the blob Posted March 9, 2021 Share Posted March 9, 2021 19 minutes ago, THE_BEYONDER said: My 90-day-total is just over $600, and all I’ve been doing is plucking books from my long box $1 bin fodder. Same here more or less. Maybe $2 box purchases as well. THE_BEYONDER 1 Link to comment Share on other sites More sharing options...
the blob Posted March 9, 2021 Share Posted March 9, 2021 But I will be admit I have plenty of stuff worth what I paid for it. I'm not bragging about being a dollar box nostradamus. Link to comment Share on other sites More sharing options...
greggy Posted March 9, 2021 Share Posted March 9, 2021 4 hours ago, Mephisto said: Too much work. I already despise pacing things and going to the post office. october 1 Link to comment Share on other sites More sharing options...
greggy Posted March 9, 2021 Share Posted March 9, 2021 52 minutes ago, THE_BEYONDER said: My 90-day-total is just over $600, and all I’ve been doing is plucking books from my long box $1 bin fodder. october and THE_BEYONDER 2 Link to comment Share on other sites More sharing options...
Popular Post CatskillMike Posted March 9, 2021 Popular Post Share Posted March 9, 2021 1 hour ago, snitzer said: Cash, check, MO...forum sales, Craigslist, cons, etc. Get it done by any other means possible (yeah, this tax rule sucks and I already pay my fair share) If you are audited, they will see any and all deposits into your accounts. So checks and money orders are not "hidden". Again, if you are audited. Keys_Collector, vodou, D84 and 2 others 3 2 Link to comment Share on other sites More sharing options...
CatskillMike Posted March 9, 2021 Share Posted March 9, 2021 3 hours ago, OdinsSecrets said: You pay taxes when you sell it, same as with a house. 10 years passing doesn't change tax obligations. Same as if I had the foresight to buy $APPL or $TSLA 10 years ago, holding it for a long time doesn't mean I don't have to pay taxes. You don't pay taxes on your primary residence anymore if you sell it. Way back you were allowed a one time lifetime exclusion, then they went to every 5 years or something, and now it is tax free after 1 year I think. My brother in law sold/bought 3 houses in a matter of 10 years or so and never paid any income taxes on them. He always sold them for a little more than he bought them for. The Lions Den, OdinsSecrets and taro90 2 1 Link to comment Share on other sites More sharing options...
D84 Posted March 9, 2021 Share Posted March 9, 2021 A few people say they are paying their fare share, but are talking about ways to avoid reporting income. How is hiding money from the IRS paying your fair share? Tempus Fugit 1 Link to comment Share on other sites More sharing options...
snitzer Posted March 9, 2021 Share Posted March 9, 2021 4 minutes ago, D84 said: A few people say they are paying their fare share, but are talking about ways to avoid reporting income. How is hiding money from the IRS paying your fair share? Most of us already have income from another source and pay-up there. Link to comment Share on other sites More sharing options...
WolverineX Posted March 9, 2021 Share Posted March 9, 2021 21 minutes ago, D84 said: How is hiding money from the IRS paying your fair share? I always wondered about that with the Paradise papers? Did anything ever come out of that or did everyone just forget about it after the next new cycle? Link to comment Share on other sites More sharing options...
D84 Posted March 9, 2021 Share Posted March 9, 2021 12 minutes ago, Wolverinex said: I always wondered about that with the Paradise papers? Did anything ever come out of that or did everyone just forget about it after the next new cycle? From what I can tell, no one in the U.S. was prosecuted. But I didn't do that much digging. Link to comment Share on other sites More sharing options...
D84 Posted March 9, 2021 Share Posted March 9, 2021 32 minutes ago, snitzer said: Most of us already have income from another source and pay-up there. You are still required to report all income from any source to the IRS. Selling comics is considered for most as hobby income. So only paying taxes off the primary source is not "paying your fare share." fastballspecial and ygogolak 1 1 Link to comment Share on other sites More sharing options...
snitzer Posted March 9, 2021 Share Posted March 9, 2021 1 minute ago, D84 said: You are still required to report all income from any source to the IRS. Selling comics is considered for most as hobby income. So only paying taxes off the primary source is not "paying your fare share." Yeah. I already do. Don’t worry about me 👍 Link to comment Share on other sites More sharing options...
D84 Posted March 9, 2021 Share Posted March 9, 2021 Just now, snitzer said: Yeah. I already do. Don’t worry about me 👍 I was just quoting you point it out to others. It was not my intention to imply that you, personally were doing anything like this and I do apologize if it came across that way. Link to comment Share on other sites More sharing options...
snitzer Posted March 9, 2021 Share Posted March 9, 2021 4 minutes ago, D84 said: I was just quoting you point it out to others. It was not my intention to imply that you, personally were doing anything like this and I do apologize if it came across that way. All good. I already live in a state where this $600 min., is in effect. It’s just another kick to the nads honestly. Link to comment Share on other sites More sharing options...
Larryw7 Posted March 9, 2021 Share Posted March 9, 2021 greggy, sergex23 and Mercury Man 2 1 Link to comment Share on other sites More sharing options...
shadroch Posted March 9, 2021 Share Posted March 9, 2021 2 hours ago, the blob said: This is an easier game with higher end stuff. Those of us flipping hot books that we paid $1 for... While the other 24 I paid $1 for sit in inventory waiting to be worth the bother, including mid 90s purchases and, Criminey, 70s and 80s buys, this is a clusterphuck. I just wonder when one is a sole proprietorship running a small business with inventory costs, etc vs. Capital gains taxes investor. Many of us just pay for the next round of stuff with the last round of sales. Were we a comic shop we wouldn't be showing a profit and would pay no taxes. When is your business regular enough to qualify? 50 sales a month? 100? Have you really never looked into the advantages a small business offers? Just be a pre-revenue start-up. Link to comment Share on other sites More sharing options...
William-James88 Posted March 9, 2021 Share Posted March 9, 2021 4 hours ago, nochips said: Wow. You assume I do not pay my fair share of taxes? Why is that? In my opinion I pay my fair share of taxes and don't think taxing total sales over $600.00 is patriotic. It's nonsense. I can't believe you wrote that. They should tax net sales, right? Link to comment Share on other sites More sharing options...
Callaway29 Posted March 9, 2021 Share Posted March 9, 2021 In VA and am also one of the unfortunate ones who got blindsided. Found out when PayPal promptly issued my 1099-K a few months back... Link to comment Share on other sites More sharing options...
shadroch Posted March 9, 2021 Share Posted March 9, 2021 4 hours ago, nochips said: Wow. You assume I do not pay my fair share of taxes? Why is that? In my opinion I pay my fair share of taxes and don't think taxing total sales over $600.00 is patriotic. It's nonsense. I can't believe you wrote that. The law on the taxes has not changed. The difference is that before the IRS expected us to self-report. You can see how well that worked out. In all likelihood, this will cost you more in time spent keeping records than it will in dollars. Just because ebay or paypal tells the IRS you sold $20,000 worth of stuff doesn't mean you owe taxes on that amount. Suppose you practice my old model- lose money on every sale but make it up with volume. We used to have hobbies. Now we have a business. Take advantage of it. Link to comment Share on other sites More sharing options...
ttfitz Posted March 9, 2021 Share Posted March 9, 2021 5 hours ago, NWOslave said: yo bro. can you give me your public ip address, turn on rdp access in windows so i can remote in and read the pdf you have saved on your computer? See, this is what the emoji button was made for! NWOslave 1 Link to comment Share on other sites More sharing options...
