rsouxlja7

Standard delivered 3/12, received 4/05

10 minutes ago, Hulksdaddy1 said:

You missed 9.6 $66k

Is that a record high in 9.6? If so what was previous high? 

On 3/25/2021 at 8:28 AM, rsouxlja7 said:

Just called and the rep said to call back Monday if it's still not logged in 

Called back as instructed and was basically told "oh well"  

9 hours ago, ChrispyC66 said:

I had an Express order delivered and received on 3/16. I had also called the same day and talked to CS and she said the goal is received within 72 hours. Time to call,

Just called and the rep said to call back Monday if it's still not logged in 

1 hour ago, ADAMANTIUM said:

it's been a minute since it's been like that so not sure at all, so not sure myself, if your willing then give a call, at least we could find out and get a report from you  

I hope, and I hope it's quicker for you 

Yeah I might call if it isn't in by Friday 

I had an Express submission delivered on 3/19. I wrote EX on the box but it hasn't been scanned as received yet. Is it normal for it to take this long for those to get logged in? 

Only one that really stings is I sold my X-Men 1 5.0 for $3700 a few years ago. 

10 hours ago, Math Teacher said:

I can no longer itemize my deductions. Our mortgage is paid in full, and we would have to donate MANY things from our house to get up to $12,400 in donations, let along $24,800 for the two of us. Also, I read somewhere that you are not allowed to apply losses toward your tax bill, unless you are a dealer.

Sorry deduction was the wrong word to use. It’d be a reduction in income on schedule C. It doesn’t affect the standard or itemized deduction. 
 

and the dealer thing is incorrect. 

3 hours ago, Math Teacher said:

I know that I am getting into this topic quite late, but I do have a question that has probably already been answered.

Does this 1099-K go into effect for the 2021 tax year, or does it go into effect for the 2022 tax year?

Also, I had over 200 sales last year. Much of this was TPBs and action figures. To calculate my profit/loss on an item, I first looked up the MSRP on either mycomicshop.com or Amazon. During the time I was buying all these TPBs and action figures, I belonged to a comic book subcription service, G-Mart Comics in Chicago. At that time, I was routinely getting a 15% - 20% discount on my purchases. So, to determine the price I paid for the book when I sold it, I took the MSRP and multiplied by 0.8 (20% discount). I then took the selling price of the book and subtracted this discounted amount. This occasionally led to profit, but more often it led to loss. Here's an example: I sold Flash Archives #1 - #4 for $75. The MSRP on all four books was $49.99. I multiplied $49.99 by 4, and I then multiplied that amount by 0.8, which led to my estimated price I paid being $160. I then took $75 and subtracted $160, which led to a loss of $85. In addition, I kept track of all my Ebay fees and supplies (such as boxes, tape, and bubble wrap), which was a non-trivial amount of money. At the end of the year, I had a net loss of approximately $600. I told our accountant about this, and I also told him that I had not gotten a 1099-K. His response was, "Don't worry about it. If you lost money during the year, there's no point of adding this to your return, especially since you didn't get a 1099-K."

I hope I don't get branded as a tax cheat here. If my accountant said, "Don't include it in your return," then I have to take his word for it. Taxes is the main thing he does to make a living, so I have to consider him to be the expert.

Well if you added it to your return you would've gotten a tax deduction = to 600*(your tax bracket), but you would have had to pay for the accountant to prepare the form, but you could've deducted the cost of the tax preparation as well further increasing your deduction, so all in all he did you a disservice by suggesting not to add it IMO. 

Anyone have an Express/Walkthrough go from delivered>received recently? How many days did it take? 

3 hours ago, Galen130 said:

Love that Paul started filling out the coupon cutout, then decided not too.   Good for the grading.

5.5 after CP. 👍

 I didn't even notice that

It’ll be cleaned and pressed by CCS

It’ll be cleaned and pressed by CCS

Recent submission. What do you think?

Recent submission, what do you think?

47 minutes ago, gadzukes said:

Even if there is a slight decline from these amazing sales, overall I think all values have been pulled up permanently from where they were 2 months ago.

I like it as a seller.  I hate it as a buyer.

Yeah I am at the point where I haven't bought a new book since 2019. I view my comics as an alternative investment in my overall portfolio so now I am just weighing what to hold onto and what to sell off. I have been holding X-Men keys and a TMNT1 that have appreciated a lot more than I ever thought in a short amount of time. 

My question is will these keys maintain these price levels or could we be in for a decline in the coming years, specifically for books that have exploded like GSX1 and TMNT1.

3 minutes ago, ygogolak said:

Yes, so then that comes into categorizing inventory. If you buy 5 collections do you keep them all separate, you don't alphabetize them? Thus mixing up the inventory.

My inventory spreadsheet lists the collection, title, issue, grade, price, etc and I just keep track of what's remaining in each collection that way

32 minutes ago, ygogolak said:

This is the problem. Nobody is going to track $5-10 transactions like that let alone $100.

I was told to track my purchases for the year and use that to offset sales.

If you're using a Sch C you record your beginning inventory cost basis, add purchases for the year, and input ending inventory. So the way I do it is if I bought 1 collection during the year for $1000 that had 1000 books and I know I only have half the collection left then my remaining inventory is $500 and the cost of goods sold is calculated as $500. If you're a collector who might sell 100 books on ebay per year and you usually buy them at cover price then just make a spreadsheet when you make your sales and your basis is cover price plus sales tax. It's easy as long as you stay on top of it throughout the year. I ship around 300 packages/year and buy between 5-10 collections. I don't buy weekly at a comic shop. 

8 hours ago, jcjames said:

That makes sense. I was commenting more on what actual tax would be incurred, whether it would be income tax or collectible capital gains tax and how it would be viewed by the IRS. That's a real question that folks tend to ignore, though following the law is darn near impossible with collectibles capital gains on comics because it's so arbitrary, convoluted and quite not fair.

If you have owned the comic for one year - long term capital gains tax at 28% collectibles rate

If you have owned the comic less than one year - it goes on schedule C and taxed as ordinary income plus self employment tax

If you're in the business of selling comics and you have owned it more than one year - still goes on Sch C

Damn, I forgot to write the submission tier on the box I sent in. Are you supposed to do that with all submissions or just the express and walkthrough tiers? 

How accurate are the Standard and Express turnaround times on the submission fees page? 

Ha I worded my post weird by mistake, that's what I meant. Yeah I think I'll go ahead and sub it. Seems like the premium for graded vs nongraded is too big to pass up. 

I have a low grade raw GSX1 signed by Dave Cockrum on the first page. It's a 2.0-3.0. Would it be better to leave it raw and get a good pic of the signed page or get it slabbed? Only intentions are to sell it in the next couple of years, not my keeper copy.