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The "I can't believe I just sold it for that much" thread....
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Started by Xenosmilus,

205 posts in this topic

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skypinkblu

skypinkblu

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Posted
13 hours ago, Kevin76 said:

Correct and a way to avoid paying taxes is to take that profit and buy more comics with it. (No it's not tax evasion) Yes, it's legal.  

I think people need to double check that advice. 

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Kevin76

Kevin76

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On 6/26/2021 at 6:38 PM, Wolverinex said:

Tell me more... I know Elon Musk did that with his paypal money into Tesla and Space X.  I didn't know the small town investor could do that.

If you spend $1000 on a comic, sell it for $4000, you made $3000 profit. If you stop there, the IRS would tax you on the $3000. However, if you spend $3000 on more comics and stop, you won't have to pay taxes. You're tax bill would be $0.00 and only owe your tax preparer their service fee

 

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skypinkblu

skypinkblu

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6 minutes ago, Kevin76 said:

My nephew and brother in law are both accountants for a living

I live with an accountant. He was also a tax auditor. People's situations vary, as he reminds me constantly. It's not a good idea to give advice.:foryou:

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WolverineX

WolverineX

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Posted
16 minutes ago, Kevin76 said:

If you spend $1000 on a comic, sell it for $4000, you made $3000 profit. If you stop there, the IRS would tax you on the $3000. However, if you spend $3000 on more comics and stop, you won't have to pay taxes. You're tax bill would be $0.00 and only owe your tax preparer their service fee

 

If true, this certainly changes things... Wow!

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lou_fine

lou_fine

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3 hours ago, Kevin76 said:
3 hours ago, Wolverinex said:

If true, this certainly changes things... Wow!

It's called COGS,  (Cost Of Goods)

Since I don't live in the United States, not sure how American tax laws exactly works.  (shrug)

Is it possible that you are thinking more in terms of business income taxes (buying & selling through an incorporated business), as opposed to just casual buying & selling not as a business since you have a regular job.  This just might then be consider as capital gains when it comes to personal income taxes. hm

 

Like Sharon said, however, hers is indeed the best advice here:

3 hours ago, skypinkblu said:

Please consult a professional.

 

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Ryan.

Ryan.

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If I use profits from selling comics to buy more comics, I can record those purchased comics as a loss? hm If true, that changes everything. 

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SuperBird

SuperBird

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Posted
On 6/26/2021 at 6:38 PM, Wolverinex said:

Tell me more... I know Elon Musk did that with his paypal money into Tesla and Space X.  I didn't know the small town investor could do that.

What do you think Elon Musk did? He certainly paid taxes on any shares of PayPal that he sold. 

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WolverineX

WolverineX

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41 minutes ago, SuperBird said:

What do you think Elon Musk did? He certainly paid taxes on any shares of PayPal that he sold. 

In his biography,  they talked about how he took his profit and used a loophole to reinvest it before  December 31st into another company in order to avoid paying taxes. 

 

https://www.amazon.com/Elon-Musk-Ashlee-Vance-audiobook/dp/B00UVY52JO/ref=mp_s_a_1_3?dchild=1&keywords=elon+musk+book&qid=1624879860&sprefix=elon+musk&sr=8-3

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SuperBird

SuperBird

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32 minutes ago, Wolverinex said:

"He (Musk )ploughed the majority of the money he made from Zip2 to X.com (paypal). Investors catch a tax break if they roll a windfall into a new venture in a couple of months.  "

I can't seem to find any specifics on what tax law he used, no mention of what he did out side of the one book, and no record of such a possibility in (admittedly cursory) google searches. Does that book go into any more detail? 

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SuperBird

SuperBird

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Posted

ah, this one: 

https://loopholelewy.com/loopholelewy/01-tax-basics-for-startups/section-1202-03-rollover.htm

41 minutes ago, Wolverinex said:

"He (Musk )ploughed the majority of the money he made from Zip2 to X.com (paypal). Investors catch a tax break if they roll a windfall into a new venture in a couple of months.  "

 

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Buzzetta

Buzzetta

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Posted (edited)

So... without naming the book... 

I bought a book off of Comiclink for $40 while bidding and winning a few other items because it looked cool.  I also wanted to try something because I had never seen it before or even heard of it.   After I received it I decided to do some research and saw that it was purchased from time to time at the around the price I paid.

So, I wanted to run a little experiment.  I put it up on eBay for $325 and refused to budge. 

Someone bought it. 

New GPA is set. 

A few more popped up due to my sale.

I set a new benchmark for what is really a $40 book and now people are going by my ridiculously inflated price as to what the book is supposedly 'worth'.  A copy that was slightly higher in grade sold on Heritage for a proportional increase in price.  I laughed knowing my sale influenced the bidding on that book. 

I really shake my head sometimes at the market. 

 

Edited by Buzzetta
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MatterEaterLad

MatterEaterLad

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8 minutes ago, Buzzetta said:

So... without naming the book... 

I bought a book off of Comiclink for $40 while bidding and winning a few other items because it looked cool.  I also wanted to try something because I had never seen it before or even heard of it.   After I received it I decided to do some research and saw that it was purchased from time to time at the around the price I paid.

So, I wanted to run a little experiment.  I put it up on eBay for $325 and refused to budge. 

Someone bought it. 

New GPA is set. 

A few more popped up due to my sale.

I set a new benchmark for what is really a $40 book and now people are going by my ridiculously inflated price as to what the book is supposedly 'worth'.  A copy that was slightly higher in grade sold on Heritage for a proportional increase in price.  I laughed knowing my sale influenced the bidding on that book. 

I really shake my head sometimes at the market. 

 

This on a larger scale is what's plagued the fine art world for decades. 

A group of buyers/dealers will collect 20-30 pieces worth $10k each. Then they'll auction one or two and shill them to $50k, buying the piece themselves and eating the commission and buyers premium.

BOOM -- suddenly this mid-level artist is hot and this group sells off their other pieces. 

Not saying this is the explanation for the manic increase in comic values, but with people treating GPA and GoCollect as gospel, you can see how it might happen.

hm

 

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