many others. Why pay tax at a local joint while I can buy online with free shipping and pay no tax? Unfortunately for those in CA on this forum, the taxes are a high price to pay with Sideshow.

 

[Pork Chop Express]

The people voted in a dementia patient over a great businessman and great policy maker that just tweeted too much.

That they did, says a lot about his business acumen and policy decisions.

 

[xipotec]

I hate to say it cause I profited from it, but not having this type of law has really hurt the brick and mortar stores. It would've evened the playing field for local comic shops and many others. Why pay tax at a local joint while I can buy online with free shipping and pay no tax? Unfortunately for those in CA on this forum, the taxes are a high price to pay with Sideshow.

I dunno, taxes were not what miles brick an mortar, it?s really a very small part of the overall price. What killled BmM was overhead of having the physical building, and a limited number of local customers compared to online , with unlimited customers.

When free shipping was made available due to the lack of that overhead , it was all
Over for the local guys.

We had a fantastic model shop nearby, people came from hours away to shop there due to the huge selection .....they closed their doors, moved the stock to a warehouse and now are a successful online shop.

Gotta change with the times.


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[Solidus]

I hate to say it cause I profited from it, but not having this type of law has really hurt the brick and mortar stores. It would've evened the playing field for local comic shops and many others. Why pay tax at a local joint while I can buy online with free shipping and pay no tax? Unfortunately for those in CA on this forum, the taxes are a high price to pay with Sideshow.

The people who prefer to shop online, are still going to shop that way, regardless. I'm in New York, and this state has had a sales tax on online purchases for years. But, it didn't incentivize in-store shopping, and it certainly didn't save many local comic stores from shuttering (and this was before the pandemic). I remember St. Mark's Comics made news in 2019 when the owner decided to close it.

 

[Sweet Rabbit]

The people who prefer to shop online, are still going to shop that way, regardless. I'm in New York, and this state has had a sales tax on online purchases for years. But, it didn't incentivize in-store shopping, and it certainly didn't save many local comic stores from shuttering (and this was before the pandemic). I remember St. Mark's Comics made news in 2019 when the owner decided to close it.

There’s only one shop within 50 miles or more here & it’s not much if it’s even still there, so online it is if I want something bad enough

 

[Sweet Rabbit]

Seriosly why is nobody talking about this still??? They are literally squeezing the life out of some us, but yet people are more excited about a new hot toys release?

Before too long, nobody will be able to afford this **** anyway, retail or aftermarket

 

[xipotec]

The people who prefer to shop online, are still going to shop that way, regardless. I'm in New York, and this state has had a sales tax on online purchases for years. But, it didn't incentivize in-store shopping, and it certainly didn't save many local comic stores from shuttering (and this was before the pandemic). I remember St. Mark's Comics made news in 2019 when the owner decided to close it.

Ah that?s sad to hear


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