• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

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

Started by fastballspecial,

145 posts in this topic

shadroch

shadroch

Posted
Posted (edited)

I've never read anything that gave me the impression that England was going to join the war on the Southern side. Nothing. Nada. 

It was a pipe dream of southerners that Europeans would somehow join them but no civilized nation would have anything to do with one that kept slaves. 

The Englsh navy  stopped the African slave trade. Only a dreamer would think they would then fight in favor of it.

Edited by shadroch
Link to comment
Share on other sites
ExNihilo

ExNihilo

Posted
Posted
On 7/10/2021 at 9:28 PM, toro said:

I'm all set for next year, I am going to buy this book and everything will be fine.  :insane:

 

Offshore Account Secrets : 7 Steps to Set Up Your Offshore Account, Paperback...

 

https://www.ebay.com/itm/363073251555?chn=ps&norover=1&mkevt=1&mkrid=711-117182-37290-0&mkcid=2&itemid=363073251555&targetid=1264870805944&device=c&mktype=pla&googleloc=9002159&poi=&campaignid=13825239242&mkgroupid=123999284545&rlsatarget=pla-1264870805944&abcId=9300603&merchantid=118856961&gclid=EAIaIQobChMI5OKu_pXa8QIVl8DICh2G2AvuEAQYAyABEgJlsvD_BwE

What (besides cost) is legitimately stopping people from shipping and transacting overseas in a neutral country?  Time to have annual comic-cons tucked away on some island hideaway.  :ohnoez:

On 7/11/2021 at 4:48 PM, Xenosmilus said:

Worse, we'll start having to charge sales tax on each other.  I mean all the people who seem to be OK with this are forgetting that we may have to start doing that as well.  The IRS might be like, OK you may or may not have made a profit on this sale so where is the sales tax.

You'd have to charge by state which would be annoying.

On 7/12/2021 at 7:40 AM, BigLeagueCHEW said:

I am sure something is in the works to make both parties pay somewhere in the future.

Pretty sure double taxation is illegal.  Or at the very least would raise a stink.

 

Final thought, if gains are taxed, what are the odds that collectables will be treated as a commodity and losses could be used to reduce taxable income?  ;)

Link to comment
Share on other sites
  • Popular Post
jsilverjanet

jsilverjanet

Posted
  • Popular Post
Posted
On 7/10/2021 at 4:02 PM, fastballspecial said:

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

Cash is king, but I always pay cash. Its rare that i pay with a card. If i know the dealer, i may pay paypal. 

most of the people i buy from already have an established business so taxes aren't new. 

i really don't understand why all of this is a big problem for most. hire an a good accountant is the best advice i can give anyone. or stop selling. 

Link to comment
Share on other sites
vheflin

vheflin

Posted
Posted
41 minutes ago, ExNihilo said:

What (besides cost) is legitimately stopping people from shipping and transacting overseas in a neutral country?  Time to have annual comic-cons tucked away on some island hideaway.  :ohnoez:

We TCBC could charter a boat then sail out to international waters and commence transactions!  Drinks, gambling, girls, comic books...:bigsmile:

Link to comment
Share on other sites
comicwiz

comicwiz

Posted
Posted (edited)
On 7/10/2021 at 8:49 AM, blazingbob said:

The logic of not wanting to pay anything continues to amaze me over the years.  Don't sell stocks because you will owe tax.  How about you just made money?  If you don't like the tax then complain to your congressman. 

Don't sell comics because you "might" have to pay tax.  Again,  if you are making money it is the cost of doing "business" which is what the buying and selling of comics is. 

I have to pay to list my comics on consignment websites?  Why?  What do they do?  They just list it.  Doesn't matter they are the ones that worked for the customers that are buying those books.  They handle the risks yet don't deserve to get paid for that?  

Pay me friends and family because that mean corporation Paypal is making money off me.  They don't deserve the money.  Oh wait,  the seller sent me an empty box and I have no protection.  Paypal sucks. 

When did running a business become a charity?   

 

The issue with friends and family is a lot more complex than you describe it. Their evidence based framework is entirely reliant on a traceable service that actually works. Even before this pandemic, I began seeing issues with USPS (in tandem with delivering parcels via CanadaPost) where all that shows is a label is created. I don't know about your experiences, but that usually causes people to become unnerved when it shows it hasn't entered into the mail system two months later. I've had far too numerous situations to recount without buckling the servers here, where buyers would follow my recommendation on using a traceable service, that would cost triple the air mail rate, only to see no updates whatsoever through the USPS website. I've had dozens of packages both arriving to me, and which I shipped out, that never showed as being delivered, weeks after the parcel arrived. Many of them never updated, and just disappeared from the tracking system.

Given the climate of opportunistic buyers out there, this is reminiscent of the days when buyers would refuse to pay for tracking because it was too expensive, and then take the seller for a ride claiming it never arrived. It's a perfect recipe for someone to claim item never received, and screw the seller, who is out goods and money, except in this case, a traceable service was purchased. If I'm asking f&f, it's a condition of sale that keeps the transaction honest, and there's only so many buyers who will want to use FedEx (which I prefer, but it doesn't always make economic sense). I don't know what the solution is, and PayPal set the tone for the marketplace to make sales contingent on inflated shipping rates, but I know I'm not going to risk having a chargeback filed against me even when I'm following every directive to the letter, and USPS can't be arsed to scan the parcel as it moves from point A to B. my2cents

Edited by comicwiz
Link to comment
Share on other sites
NWOslave

NWOslave

Posted
Posted
On 7/10/2021 at 2:00 PM, Wolverinex said:

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

the article literally tells you why lebron pays more. maybe he needs to buy a company with physical assets that depreciate over time and allowed to carry losses forward?  

Link to comment
Share on other sites
shadroch

shadroch

Posted
Posted
2 hours ago, NWOslave said:

the article literally tells you why lebron pays more. maybe he needs to buy a company with physical assets that depreciate over time and allowed to carry losses forward?  

Maybe we all need to.  I'm still trying to figure out how a footall franchise depreciates.

Link to comment
Share on other sites
Bird

Bird

Posted
Posted (edited)

I read a good George Steinbrenner bio a few years back that describes how he would buy and sell transport ships and use the depreciation claims to basically get rich. Buy a shipping vessel, hold, claim massive depreciation to reduce taxes to nothing and sell to fellow Cleveland shipper, rinse wash and repeat with multiple ships. There was likely a bit more to it, but not much as I recall.

But they have definitely gamed the system in terms of depreciation on stadiums and sports franchises. Which only go up in value as shadroch alluded to,.

Edited by Bird
Link to comment
Share on other sites
ttfitz

ttfitz

Posted
Posted
11 hours ago, Buzzetta said:

I would love to hear this argument without the mods giving anyone a strike.  PM me if you want.  
 

I actually want to hear the argument. 

Hope you can keep a straight face, it is rather amusing.

Link to comment
Share on other sites
awakeintheashes

awakeintheashes

Posted
Posted

I'm planning for the change to go into effect, but I really have no idea how they are going to handle the additional work this will create. My wife and I had to file a paper return this year, which was submitted and received before this year's tax deadline. I called a week or so ago just to confirm it was received and to find out the status, and I was told that it likely wouldn't be processed until October due to the current backlog. 

Link to comment
Share on other sites
Buzzetta

Buzzetta

Posted
Posted (edited)
12 hours ago, ttfitz said:

Hope you can keep a straight face, it is rather amusing.

I have no problem moderating an all out private debate.  He and I do not always see eye to eye but he knows I will not hump the button on him and I assume the same is held for me. I would love to hear the actual unfiltered debate between the two.

 

Edited by Buzzetta
Link to comment
Share on other sites
Buzzetta

Buzzetta

Posted
Posted

I have two questions but I am going to make two separate posts about it.

I just received a notice by mistake from Bricklink about complying with EU sales and VAT with online chatter revealing that some sellers are just walking away from Bricklink over this to sell complete Lego sets on eBay under the Global Shipping Program.  I do not sell on Bricklink so that is why I say that it was received in error. 

I see that Marauders Gun Runners who make third party accessories for 3.75" action figures (GI Joe) have abandoned EU sales alltogether.   I also only use the eBay Global Shipping Program.  It looks like real changes are coming outside the US as well with enough EU changes that people will simply not sell to anyone within the EU.  Another mom and pop type store that sells different radius and custom Lego train track has also shut down EU sales. 

 

Screen Shot 2021-07-14 at 12.28.36 PM.png

Link to comment
Share on other sites
Math Teacher

Math Teacher

Posted
Posted

This is the information I got from my congresswoman's aide. I'm not sure that this is a definitive answer, but this person is more likely to know than most board members.

Hi Joe,

Thanks for your question on the thresholds for 1099-K forms. My understanding is that the threshold was lowered for these Third Party Settlement Organizations like Ebay – but that should go into effect for the 2022 tax year, not this year. So, the forms you’d expect for 2021 operations should remain the same, but that will shift next year. I hope that answered your question, and please let me know if there’s anything else I can help with.

Thanks,

Will Garrity Binger
Legislative Assistant
Congresswoman Cindy Axne (IA-03)

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
1 1
Go to topic listing