Fear the 1099 or Please Pay me F&F 1 1

[Xenosmilus]

1 minute ago, Hulksdaddy1 said:

Just need to get comics recognized as a religion. Tax exempt, baby!

 

Stan can be our deity.

[Hulksdaddy1]

1 minute ago, Xenosmilus said:

Stan can be our deity.

Yes!

Just need to figure out prophets, angels and demons, and we're good to go.

[Xenosmilus]

Just now, Hulksdaddy1 said:

Yes!

Just need to figure out prophets, angels and demons, and we're good to go.

Actually, John Oliver had a segment on Last Week Tonight awhile back on how easy it is to become a tax exempt religious organization LOL

[Xenosmilus]

3 minutes ago, Hulksdaddy1 said:

Yes!

Just need to figure out prophets, angels and demons, and we're good to go.

It's already written in our scripture

Stan is the "One Above All"

and of course...

 

[WolverineX]

52 minutes ago, Hulksdaddy1 said:

Just need to get comics recognized as a religion. Tax exempt, baby!

 

Want to learn real tax avoidance strategies?   Make your first billion.  

[Hulksdaddy1]

30 minutes ago, Wolverinex said:

Want to learn real tax avoidance strategies?   Make your first billion.  

Sheet, after a billion, I wouldn't care about it. Take $900M, I'll be good with my $100M

[WolverineX]

24 minutes ago, Hulksdaddy1 said:

Sheet, after a billion, I wouldn't care about it. Take $900M, I'll be good with my $100M

That's why you don't have 1 billion.  Aren't greedy.  

[Randall Ries]

3 hours ago, Xenosmilus said:

I think people who say people are whining about not wanting to pay taxes on profits made on buying and selling comic's is over simplified.  I can't speak for us all but I started collecting again as a hobby and not as an investment.  If I am casually buying and selling books (as a hobby) it's a major nuisance trying to figure out what I paid for a book. I think most Collectors are not keeping records of purchase price.  I have a ball park figure in my head but that's about it.  My biggest complaint about having to pay taxes on comic sales (as a collector) is on my original collection of books I bought as a CHILD!!! I find it insane that if I sell my ASM 300 that I bought for $1.00 that I have to pay 28% taxes on the projected profit of $2999 (I have a 9.6 SS and value it around 3K for simplicity here).  I've had that in storage for years and carried that around with me for 32-33 years. I guess I can write off from the profit the storage and transportation of the book for all those years?

Buying and selling stocks is not a fair comparison to comic sales for a collector.  Stocks's are highly regulated and you know what you are getting into when you start trading stocks.  Plus it's all automated, if want to go that route like I do.  I just import my 1099 from TD Ameritrade into Turbo tax and I'm all done.

A better example is what I am doing now.  I'm selling a big chunk of my collection through an auction house to help with a down payment of a house.  For tax purposes I will be guesstimating the purchase price, adding 9% sales tax and adding $15 for shipping per book to get a price of what I paid for each book.  It's the best I can do.  The one thing I am unsure of is as of now is, you don't had have to declare anything from an auction house unless you made 20K profit or 20K of sales? Or am I totally wrong on both counts?

 

 

I think your sales tax will be based on whatever State you live in. Here in VT, it's 6%.
Hey I know taxes suck. Last year, they kept saying how the wealthy are going to start paying more. It's a smokescreen AFAIC. There are SO MANY OTHER WAYS we will get jammed into paying tax and SO MANY OTHER WAYS the wealthy will get their loopholes and write offs we have no access to.

Cash is king. I would rather hand someone $1,000 for a book after traveling 300 miles to pick it up. Cost me what, $80 for gasoline while I jam out on tunes all the way there and back?

[Xenosmilus]

8 minutes ago, Randall Ries said:

I think your sales tax will be based on whatever State you live in. Here in VT, it's 6%.
Hey I know taxes suck. Last year, they kept saying how the wealthy are going to start paying more. It's a smokescreen AFAIC. There are SO MANY OTHER WAYS we will get jammed into paying tax and SO MANY OTHER WAYS the wealthy will get their loopholes and write offs we have no access to.

Cash is king. I would rather hand someone $1,000 for a book after traveling 300 miles to pick it up. Cost me what, $80 for gasoline while I jam out on tunes all the way there and back?

Depends on the book, but yes LOL

[Randall Ries]

3 hours ago, Xenosmilus said:

There are  a lot of valid points and things to consider people have brought up here.  It sort of proves my point though.  For most, this is suppose to be a fun hobby. When it starts to get overly complicated it's not fun anymore and makes me start thinking of not wanting to collect.  I don't want a hobby to become work.

That's true for a lot of us. It's what happens when a middle man like CGC gets involved or we as collectors involve them. They replaced OPS as value setters. TOLD us what our grade is. And even move the criteria around. They make money providing a service I bet many collectors do without. But in turn, sellers sell their books and include the grading process expense in their selling price. Then that buyer - when HE sells the exact same book - includes the grading cost in HIS selling price. Maybe even a little more. It isn't that the BOOK is more valuable. It's the piece of plastic its buried in. The sales figures and asking prices we see simply are not ACCURATE. There's a whole lot of dubious going on in the buying and selling of a comic book.

I still want to collect. But say I have a choice between paying $300 for a 9.0 graded book and $95 for the book in the same grade raw, I'll take the raw book, thanks. I want the book. I don't want to pay for peoples choice to get grade. Seriously: How many times have we all looked at a graded book and concluded "THAT grade was a gift" or No WAY that's an 8.0. That's a 9.2 EASY."

If a computer or scanner were grading the books and they were accurate and fell into a programmed grade, I ould see it. But humans are capable of mistakes. And bad moods. Or GOOD moods! "I feel so good today, I'll give this GL #76 with spine hatchet marks up and down the spine a 9.4!"

Thanks anyway. My prediction is a lot of collectors will begin to see this and start slamming raw books into their collections.

[WolverineX]

2 hours ago, Hulksdaddy1 said:

Sheet, after a billion, I wouldn't care about it. Take $900M, I'll be good with my $100M

Even Lebron pays a higher tax rate than billionaires.  Just not rich enough...

https://www.yahoo.com/sports/report-le-bron-james-2018-federal-tax-rate-was-triple-that-of-los-angeles-clippers-billionaire-owner-165320954.html

[TheOldCollector]

4 minutes ago, Randall Ries said:

That's true for a lot of us. It's what happens when a middle man like CGC gets involved or we as collectors involve them. They replaced OPS as value setters. TOLD us what our grade is. And even move the criteria around. They make money providing a service I bet many collectors do without. But in turn, sellers sell their books and include the grading process expense in their selling price. Then that buyer - when HE sells the exact same book - includes the grading cost in HIS selling price. Maybe even a little more. It isn't that the BOOK is more valuable. It's the piece of plastic its buried in. The sales figures and asking prices we see simply are not ACCURATE. There's a whole lot of dubious going on in the buying and selling of a comic book.

I still want to collect. But say I have a choice between paying $300 for a 9.0 graded book and $95 for the book in the same grade raw, I'll take the raw book, thanks. I want the book. I don't want to pay for peoples choice to get grade. Seriously: How many times have we all looked at a graded book and concluded "THAT grade was a gift" or No WAY that's an 8.0. That's a 9.2 EASY."

If a computer or scanner were grading the books and they were accurate and fell into a programmed grade, I ould see it. But humans are capable of mistakes. And bad moods. Or GOOD moods! "I feel so good today, I'll give this GL #76 with spine hatchet marks up and down the spine a 9.4!"

Thanks anyway. My prediction is a lot of collectors will begin to see this and start slamming raw books into their collections.

That's my thoughts as a collector as well. Don't get me wrong I have a good amount of CGC slabs in my collection. But when looking for CGC slabs I tend to focus on 9.6 unless I happen on a 9.8 for a good price just for the simple fact that there are humans grading these and we all know they make mistakes and some 9.8's shouldn't be 9.8's and some 9.6's should have been 9.8's. So I can't knowingly pay three times the price for a 9.8 compared to a 9.6 that .2 in a human's eye is laughable at best. Maybe like Randall said if it was a computer grading then maybe but when a human is doing it that is pretty much a lot of extra bread I could spend on other books for a .2 that may not even be .2 better. Thankfully I am a collector and don't have to worry about the whole tax thing yet but when I get to the point and when it's time to sell I'm probably going to be leaning on the Cash side of things because as a collector like someone mentioned before this is my hobby not my job so I don't want to have to deal with trying to figure out how to write off bagging boarding, storing, moving and keep receipts for every purchase and all of that nonsense. I look at it this way the taxes on my collection have been paid ten fold   I'm not going to feel bad if Uncle Sam doesn't get to collect on them selling for the 10th time in that book's life.

[Beastfeast]

15 hours ago, kav said:

I have had incredible success predicting books that will pop like FF annual 6, thor 134, FF 19, New gods 1, fornever people 1 etc and others and stocking up on them for a nest egg.  Now with the new tax situation it makes me want to burn all my books.  I can see me being stuck selling to LCS like the old days and getting shanked.  I do not like this sam I am.

This is SUCH a weird take.  I know it's 99% hyperbole but you'd be "stuck" selling them at a loss to an LCS?  What?  Why would you spite yourself to avoid paying taxes on profit? 

[kav]

6 minutes ago, Beastfeast said:

This is SUCH a weird take.  I know it's 99% hyperbole but you'd be "stuck" selling them at a loss to an LCS?  What?  Why would you spite yourself to avoid paying taxes on profit? 

I figure with the new law 33% goes to tax.  13% to ebay and paypal.  Right out of the gate I'm down to 54% of the value of the book.  Plus shipping and all the hassle.   So i'm back to the old days where LCS gives ya in reality maybe 25% of the book's worth, claiming "Oh this is a 3.0" then putting it on the wall as a 7.0.

[Beastfeast]

1 minute ago, kav said:

I figure with the new law 33% goes to tax.  13% to ebay and paypal.  Right out of the gate I'm down to 54% of the value of the book.  Plus shipping and all the hassle.   So i'm back to the old days where LCS gives ya in reality maybe 25% of the book's worth, claiming "Oh this is a 3.0" then putting it on the wall as a 7.0.

You can skip all that an sell directly to me for 30%! Win, win!

[kav]

2 minutes ago, Beastfeast said:

You can skip all that an sell directly to me for 30%! Win, win!

Ok but local pickup only.  Remember-no hassle.

[Hulksdaddy1]

3 hours ago, Wolverinex said:

That's why you don't have 1 billion.  Aren't greedy.  

I always figured it was my lack of drive, ambition and talent, but I'll go with what you said.

[fastballspecial]

6 hours ago, Xenosmilus said:

I think people who say people are whining about not wanting to pay taxes on profits made on buying and selling comic's is over simplified.  I can't speak for us all but I started collecting again as a hobby and not as an investment.  If I am casually buying and selling books (as a hobby) it's a major nuisance trying to figure out what I paid for a book. I think most Collectors are not keeping records of purchase price.  I have a ball park figure in my head but that's about it.  My biggest complaint about having to pay taxes on comic sales (as a collector) is on my original collection of books I bought as a CHILD!!! I find it insane that if I sell my ASM 300 that I bought for $1.00 that I have to pay 28% taxes on the projected profit of $2999 (I have a 9.6 SS and value it around 3K for simplicity here).  I've had that in storage for years and carried that around with me for 32-33 years. I guess I can write off from the profit the storage and transportation of the book for all those years?

Buying and selling stocks is not a fair comparison to comic sales for a collector.  Stocks's are highly regulated and you know what you are getting into when you start trading stocks.  Plus it's all automated, if want to go that route like I do.  I just import my 1099 from TD Ameritrade into Turbo tax and I'm all done.

A better example is what I am doing now.  I'm selling a big chunk of my collection through an auction house to help with a down payment of a house.  For tax purposes I will be guesstimating the purchase price, adding 9% sales tax and adding $15 for shipping per book to get a price of what I paid for each book.  It's the best I can do.  The one thing I am unsure of is as of now is, you don't had have to declare anything from an auction house unless you made 20K profit or 20K of sales? Or am I totally wrong on both counts?

 

 

Neither. That amount is going to be lower. You might get lucky this year, but I am 100% positive that next year it will be much lower. 

For me the issue is not an issue, but I have read so much crying about this on Facebook and IG that I thought it was a good topic
to discuss. I am interested to see if we go back to the old days with some sellers only wanting checks or money orders. 

I look at the playing field about to come very close to even. And I look for many sellers to drop out from tax evasion fears as they
can go back a few years on you. 
 

[fastballspecial]

5 hours ago, Xenosmilus said:

5 hours ago, Hulksdaddy1 said:

Just need to get comics recognized as a religion. Tax exempt, baby!

 

Stan can be our deity.

I gotta admit that is really funny.

 

[fastballspecial]

2 hours ago, Randall Ries said:

6 hours ago, Xenosmilus said:

speak for us all but I started collecting again as a hobby and not as an investment.  If I am casually buying and selling books (as a hobby) it's a major nuisance trying to figure out what I paid for a book. I think most Collectors are not keeping records of purchase price.  I have a ball park figure in my head but that's about it.  My biggest complaint about having to pay taxes on comic sales (as a collector) is on my original collection of books I bought as a CHILD!!! I find it insane that if I sell my ASM 300 that I bought for $1.00 that I have to pay 28% taxes on the projected profit of $2999 (I have a 9.6 SS and value it around 3K for simplicity here).  I've had that in storage for years and carried that around with me for 32-33 years. I guess I can write off from the profit the storage and transportation of the book for all those years?

Buying and selling stocks is not a fair comparison to comic sales for a collector.  Stocks's are highly regulated and you know what you are getting into when you start trading stocks.  Plus it's all automated, if want to go that route like I do.  I just import my 1099 from TD Ameritrade into Turbo tax and I'm all done.

A better example is what I am doing now.  I'm selling a big chunk of my collection through an auction house to help with a down payment of a house.  For tax purposes I will be guesstimating the purchase price, adding 9% sales tax and adding $15 for shipping per book to get a price of what I paid for each book.  It's the best I can do.  The one thing I am unsure of is as of now is, you don't had have to declare anything from an auction house unless you made 20K profit or 20K of sales? Or am I totally wrong on both counts?

 

 

Expand  

I think your sales tax will be based on whatever State you live in. Here in VT, it's 6%.
Hey I know taxes suck. Last year, they kept saying how the wealthy are going to start paying more. It's a smokescreen AFAIC. There are SO MANY OTHER WAYS we will get jammed into paying tax and SO MANY OTHER WAYS the wealthy will get their loopholes and write offs we have no access to.

Cash is king. I would rather hand someone $1,000 for a book after traveling 300 miles to pick it up. Cost me what, $80 for gasoline while I jam out on tunes all the way there and back?

Thats another good point. I think some comic shops/dealers actually drool when they see me pull out cash. That also tips me off that there
is a deal to be had. 

What say you @jsilverjanet

Edited July 10, 2021 by fastballspecial