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rsouxlja7

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Posts posted by rsouxlja7

    current turn around rates at CGC

    in Comics General

    Posted

    On 3/9/2022 at 8:22 PM, dikran1 said:

    Express 1 book 

    Received CCS 2/23

    CCS In Process 2/25

    CGC SFG & G/E/I 3/9 

    Hi, what date did your book go from CCS pressing to Scheduled for Grading, if you happen to remember? Just curious because I have an Express @ SFG since March 4. 

    Post your Garage Sale/Flea Market/Antique Mall Finds Here

    in Comics General

    Posted · Edited by rsouxlja7

    On 2/5/2022 at 6:31 AM, Ozonetv said:

    Actually I went back after I bought it, and found the sister of the gentleman who passed away. I asked about his collection and she said they had more that were kept out of the estate sale. I ended up helping them bring it to auction at Heritage. So - yeah, I got a good deal at the beginning, but in the end I think I helped them out and paid it back a bit.

    Heres some that went to HA:

    IMG_2320.JPG

    IMG_2496.JPG

    IMG_2500.JPG

    IMG_2505.JPG

    IMG_2452.JPG

    IMG_2510.JPG

    IMG_2529 2.JPG

    Are the 3 TMNT1s first prints? :whatthe:

    Post your Garage Sale/Flea Market/Antique Mall Finds Here

    in Comics General

    Posted

    On 1/20/2022 at 10:26 AM, rsouxlja7 said:

    Anyone here still get responses from Craigslist wanted ads? I still post them regularly, mostly out of habit, and might get 1 response every couple of months with some modern drek for sale. A few years ago I was getting 3-5 responses per day. Just wondering if I am just wasting my time continuing to post on CL lol 

    2 weeks after posting this I got a call from a guy who traded his car (said it was a 2015 Cadillac with 80,### miles) for a Superman 1, some other Superman books, Hulk 181, and some cheap Hulk books. The Hulk 181 was missing the MVS and low grade, I bought it. The Superman 1 was a treasury reprint. I'm inclined to believe the story is true because he had to walk to the store we met at. 

     

    So yeah...that happened.

    New Tax Reporting ($600 Threshold per year) and Consignments

    in Comics General

    Posted

    On 2/1/2022 at 5:10 PM, Aman619 said:

    As it was explained to me, even this solution has issues to plan for.  Right now YOU own the assets.  The LLC must BUY the assets from you;  or you GIFT them to the LLC. Either way the transaction whereby there is a transfer of ownership pf the assets from to the new LLC is a tax event to you personally.  And I forget what happens to the cost bases once in the LLC.

    of course with Estate tax exclusion currently 11.8 million for each married spouse, very few of us would exceed out litfetime Gift exclusion anyway. So fi the accountant okays the transfer, do to.  Another similar solution is a Family Limited Partnership. But comic books aren't a good fit for it, its used for real estate and mom and pop businesses.

    There is no reason to set up an LLC in this scenario anyway. 

    New Tax Reporting ($600 Threshold per year) and Consignments

    in Comics General

    Posted · Edited by rsouxlja7

    On 1/25/2022 at 8:22 AM, Mr. Zipper said:

    So to be clear... the $600 threshold goes into effect for Tax Year 2022?

    EDIT: Ugh... it appears it is in effect now. I just checked my personal Paypal and there is a 2021 1099-K for the small amount of transactions I had  (~$1,200).  

    So stupid. How do I get a cost basis for a bunch of low value collectibles I bought years ago?

    Your best guess is probably going to be fine. Of course if you put no effort into it and just put cost basis as $1200 based on just wanting to not have to pay taxes you might have a problem. If you sold 1 book for $1200 and you think you bought it for $1000 then that's reasonable. If you sold 1200 books for $1 each that you think you paid $1 each for then that is also reasonable. 

    Post your Garage Sale/Flea Market/Antique Mall Finds Here

    in Comics General

    Posted

    On 1/21/2022 at 6:10 PM, Beige said:

    It a common theme.

    I used to get replies to my 'wanted to buy' ads on a weekly basis that led to solid collections of comics. 3 or 4 times a year to some seriously good buys.

    The last 12 months are a completely different beast.

    This is my hobby - I buy books out of $$ I make from selling bulk collections - not a single cent comes out of my salary.

    So to carry on I'm having to adapt.

    Leads that I would have normally replied - "Thanks for reaching out, but I'm okay for those books at the moment, I'm sure you will sell them soon" are now having to be followed up out of necessity.

     

    So I'm buying either:

    Lots of Trade Paperbacks and Graphic Novels

    Collections of stuff that sell, but very very slowly - High Number Phantoms, Pulps etc

    Really high $$$ stuff, that a lot of people in these unsettled times don't have access to ready cash - and I can only play that game if I have sold a lot of stuff and saved up a 'warchest'

     

    Now those $$$ level collections aren't being offered up anymore - I passed on an $18K collection of slabs about 16 months ago as I thought it was too high a price - now I'd bite his hand off.

     

    So I'm left, just like most of you, with having to turn over stuff that has the same profit margin, but much lesser value.

     

    I can't see it changing in the near future as people just won't sell.

     

     

     

     

     

    Glad to hear it's not just me. I used to post wanted ads on FB as well and received tons of replies but FB changed their group post algorithms and those ads don't get eyes on them anymore either. And something about FB brings out the even crazier people than Craigslist when you pass on their stuff. I think my collection buying days are behind me.

    Our Recent Experience Selling Comics Through Mycomicshop

    in Comics General

    Posted

    On 1/17/2022 at 11:48 AM, mycomicshop said:

    Here's my perspective on auctions vs BIN:

    Is your item a buyer's market item or a seller's market item? It's a buyer's market if there's a lot of comparable copies out there. Similar items currently in MCS inventory, or on eBay. Or, even if there's no items available at this exact moment, does this book come up for auction frequently (at MCS, ebay, HA, CL, CC, etc). 

    It's a seller's market if your item is closer to being rare. Not as readily available in the market, doesn't come up for auction frequently, etc.

    That's not a clear black and white distinction, it's a spectrum--at one end of the spectrum you have things that are extremely available in the market, and at the other end you have things that are very rare (either the issue itself is rare, or just rare in high grade).

    An item that's firmly in the buyer's market end of the spectrum will on average tend to do worse as an auction than as a BIN. Amazing Spider-Man #316 is a great example. Let's look at ASM 316 in CGC 9.6:

    There are currently 6 copies of ASM 316 CGC 9.6 consigned with us at prices ranging from $395 to $699. https://www.mycomicshop.com/search?q=Amazing+Spider-Man+316 There are 28 on eBay (not counting our own listings) at prices from $1414 down to $400 (w/ $15 shipping).

    Here are some recent sales in CGC 9.6. I'm listing sales either that we did ourselves, or that are tracked in GPA and link back to the source. 

    The 90 day GPA avg of 42 sales is $384, trending down from earlier in 2021. This data shows you that for a common buyer's market book like ASM #316, auction sales tend to be lower than BIN. Auction sales pull down the GPA average, BIN sales push it up. This should make intuitive sense. If a copy is easily findable in the market at $395 at MCS or $400 on eBay, why should an auction bidder bid more than that? Of course that occasionally still happens, but it's the exception, not the rule.

    Most of the auction sellers in the list above could probably have put another $60+ in their pockets by selling their book as a BIN around $380, $390, $400. The nice thing about a common in demand book like that is that if you price it close to market you know it's going to sell quickly.

    What I see some sellers do is they are just too aggressive with their BIN pricing, eg those people still asking $500+ for their ASM 316 9.6s when the market pricing is lower than that now. They don't need an auction to get a good price for their comic, they just need to be more realistic about their BIN price. Some people start their BIN pricing too high, then when it doesn't sell they shift directly to auction rather than trying BIN with a more reasonable price.

    So, the above analysis covers the buyer's market side. What about the seller's market side? I can't provide a good example with lots of data like ASM 316, because if there were lots of recent data by definition it wouldn't be a rare seller's market item.

    For a seller's market item, there are two competing dynamics in the auction vs BIN decision. With auctions, the winning bid is determined by the person who is willing to pay the second most for it. Eg, if bidder A is willing to go all the way to $2000 for a comic, but second place bidder B is only willing to pay $1000 for it, the winning bid is going to be around $1000 plus a bid increment, not $2000. Whereas with a BIN, you only need a single person to meet your asking price. Theoretically, that's a BIN advantage.

    But, that ignores human behavior and the excitement of an auction for a rare, seller's market item, as well as the need for price discovery. Is the max somebody might eventually bid in an exciting, competitive auction, the same max that buyer might shell out if they come across the exact same item posted as a BIN? In some cases, yes, but in a lot of cases no. And auctions provide a valuable mechanism for price discovery for rare items like this with little recent comparable data. Without that price discovery mechanism, sellers run the risk of pricing their rare item too low and having it snapped up by somebody who would have paid a lot more, or they price too high and the item sits forever.

    Conclusion: if there is enough data that there's already a clearly established market value for your item, then you probably have a buyer's market item, and on average you will do better selling as BIN at around 95-110% of fair market value. You should have no problem selling your item quickly at around 100% of market, vs if you auction it there's a good chance the buyer will get it at some discount below market. But, if you have an item that's more rare or special, or there's just not enough recent data to clearly establish a market value, or you value the convenience of putting it in auction and not worrying about pricing, then auction is a good option.

    Thank you very much for the detailed response 

    New Tax Reporting ($600 Threshold per year) and Consignments

    in Comics General

    Posted

    On 1/7/2022 at 11:31 AM, namisgr said:

    As to whether your net profits on comic book sales are considered 'income' or 'collectibles gain' is a subject of confusion to this hobbyist.  And the difference in the tax rate between the two can be substantial.

    You are only selling your personal collection and have held the item over 1 year: collectibles gain

    You are only selling your personal collection and have held it less than 1 year: ordinary income

    You are buying and selling books regularly for profit, regardless of holding period: ordinary income

    Last week to avoid higher taxes

    in Original Comic Art

    Posted

    On 1/1/2022 at 6:26 PM, cstojano said:

    I have to say that the online articles on this are rather short on details. I know, I know - consult your tax accountant. But everything I am reading makes it seem like there is no way to deduct your cost basis for any hobby income post 2018. I assume these articles are thinking of hobbies in a very general way, and expenses are things like gas/mileage, electricity to rung your pottery wheel, etc. I am just not seeing how you justify your cost to acquire the items you have sold. 

     

    I suppose if you don't get the 1099-K you can do the math in your head and report whatever is left on your Other Income line.

    But if you get a 1099-K, that is the questions, how to report the cost basis of the items you sold. 

    The hobby income designation is confusing because collecting comics/art is a hobby but for the vast majority of the people on this forum selling expensive comics or art you would not file it as hobby income. 

    Example of hobby income: you spend $5,000/year on photography equipment and supplies but make $100/year income as a photographer. You do not get to deduct $5,000. 

    Example of selling comics: you sell a comic for $1,000 that you paid $500 for 6 months ago. You put it on Schedule C, sales $1,000, cost of sales $500, cost of shipping supplies $10, shipping $25, net profit you'll pay tax on is $465.