My Slabs?14952
 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by comicsforme There's no reason why they shouldn't sell PGX. Quote: Originally Posted by comicsforme I don't think there will be a sales tax liability in most cases. Cross-state sales tax only occurs when a seller reaches a minimum threshold, typically in the 6 figures. But even if there were, it would vary from state to state. These prices are the sellers actual asking prices. However, pretty sure that most of us will not have to pay the sales tax that we would have to pay through Ebay. I don't think this is a selling platform, I think they are just introducing sellers to buyers without facilitating the sale. |
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| Post 26 • IP flag post | ||
 Ima gonna steal this and look for some occasion to use it!
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IronMan private msg quote post Address this user | |
| We have two different threads on this going on at the same time. Can a moderator somehow combine? | ||
| Post 27 • IP flag post | ||
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Ima gonna steal this and look for some occasion to use it!
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IronMan private msg quote post Address this user | |
| I reviewed the site, looked over the books and tried to work my way through all the various (and sometimes conflicting) rules and FAQ's. For instance there are three DIFFERENT answers on different pages about slabs received damaged and how much a buyer might be compensated for a reholder. For a quick summary, this service is much like the Exchange on ComicLink. Sellers upload images and prices of what they want to sell. Books are in their possession. I like it that unlike say CL, sellers are expected to respond quickly to offers. But I dislike that the seller ships directly to the buyer. MySlabs never sees the book, never confirms condition. One potentially will have all the problems you might have with any private seller. Maybe they don't package well. Maybe they sold the book last week and have failed to take down this listing Overall, I don't believe it's likely their current business model will lead to success. One percent doesn't seem adequate to operate a business. Neither is one percent completely accurate because payments are processed through PayPal so the seller has that 3% as well. Four percent is a good rate - but ComicLink and ComicConnect are 10%. MCS is often 10% and is less on more expensive items. To be successful financially they are probably going to need to raise more $$ than one percent will generate. But I could be wrong. They don't do much more than provide a platform. Bare minimum. The biggest problem I see though is buried in the Terms of Use. Basically their terms of use attempt to circumvent PayPal protection rules regarding returns. Their rules say all sales are final and items are as is with very limited exceptions. Legally it's pretty simple - you use the PayPal payment system then PayPal rules are final. MySlabs basically acknowledges this by stating that if you initiate a refund via PayPal that you are banned for life from using their site. It will only be a matter of time before PayPal or a State consumer protection agency take exception to their terms. All that said - I registered and made a purchase. A CBCS slab. We will see how it goes. But the purchase is really between the seller and myself, with PP handling the transaction. MySlabs was simply where the listing was at. Maybe I might list a few items for sale just to see but most likely I'll just watch for good deals as a buyer. |
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| Post 28 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by IronMan There will be a few wrinkles and the pioneers will take some arrows, but I do think this is the future of online selling for low volume sellers. By not facilitating the transaction the sales tax liability is eliminated for all inter-state sales. Next year the $600 IRS reporting requirement will go into effect for online sales platforms such as Ebay...most of us are not prepared to deal with that. This is more like Autotrader.com than Ebay. But the savings between buyer and seller can total 30% or more in many cases, even when the books sell for the same price as on Ebay. 10% saved in seller fees, 10% saved in Sales Tax and 10% or more saved in IRS hassles. Quote: Originally Posted by IronMan This seems like a mis-step. They would be better off to wash their hands of returns and say that it's between the buyer, the seller and the payment processor. |
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| Post 29 • IP flag post | ||
 I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia This is, more than any other reason, the reason I hope this Myslabs works out for me. |
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| Post 30 • IP flag post | ||
 Collector
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comicsforme private msg quote post Address this user | |
| We need a break for taxs that millionaires are getting. | ||
| Post 31 • IP flag post | ||
 If the viagra is working you should be well over a 9.8.
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xkonk private msg quote post Address this user | |
| Forgive my ignorance, but what is 'facilitating' a sale and how is eBay doing it differently than MySlabs? | ||
| Post 32 • IP flag post | ||
 Collector
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bythegram private msg quote post Address this user | |
| It’s going to get much more difficult to determine FMV with more and more market places opening up. Sales on FB and Instagram are rising, more sites like this are popping up and I’m betting it won’t be long before more sellers realize how easy/cheap it can be to create and open their own e-commerce site. Unless data gets standardized some how, sites like GoCollect are not going to be able to catch the majority of sales. But with all that said, I’m always up for change and innovation. Not sure I’ll be jumping to be a seller on this site any time soon but I’ll certainly browse (and potentially buy). |
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| Post 33 • IP flag post | ||
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I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
| Yeaaa... clearly this site provides an advantage to sellers of slabs. Since I do not purchase slabs, only sell them, I hope this works for me. |
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| Post 34 • IP flag post | ||
 I had no way of knowing that 9.8 graded copies signed by Adam Hughes weren't what you were looking for.
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drchaos private msg quote post Address this user | |
Quote:Originally Posted by comicsforme Sounds interesting, would definitely like to hear how this site is working out for those here using it. |
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| Post 35 • IP flag post | ||
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I had no way of knowing that 9.8 graded copies signed by Adam Hughes weren't what you were looking for.
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drchaos private msg quote post Address this user | |
| @IronMan Seems a lot like how books are sold on this forum without a fee. The real trick is getting someone to buy the books. I would love to sell all of my books to other forum members so I can help people I like and avoid fees but most of my books sell elsewhere because those sites get more traffic. If MySlabs can get a big audience it could be interesting. |
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| Post 36 • IP flag post | ||
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Ima gonna steal this and look for some occasion to use it!
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IronMan private msg quote post Address this user | |
Quote:Originally Posted by xkonk While similar, there are substantial differences. eBay is much more into the sales process. They have return policies that are forced and enforced. They now have their own payment system and it is they - eBay - actually depositing money in sellers accounts (and taking out if needed) eBay collects sales tax and sends the collected taxes in to the 45 states that have a sales tax. As someone else mentioned, myslabs is more like autotrader. Or I might say Craigslist. They are just an inexpensive platform to offer items for sale and they do very little after that other than try to make sure sellers are not trying to avoid even their 1% fee. |
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| Post 37 • IP flag post | ||
 Moderator
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Jesse_O private msg quote post Address this user | |
Merging of the other MySlabs thread.       |
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| Post 38 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by IronMan Great explanation. It's also important to understand, when Ebay hosts a sale from Georgia to California, there is a sales tax obligation. When an individual living in Georgia sells the same item into California, there is no sales tax obligation. Inter-state commerce laws block sales tax obligations until sellers meet a minimum threshold amount into that specific state. |
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| Post 39 • IP flag post | ||
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If the viagra is working you should be well over a 9.8.
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xkonk private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia I guess this is true, because laws are often inconsistent and silly. But can someone help me out with the difference? Individual lists comic for sale on eBay/MySlab website -> another individual gives money to eBay/MySlab to make purchase -> eBay/MySlab takes a cut -> individual receives money from eBay/MySlab and ships comic directly to another individual. Is it that eBay allows more payment options than MySlab? Prior to dumping PayPal as a cashout option I just don't see the difference, particularly if someone paid via PayPal. Is it because eBay has more rules and offers their own level of protection? Maybe I'm being dense here. |
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| Post 40 • IP flag post | ||
 I'd like to say I still turned out alright, but that would be a lie.
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flanders private msg quote post Address this user | |
| Things are starting to heat up. It looks like they are selling about 3 comics per day https://myslabs.com/search/archive/?publish_type=2&q=&category=all&card_type=all&o=created_desc |
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| Post 41 • IP flag post | ||
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Ima gonna steal this and look for some occasion to use it!
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IronMan private msg quote post Address this user | |
| Several here have talked about avoiding paying taxes (receiving a 1099) by selling on MySlabs. I don't see that happening. Payments are processed as goods and services through the PayPal system. This year if you have over 200 transactions AND more than $20,000 in sales, PP generates a 1099. Next year it is $600 in sales. Repeat: Paypal is doing the payment processing. The book I bought shows me buying it from an individual - not from My Slabs. PayPal will be doing any 1099's as required by law. NOT MySlabs. @xkonk MySlabs says all sales are as is and final. Actually trying to circumvent PayPal's rules. Which they know they cannot. Because the penalty for not following MySlab's rule of all sales are final and opening a return in PP is being banned from the MySlab site. eBay has buyer protection. Sellers have to take returns and eBay will force them to do so if they try to not take returns. eBay is far more involved in the sales process - before during and after. |
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| Post 42 • IP flag post | ||
 If I could, I would. I swear.
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DrWatson private msg quote post Address this user | |
| The only way to avoid a 1099 is with direct peer to peer sales and ideally paying with cash, a check, or money order. | ||
| Post 43 • IP flag post | ||
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If the viagra is working you should be well over a 9.8.
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xkonk private msg quote post Address this user | |
| @IronMan I understand the difference between eBay and MySlabs as a selling platform. I don't understand what that difference has to do with taxes. The first part of your post suggests that the answer is there is no difference. | ||
| Post 44 • IP flag post | ||
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If I could, I would. I swear.
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DrWatson private msg quote post Address this user | |
| To everyone realizing that they will now be receiving a 1099 on a previously tax free business, I would like to say the following. As a self employed business owner who has paid taxes on my income for over 20 years, welcome to the world of owning your own business. It's your turn. Incorporate. Taxes suck. That is all. | ||
| Post 45 • IP flag post | ||
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I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
| Next year looks like $599 for PayPal. $599 for Venmo. $599 for eBay. And the rest is flea markets, small cons, and my own garage sales | ||
| Post 46 • IP flag post | ||
 Collector
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moodswing private msg quote post Address this user | |
| @Nuffsaid111 Are cash apps going to be affected? I run a fantasy baseball league and my friends pay with paypal f&f or Zelle. That would be a pain in he butt if that is considered income as I don't get any of the winnings unless I win the league. Filling out a schedule C because of that would be ridiculous. |
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| Post 47 • IP flag post | ||
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If I could, I would. I swear.
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DrWatson private msg quote post Address this user | |
| I don't think PayPal F&F falls into the 1099 arena. | ||
| Post 48 • IP flag post | ||
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I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
| @moodswing Good question - I dunno. I'm just learning this whole thing now. The $20K + 200 sales had me never thinking about it. With the new 2022 requirements I don't know what will happen. They only thing I know for sure is cash will be talking to me big time in 2022. I'll make it happen. I don't need to be having 150 long boxes as "inventory". Nope Nope Nope |
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| Post 49 • IP flag post | ||
 To answer your question, no, this is not where the comics go to die.
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MutantMania private msg quote post Address this user | |
| Hell I'll give it a shot. All of my slabbed stuff goes straight to MCS so saving any money would be great. My first preference is local and cash all the way though  |
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| Post 50 • IP flag post | ||
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Ima gonna steal this and look for some occasion to use it!
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IronMan private msg quote post Address this user | |
| Well, the question mark on the new rules for 1099's is actually MCS, ComicLink and maybe a few others I'm not aware of. These companies ALREADY do not follow the current 1099 rule. They currently do not send out 1099's to people that had over 200 and $20,000 sales on their sites. So will they change that policy when a new, much lower threshold goes into effect? They have already been forced to start doing sales tax collections, so it seems likely the days of no 1099's are not lasting forever. But maybe someone might ask them what their plan is for 2022. |
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| Post 51 • IP flag post | ||
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Ima gonna steal this and look for some occasion to use it!
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IronMan private msg quote post Address this user | |
Quote:Originally Posted by flanders They sold four comics on June 15. And 130 transactions for graded cards - some of which were for more than one card. And 20 "wax" transactions - some of which were entire boxes of cards. Serves as a reminder that the sports card collecting hobby is VASTLY larger than the comic collecting hobby. And it appears I was probably wrong when I speculated they might not be able to make it on just 1%. There is a lot of $$ changing hands on the sports card side of MySlabs. |
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| Post 52 • IP flag post | ||
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Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by IronMan @IronMan I doubt you were wrong. 1% of $100,000 isn't enough to pay a single monthly salary. But I think it's a starting point that could morph into other things. Imagine these scenarios: You pay $20 upfront for a 90 day listing, you can sell a single item for as much or as little as you want. Or this scenario could be fun: you pay $25 for a 30 day listing. That slot belongs to you for 30 days, you can list and sell an unlimited number of books (one at a time) from that slot. |
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| Post 53 • IP flag post | ||
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Ima gonna steal this and look for some occasion to use it!
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IronMan private msg quote post Address this user | |
| @EbayMafia Time will tell I guess. I don't feel like sitting down and adding up the 160 sport card transactions completed on June 15, but just a quick glance it sure looks like around $100K just on June 15. If that is remotely normal - or it it's just the beginning and is going to grow - now we are talking three million plus a month. One percent is $30,000 a month. It could easily be just a couple of people and a web hosting service. No shipping or receiving dept, no accounting or Human Resources or even a janitor. |
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| Post 54 • IP flag post | ||
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I'd like to say I still turned out alright, but that would be a lie.
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flanders private msg quote post Address this user | |
| I got two offers, so at least I know there's some traffic. They were both reasonable offers, slightly more than what I paid, but not enough for me to make anything off of them. | ||
| Post 55 • IP flag post | ||
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