Income tax question15799
 I'm waiting.... (tapping fingers).Splotches is gettin old! |
Nuffsaid111 private msg quote post Address this user | |
Quote:Originally Posted by Towmater Facebook - I will sell locally. There are dozens of groups in my vicinity/county for sales. They will be cash only. Forum - removed from the list All the rest remain and will be cash only. Problem solved |
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| Post 51 • IP flag post | ||
 The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| I was offered a local sale of a book I have on ebay.. Somehow doing a local sale of a 4k book sounds kinda scary. I can't imagine counting 4k even in a police department.... | ||
| Post 52 • IP flag post | ||
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I'm waiting.... (tapping fingers). Splotches is gettin old! |
Nuffsaid111 private msg quote post Address this user | |
Quote:Originally Posted by Bronte I dont work with books of that value. I work with hundreds. So it works for me |
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| Post 53 • IP flag post | ||
 I live in RI and Rhode Islanders eat chili with beans.
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esaravo private msg quote post Address this user | |
| We really should set up a trading thread. No money needed, no PayPal, no eBay, just swap books for other books (or collectables). | ||
| Post 54 • IP flag post | ||
 past performance is no guarantee of future actions.
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KatKomics private msg quote post Address this user | |
| Move to Canada and become Canadian Citizens - none of this applies to us - easy peasy!!! Or..setup a #'d company in a tax haven - funnel all transactions through there - visit once a year to bring back just under the amount where you need to declare... for Canada it's 10k - soooo come back with 9k and you don't need to declare it |
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| Post 55 • IP flag post | ||
 Collector*
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Towmater private msg quote post Address this user | |
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| Post 56 • IP flag post | ||
 Have I told you about the time I dropped off 3,000 comics at SDCC?
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Scifinator private msg quote post Address this user | |
| @Bronte - I sold a graded action figure prof card a couple of years ago in a local transaction for about 5k. Call me paranoid, but i met in a public place with overwatch covering me. |
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| Post 57 • 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 | |
| If selling collectibles is my only source of income (my social security disability claim has been denied/currently being appealed at the federal level which could take years) and I'll make around $8,000 in net income in 2022, do I owe $0 in taxes and only pay into FICA since the $8000 is below the standard deduction? Or will I have to pay taxes at the higher capital gains tax rate of 28% for those collectibles that have been held longer than a year and a separate income tax rate for those held less than a year? I can't find a clear answer through google. Thanks for any suggestions. |
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| Post 58 • IP flag post | ||
 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| @flanders I don't know the exact answer but at that level I really doubt you will get audited regardless of what you report. You are probably better off to err in favor of paying less vs paying more. Most likely the IRS would just correct any mistakes on your return and bill the difference. You actually provide the perfect example to the point I was making previously. There's just no way, at that income level, that you should have to pay for professional services in order to get the full benefits (or avoid unnecessary pitfalls) of the tax laws. |
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| Post 59 • 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 esaravo @esaravo The irony is that even barter is supposed to be taxable. |
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| Post 60 • 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 | |
| @EbayMafia thanks, collectibles tax really shouldn't be this unclear. From what I've read on several sites, long term gains on collectibles are always a 28% Federal tax rate and I believe California is 1% on top of this. This may only be the tax bracket if the sale is considered a hobby instead of a business. It's still unclear to me, but I'm assuming the lower tax rate would apply, because no comic/collectibles dealer would be able to make a living if they had to pay such a high tax rate. It's still crazy that even on a comic forum, it's nearly impossible to find a clear answer to all of this. |
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| Post 61 • IP flag post | ||
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The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| @flanders No idea about your comic / tax question, but wanted to say if you have not hired a disability lawyer you should prolly consider it. They get paid a percentage of your initial benefits but it is worth having an advocate that knows how to navigate the system. |
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| Post 62 • 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 | |
| @Bronte I appreciate it, I have a disability attorney, it's just a matter of waiting a couple more years to see if my appeal is approved. | ||
| Post 63 • IP flag post | ||
 " . "
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by KatKomics First time I have ever heard someone talk about moving to Canada to save on taxes haha. Unless that person was living in a Scandinavian country. :-) Moving to Canada to launder money, now THAT is pretty common :-) |
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| Post 64 • 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 | |
Quote:Originally Posted by flanders Quote: Originally Posted by flanders My interpretation of the forum's answer was to talk to an accountant. |
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| Post 65 • IP flag post | ||
 Collector
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Buzzetta private msg quote post Address this user | |
Quote:Originally Posted by Bronte If someone I know would trade their kids back and forth with their ex. (He threatened to kill them yet still had visitation... whatevs) I am sure you are okay doing a cash exchange at the police station. |
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| Post 66 • IP flag post | ||
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Collector
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Buzzetta private msg quote post Address this user | |
Quote:Originally Posted by esaravo That in itself actually carries more risk in my opinion. I see a lot of the trades that go south on Facebook are somehow related to trades. |
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| Post 67 • IP flag post | ||
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Collector
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Buzzetta private msg quote post Address this user | |
Quote:Originally Posted by DrWatson I mentioned this on the CGC Boards but never here. I look at the bigger picture in something like this. There are millions of families around the country that use eBay and Facebook marketplace to sell off used or unwanted items that one would normally categorize as garage sale materials or stuff you get rid of when you clean out the attic or the garage. No one saves receipts for those items in that case. Now, from a business sense the majority of those items are being sold for at a loss and if they had the receipts they would be able to prove so. Without receipts there is no evidence and then the taxable liability is at an increased value. I am curious to see what happens around the first half of 2023 when people are filing their 2022 taxes and start receiving these 1099's from eBay and PayPal and realize they were better off throwing all of this in a trash heap rather than trying to get some money from it. |
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| Post 68 • IP flag post | ||
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Collector*
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Towmater private msg quote post Address this user | |
| This thread is hilarious. The lengths that some have publicly announced that they will go to not to get a 1099 or whatever else is enlightening. Seriously, they announced it on a PUBLIC forum.  |
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| Post 69 • IP flag post | ||
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past performance is no guarantee of future actions.
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KatKomics private msg quote post Address this user | |
Quote:Originally Posted by Davethebrave lol....welllll you would save on this particular tax but then have more on your actual income...watch it though...cause then you get into what we get for our tax...there's all the normal stuff most people know about but also - free fishing licenses and no limits under 18/over 65!!!! |
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| Post 70 • IP flag post | ||
 -Our Odin-Rest in Peace |
Jesse_O private msg quote post Address this user | |
Quote:Originally Posted by KatKomics This part is very tempting!!!! If I heard correctly, I believe a person needs to be sponsored or vouched for by a Canadian citizen. If that's true, are you available for something like that? |
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| Post 71 • IP flag post | ||
 Collector
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doog private msg quote post Address this user | |
| One thing I am going to ask my accountant is can you do a 1031 exchange for comic books, like you can for art sales. It is a way to delay the piper at least. I suspect the answer is yes. It is for buying more comics with comics sales money, delaying the tax on the gain, which is what a lot of us do anyway. |
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| Post 72 • IP flag post | ||
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Have I told you about the time I dropped off 3,000 comics at SDCC?
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Scifinator private msg quote post Address this user | |
| @doog - No,1031 is like kind real estate. The closest you will come is like @flanders spoke of, trade with no monetary exchange. | ||
| Post 73 • 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 | |
| @Scifinator I think that was @esaravo. | ||
| Post 74 • IP flag post | ||
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Collector
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doog private msg quote post Address this user | |
Quote:Originally Posted by Scifinator Yes, it appears using the 1031 for art was eliminated in 2020, dang it! |
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| Post 75 • IP flag post | ||
 Collector
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moodswing private msg quote post Address this user | |
| Does anyone do their own taxes? The "just hire a cpa" doesn't make a lot of sense for sellers who are doing this as a side hustle. Probably not a good financial decision if you are paying $500 for a cpa when you are only selling 1k-2k worth of items per year. | ||
| Post 76 • 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 | |
| I have a couple friends who have a CPA do their taxes, or have at least occasionally when they moved and had multiple states to file with or the like. They weren't complicated or business-focused otherwise, and they were paying much less than $500. | ||
| Post 77 • IP flag post | ||
 Where's his Bat-package?
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Byrdibyrd private msg quote post Address this user | |
| I have an accountant because, in addition to comics sales, I also have money coming in (not much, mind you) from something else completely different. All the various write-offs and expenses/losses and depreciation, etc., plus the whole self-employed thing makes it too tough for me to handle. I tried to do it myself once (thank God I gave up) and I would have paid WAY more than I needed to because I just didn't know what I was doing. I ended up making more money by hiring the accountant. Do I think that it's okay to have taxes so difficult that we don't have a hope of doing them properly without highly specialised training? Heck, NO!!! What a bunch of rubbish! No way is all this complexity really necessary. |
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| Post 78 • IP flag post | ||
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Collector*
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Towmater private msg quote post Address this user | |
| We use a CPA. We used them for years. | ||
| Post 79 • IP flag post | ||
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I'm waiting.... (tapping fingers). Splotches is gettin old! |
Nuffsaid111 private msg quote post Address this user | |
Quote:Originally Posted by Byrdibyrd This exactly. What a load of %^&* |
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| Post 80 • IP flag post | ||
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