NewWorldOrder

You are paying JSA (just like Voldemort) for a best guess signature authenticity evaluation on a non-witness signature after the fact in which many days, years, or decades have passed. 

Number one reason for CGC to do this is to try to put Voldemort out of business and slowly funnel all the normal submissions from them to CGC, which this is the first step.  Next and last step is for CGC to pull a WWE and buy WCW then all comics will now be graded by the CGC again. (insert evil laugh)

CGC actually witnessed Yellow labels will more than likely still command higher prices at auction then JSA verified Yellow Labels.  However JSA verified yellow labels will still do way better  at auction than their old CGC Green Qualified labels (once people resubmit them) and will command higher prices than the verified labels from Voldemort.

I think we can all agree if you can choose between lets say:

A. Spawn #1 CGC 9.8 WP signed by Todd McFarlane (CGC witness)

B. Spawn #1 CGC 9.8 WP signed by Todd McFarlane (JSA Verified)

A will usually be the preferred choice to spend your money on

JSA's will do well when it comes to John Byrne, Steve Ditko, Jack Kirby, etc..

Can we all agree Jim Lee has the most embarrassing signature in the hobby today?

I didn't know he has 2 M's in his name.   What a joke of paying his going rate for his signature and you get that slop. He literally signs your books in an assembly line fashion.

How will JSA verify the real from the easy to forge fakes ones?     Good Lord.  Anyone can sign their name like that.  All you have to do is scribble like a 5 year old.

Now the Todd-father, there is a true signature that at least when he takes your $100 at CGC he spends more than a millisecond on your book.

You are paying JSA (just like Voldemort) for a best guess signature authenticity evaluation on a non-witness signature after the fact in which many days, years, or decades have passed. 

Number one reason for CGC to do this is to try to put Voldemort out of business and slowly funnel all the normal submissions from them to CGC, which this is the first step.  Next and last step is for CGC to pull a WWE and buy WCW then all comics will now be graded by the CGC again. (insert evil laugh)

CGC actually witnessed Yellow labels will more than likely still command higher prices at auction then JSA verified Yellow Labels.  However JSA verified yellow labels will still do way better  at auction than their old CGC Green Qualified labels (once people resubmit them) and will command higher prices than the verified labels from Voldemort.

I think we can all agree if you can choose between lets say:

A. Spawn #1 CGC 9.8 WP signed by Todd McFarlane (CGC witness)

B. Spawn #1 CGC 9.8 WP signed by Todd McFarlane (JSA Verified)

A will usually be the preferred choice to spend your money on

JSA's will do well when it comes to John Byrne, Steve Ditko, Jack Kirby, etc..

On 3/15/2024 at 7:43 AM, Nick Furious said:

Fair enough. But to ask what changes with the reporting, I would compare it to a speeding analogy.  If the speed limit is 60, typically you can keep it under 65 and feel confident that you are not who the police officer is looking to ticket.  You are still breaking the law and may still get a ticket, but under normal circumstances it is acceptable to go 61-64 mph in a 60 zone and in fact may be the only way to stay consistent with the flow of traffic.  The new reporting law is more of "we have video evidence that you were on the highway.  Either pay this fine for speeding or argue that you were not speeding, and risk being audited for further investigation".  That's what changes with the $600 reporting threshold change.  The burden of proof of innocence trickles down to folks who likely won't have the resources or courage to argue their innocence rather than pay the fine.      

Once payments went electronic everything was now under surveillance.

The big one of course was once eBay went from checks/money orders to adding PayPal.

You are assuming a doomsday scenario for most people, and that is just unwarranted from the small amount of gross sales they generate annually.  Large yearly sales amounts one can assume then they were already a business, and should keep records.  An individual that generates 8K in 2023 doesnt need a OJ Simpson legal team to fight the IRS , or proof they incurred expenses that they can deduct. 

On 3/14/2024 at 11:10 PM, RockMyAmadeus said:

 

Fine I will re-read it now. 

On 3/14/2024 at 10:59 PM, shadroch said:

Tell me about this profit thing. I've always found it a very elusive creature.  It's like bigfoot, always around the next corner.

I think you do all right.

On 3/14/2024 at 11:02 PM, RockMyAmadeus said:

 

Its scribble

Compared to this?

On 3/14/2024 at 10:27 PM, ttfitz said:

I think it's a little unfair to suggest that nobody here has suggested they didn't have to pay taxes before and that's why they are upset about this change in reporting. There's been any number of responses that have basically said something along those lines - a recent one was something like (and despite the quotation marks, this is a paraphrase) "with these new requirements, selling isn't worth it, as it's a lot less fun and less profitable." It would only be "less profitable" if you weren't paying taxes on your profits before this. Nothing has changed in regard to what is supposed to be paid, only what is being reported to the IRS by others.

 

So yeah, there are things about this that are a pain. It just doesn't change what your tax obligation is.

That's the vibe & sentiment this thread gave me on all pages from many different boardies. 

Right, no one is saying it isn't annoying, but people here are acting as if this is something brand new.  Many people should have been doing this from eBay sales for example since 2000, and luckily they got away with it.

Seems I am just reading a lot of how people just can't keep all their profit anymore like they used to posts.   The real Threshold really doesnt matter.  What you said in bold is the key I think many people back in 2022 when this thread started didn't quite have a tax burden grasp on, and some in the last couple of days.

@RockMyAmadeus   What you like Frank Miller's and Jim Lee's autograph?

Jim Lee's is the worst.

Both are not even 1 second of handwriting effort. 

Looks at scribble.  Love to see an autograph expert authenticate that after the fact.

Who could verify that ever after the fact?

Frank Miller and Jim IMO have the worst signatures one can spend $100+ money on per.

With McFarlane he at least makes it look very nice for example.

Actually Frank Miller's and Jim Lee's autograph are pretty pathetic IMO.

I agree with the original poster of this thread.  Mostly Frank Miller is highly over rated.

His Daredevil run and Batman Dark Knight are of course all time great.  Sin City as whole was just okay.  Everything else he has done not great.

On 3/14/2024 at 10:16 PM, ttfitz said:

It's been a long time since I've bought any oil stocks - but my wife worked for ExxonMobil for 17 years, so we've got stock from her time there which has been pretty good for us.

On 3/14/2024 at 10:05 PM, ttfitz said:

Ahem.

andddddddddd @ttfitz 

Remember buy Oil stocks win long term.

On 3/14/2024 at 9:05 PM, Nick Furious said:

If I was saying that, you wouldn't be asking if I was saying that.  Anyone can be audited.  But the higher threshold intentionally gives the tax filer the option of deciding for themselves if they need to address the revenues and expenses at the time of filing.  The lower reporting requirement makes it mandatory to address all revenues over $600 at the time of filing or pay taxes on those revenues as if they are pure profit.  You asked, "if they send the form or not, what does it matter to you on your taxes?"  I attempted to answer that question.  Did I provide an adequate answer?  

Weren't you always supposed to be addressing those revenues and expenses for every year regardless of a 1099 threshold?

If I sold 3K worth of books in 2008 I am not still responsible for money to be shown as a loss, break even, or a profit on my annual tax return? 

On 3/14/2024 at 8:43 PM, Nick Furious said:

There has always been a threshold.  Previously it was intentionally set at a high enough amount ($20K?) to let the little fish swim through the net without getting caught up in the need to address small amounts of revenue from selling personal items.  

So using your example above of 20K threshold. Are you saying that people could sell $19,999.99 and not have to report those gross sales numbers (minus deductions) on their taxes for that year?  Basically they get to keep all that money.

On 3/14/2024 at 8:34 PM, Nick Furious said:

I assume you get that part.  It's the rest of it that you are dismissing when you ask why the change in reporting threshold will matter for people.  It matters because now they will have to address small amounts of revenue on their tax returns that they didn't previously need to address.  It's a lot of extra work and adequately addressing the small revenues with offsetting expenses opens the door to more likelihood of audits.   

So what were people doing prior the threshold?

Lets say I sold 3K worth of comics on ebay in 2022.  

On 3/14/2024 at 7:02 PM, Nick Furious said:

Here's the part you are missing:  Taxable income is based on profit, not revenue.  Currently someone selling $6K on Ebay but making no profit after expenses does not have to address it on their tax return.  With the new threshold, Ebay will report the $6K in sales to the IRS and the tax filer will need to address it on their tax return whether they made an profit or not.  Otherwise the IRS will adjust your income by $6K and send you a bill.  Eventually that number will reach $600 according the the legislation that has been delayed as it becomes clear how onerous that will be.  

So all these years that I have been using my gross sales as my taxable income has been wrong?

I just assumed if I sell a comic book for 10K I have to pay the full tax amount on that sale to the Gov't. 

What can I do to bring my Gross taxable income down on each sale I do?

Can you please give me an example of Taxable income based on profit and not a Gross sale?  I am lost.

On 3/14/2024 at 5:07 PM, ADAMANTIUM said:

see this may be posted now or before, but

Unless you started actually DOING any of those things, then you may forget to do it as mentioned eventually when you do start 

I used to have my parents have an appointment, and from time to time they went ahead and filed but were given instructions to bring addition deduction paperwork next year.

When there is wisdom to glean, you may not be doing those things at any given moment, but then start but have forgotten to bring the paperwork.

It is nice that the boards (although their filing also is none of my business) is still willing to share years of expertise!  

It's like any thing in life when it comes to a business.  You are not going to jail because you forgot to report the 5K sales in 2023, you are going to jail for not filing your taxes from 2014 to 2024 and you generated 3 million dollars of gross sales   if you can't back pay and prove the assets - liabilities.

Year 1 of any business its a learning curve.  You learn as you go.

On 3/14/2024 at 5:02 PM, shadroch said:

Do you have insurance? Did you drive to the convention? Pay admission? Did you buy a Mylar and board for it? Did you subscribe to GPA or another price guide? Did you drive to the PO when it was sold? These are all legitimate expenses that factor into the cost of your goods.

On 3/14/2024 at 4:56 PM, ADAMANTIUM said:

Cool! I get it. I was sticking to profit vs loss, because as skypinkblu said that the tax percentage for a hobby or something without taking out the deduction costs or what not, the percentage of just stating profits is higher.

I was reporting as those as well, in the past, because I don't have a lot sold save for recent or within a decade worth of pickups. I can't buy and deduct housing it for a year or shipping, or that wouldn't be a lot of decrease for me given any time period. It would for the cost of purchase and is where I hang my hat now

But I think the thread was on the verge of "brainstorming", which has given me at least "ideas" to ask a tax professional about  as just stating I got income of this much (and depending on volume) doesn't count for much deductions  

 

Yea its none of my business what you or others file of course.

I am merely pointing there is no need to flip out by not remembering exactly what you paid for a $500 comic book on your taxes.  IRS understands a educated common sense guess it okay.   If you are higher volume seller they wont be as forgiving.

For my eBay sales I cant just make something up with out being organized, etc.

On 3/14/2024 at 4:52 PM, shadroch said:

Common ground

hey nowwwwwwwww

On 3/14/2024 at 4:44 PM, ADAMANTIUM said:

I simply explained those that don't have to according to the law as this stated, I guess it is his cross to bear. But then why quote me and castigate me when I respond. I was polite I thought  

Castigate you?  Good Lord man I havent been able to have fun like that on the boards since 2009.

I wasnt even coming close to that level.  I assumed we were just having a conversation like people do over beers.

On 3/14/2024 at 4:50 PM, shadroch said:

Most audits are random. It won't matter if you reported $15,000 or $500,000.  If the return is targeted, you get audited.

Yes that is true.

On 3/14/2024 at 4:44 PM, ADAMANTIUM said:

I simple explained those that don't have to according to the law as this stated, I guess it is his cross to bear. But then why quote me, and castigate me when I respond. I was polite I thought  

What you just highlighted above is what people dont understand. That's my point.

On 3/14/2024 at 4:32 PM, ADAMANTIUM said:

Spoiler Alert! No one is talking about dodging taxes other than newworldorder

You try to tell him no one is talking about that, he says a lot of information that is not the full picture of profit vs loss, because still no one is talking about about dodging taxes.

Then he gets it!

@NewWorldOrder "Well if no one is talking about dodging taxes, and only talking about needless underlying issues" "then where and who is talking about dodging taxes?" The answer is you newworldorder ONLY YOU

Literally I was quoting what people said from yesterday.

On 3/14/2024 at 4:16 PM, ADAMANTIUM said:

You seem fixed on having this argument with someone, though no one jumped in and I'm certainly not obliging.

Other than to say I don't think your dependent needs to file taxes on mowing line lawn for a dollar. Nor does everyone have to pay taxes or poverty line. 

I mentioned earlier that with facts to back it up.

People are now talking about having to report the deductions to prove profits to pay taxes on, that's where we're at with it imo, which is STILL PAYING TAXES AND A LOT OF WORK!

that's all anyone has said, but you keep fishing. Consider me the five pound trout. Good luck. 😂

So what its a lot work?  boooo hoooo Welcome to my life

If you sell 5K worth of comics what do you think should happen nothing? Its not a lot of work especially on just 5K year

I dont understand what you are wanting to hear concerning this topic or are you just venting?

I mean what did you do if you sold items from any other tax year?

You are throwing in other factors.  Income levels then maybe that person doesnt have to pay then.  That is off topic side stuff.

On 3/14/2024 at 4:23 PM, WeR138 said:

Oh White Knight!  There be at least one other in yon thread that payest his taxes without threat of pillory or stockades.  But tilt on and yonder windmill, and Godspeed!

Sorry can you translate that again for me, I dont speak pirate language.