Time vs Money - What is your threshold when it comes to selling comics?

[N/A]

Well, taxes on selling comics is quite different than employment income.

[VintageComics]

All that writing for nothing.

 

Story of my life.

 

 

[1Cool]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

[1Cool]

All that writing for nothing.

 

Story of my life.

 

 

You don't get over 72,000 post by not doing a bit of writing.

[sd2416]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Is it still $20k in sales AND 200 sales total? Or is the and an or?

[N/A]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

I don't know any employers that pay the gas to go to the comics store.

[N/A]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Is it still $20k in sales AND 200 sales total? Or is the and an or?

 

Some people need to learn about expenses.

[1Cool]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Is it still $20k in sales AND 200 sales total? Or is the and an or?

 

Some people need to learn about expenses.

 

My mother in law is a tax consultant and she has me deducting pretty much everything I can within the rules and I still pay taxes on a lot of my profits. I don't drive much since the post office brings my books to me and takes my packages from me.

[1Cool]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Is it still $20k in sales AND 200 sales total? Or is the and an or?

 

Not sure but I do know that its fairly easy to pass those levels over the course of a year if you buy and sell books.

[N/A]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Is it still $20k in sales AND 200 sales total? Or is the and an or?

 

Some people need to learn about expenses.

 

My mother in law is a tax consultant and she has me deducting pretty much everything I can within the rules and I still pay taxes on a lot of my profits. I don't drive much since the post office brings my books to me and takes my packages from me.

 

 

Taxes on profits. Seems we are speaking different languages. No worries. Good luck!

[WEBHEAD]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Is it still $20k in sales AND 200 sales total? Or is the and an or?

 

sure it's "and" imagine taxes on 200 $1 books

[shadroch]

When it comes to selling....Buy low sell high. It' a time tested strategy.

 

Buy sheep. Sell deer.

[shadroch]

I try and make about 25% on my deals. That doesn't mean I'll buy a dollar book to sell for $1.25, nor a $4 book to sell for $5.

I might buy a $300 book to flip for $375, if I know the seller and trust his grades.

If I'm going to sell the book for $5, I don't want to pay more than $3 for it.

[lou_fine]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Well, gains can then be offset by any of the losses that you may have taken on books, especially when it comes to your newsstand MA books which can then be written off.

 

I assume the tax system should be working both waysin terms of profits and losses.

[rjpb]

I look for books to flip now and then online and sometimes at a LCS that gets in older stuff. My general rule is if I'm 90% certain I can make a quick $30 on a $30 or less purchase I'll pick it up, but I don't scour inventory looking for such deals and I pretty much have to be already aware of the potential when I spot the book. For pricier material I look to make at least $50 after expenses, and at least a 20% profit. Sometimes I overestimate and end up breaking even, but sometimes I more than double my money. I'm not really in the business of flipping and basically do it to pay for purchases I plan on keeping. Almost everything I buy to flip is stuff I find interesting in the first place, and don't mind if it sits in my boxes for a while. I don't have the patience or inclination to comb through boxes of cheap coppers and moderns looking for high margin flips on books I have zero interest in otherwise, as one thing that needs to be factored is the time spent looking for such deals. This is why 99% of what I buy to flip is golden or atom age, as I enjoy combing through these sort of listings in the first place.

[1Cool]

Well, taxes on selling comics is quite different than employment income.

 

Not when Paypal sends you a 1099 form which you have to include in your taxes. Profits are all money earned to the Feds.

 

Well, gains can then be offset by any of the losses that you may have taken on books, especially when it comes to your newsstand MA books which can then be written off.

 

I assume the tax system should be working both waysin terms of profits and losses.

 

Correct. Its way to complicated to get fully into but add up all you spent for the books and all your fees during the year and you subtract that from what you made from selling books to get your net profit. There are a bunch of deductions that can be had by running a home business which also helps. But in general you have to take taxes into the equation if you buy and sell a lot.

[N/A]

Since you pay much less tax running a home business than employment income it is not as easy as applying the tax rate. If you are going to pay tax no matter the income then there is little use in thinking about taxes. Most people when they talk employment income they mention gross.

[1Cool]

I try and make about 25% on my deals. That doesn't mean I'll buy a dollar book to sell for $1.25, nor a $4 book to sell for $5.

I might buy a $300 book to flip for $375, if I know the seller and trust his grades.

If I'm going to sell the book for $5, I don't want to pay more than $3 for it.

 

I try for about 20% myself but that's after fees so it sounds like we are in the same ball park. I've gotten way more selective over the years - I use to pretty much buy whatever I saw that looked good. But then you are spending hours and hours trying to break even or make a couple bucks and there are better ways to spend your time (like playing golf) if your not making any money on it. I do think the newer members on the boards are a lot wiser then I was early on. They seem to be a lot more picky about what they buy.

[gaz973]

The profit percentage that I aim for varies hugely depending on what the book/s is/are. If I'm buying in a key or high value book then I'll be expecting far less profit than if I'm buying in a bulk lot of cheap books.

[1Cool]

The profit percentage that I aim for varies hugely depending on what the book/s is/are. If I'm buying in a key or high value book then I'll be expecting far less profit than if I'm buying in a bulk lot of cheap books.

 

Is that due to the time it takes to sell the books and the risk inherent with batches of cheap books. I'd guess the profit per hour is higher with key books due to the time it takes to process large bulk lots. Unless your FlamingDonut of course.