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Selling Strategies For 2022????16243

Collector Nearmint67 private msg quote post Address this user
Hello comic fans, collectors and sellers.

As most of you are aware by now that beginning January 1st 2022, Our fine government has mandated that selling platforms such as Ebay, Etsi, Mercari etc.. and payment processing companies like Paypal and Venmo and others are all going to be required to report sellers that sell items totaling over 600.00 throughout the year and issue 1099 forms to those sellers.

This is of no concern to sellers who sell as a primary source of income as these sellers already pay taxes on their sales.
But the folks who are hobby sellers that may sell a few books a month (5 - 10) but will exceed 600.00, will have some choices to make as to how and where they choose to sell their comics and or other collectibles.

So let's hear your thoughts, opinions and ideas or strategies as to how the small guys,(hobby sellers) could or should be considering to sell their items.

This should be informative to some as there are some people who may not be aware of this change coming, that will be selling their comics or other collectibles in 2022, to be shocked when they receive a 1099 in early 2023.

What do you think?
Post 1 IP   flag post
Collector Sebastsk8 private msg quote post Address this user
I'll most likely try to do more trading than I have in the past instead of just selling, and most likely stick to private sales like on here or reddit to limit fees paid so I don't end up paying like a 13% seller fee plus then 28% tax on profit on top of it.

Also, keeping track of purchase prices and grading fees paid etc to deduct from sales prices come tax time.

In general though, my sales are already very limited and I'll probably limit them even more to the point where I'm not sure I'll even break 600.
Post 2 IP   flag post
Collector Rongro private msg quote post Address this user
I have a registered home business,to get the deductions. I do it mainly as a hobby , that I hope to make a few $$ out of. So I report everything anyways. I'm also in Canada so my situation and opinions probably don't mean anything to your discussion. We also don't have access to Venmo and zelle and those apps.im always of the mind the government will get you eventually anyways.
Post 3 IP   flag post
COLLECTOR Towmater private msg quote post Address this user
The new reporting shouldn’t make any difference to anyone. As in the past, people have been required to report the income from sales on comics and pay taxes on the profit. It is called income/capital gains.

Why the hobby has their panties all bunch up over it is asinine.
Post 4 IP   flag post
COLLECTOR earthshaker01 private msg quote post Address this user
Do what I'm doing in a few years. Moving to one of the 5 states that don't have capital gains on collectibles to offset the Fed taxes. Also, there will be a lot of meeting people in safe locations and dealing in cash or trade, dangerous yes, but this the way. Thanks for the largest tax on the middle class, and no one bats an eye.
Post 5 IP   flag post
Collector doog private msg quote post Address this user
I’ll pay just like I do on the steers I sell as a side income, or the rental income on a property I own. No big deal
Post 6 IP   flag post
If the viagra is working you should be well over a 9.8. xkonk private msg quote post Address this user
Keep records and report your income. It was always good practice and the law (at least the second part), now it's just going to be easier to enforce.

In terms of what I'll be doing, it's probably the same as what I've been doing. I put the occasional sale/trade thread here but rarely get many bites. eBay or making deals with my LCS has worked much better for me.
Post 7 IP   flag post
Beaten by boat oars Studley_Dudley private msg quote post Address this user
Ass, ass, or ass. No one gets a book for free.
Post 8 IP   flag post
I got 99 problems, but a hurricane ain't one. drchaos private msg quote post Address this user
Quote:
Originally Posted by xkonk
Keep records and report your income. It was always good practice and the law (at least the second part), now it's just going to be easier to enforce.

In terms of what I'll be doing, it's probably the same as what I've been doing. I put the occasional sale/trade thread here but rarely get many bites. eBay or making deals with my LCS has worked much better for me.


I started reporting everything within the last three years and recordkeeping is as burdensome as the tax itself.

I am taking much better notes especially when buying books at comic shows for cash but the legacy stuff is just going to have to include some estimates.

Whether we are talking about dealers, artists, or pressers everyone prefers to receive cash.

It is so much easier to look at your credit card statement if you misplace a store receipt than trying to remember what you shelled out for signatures at a major show like NYCC.

I have made many changes to how I do things over the last few years but it never seems to get easy.
Post 9 IP   flag post
TL;DR Davethebrave private msg quote post Address this user
I rarely sell my collectibles. Just electronics that are outdated or things I have upgraded.

I will likely just do trades if it comes down to getting rid of things…

As others already pointed out - taxes are already everywhere and everyone should already be ponying up anyways.
Post 10 IP   flag post
Collector the420bandito private msg quote post Address this user
I believe the final bill was changed and the limit is back somewhere near where it used to be.
Post 11 IP   flag post
The apple sauce and pudding were the best part... Bronte private msg quote post Address this user
@the420bandito

I think that was nixed.

Here is a recent announcement by paypal.

https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered
Post 12 IP   flag post
COLLECTOR Towmater private msg quote post Address this user
From @Bronte link...

"We encourage customers to speak with a tax professional when reviewing their 1099-Ks to determine whether specific amounts are classified as taxable income."

Sounds like an excellent idea to me.
Post 13 IP   flag post
Beaten by boat oars Studley_Dudley private msg quote post Address this user
Ohio hits hard on taxes. Property taxes are high, and municipal taxes come into play as well. I don't enjoy paying federal and state taxes so I don't plan to conduct many sales next year. Not that I had many this year. If I start coming near the threshold, all listings will be pulled.
Post 14 IP   flag post
COLLECTOR earthshaker01 private msg quote post Address this user
People were pulling their money out of banks and not trusting the banking system already. I hear the banks are not happy with this as people will be putting money "under the mattress" even more now. Which will hurt the banks in the end and crypto currency will skyrocket, which terrifies the Fed. Nice way to push people away from cash and into crypto.
Facebook market place, Craigslist etc...are expected to see huge boom in activity as people trade or sell in person more than ever after this largest middle class tax hike in history starts.
Post 15 IP   flag post
Collector Nuffsaid111 private msg quote post Address this user
Local Facebook. Craigslist point to point sale. Yard sales. Small cons.
And anywhere else that is person to person
Post 16 IP   flag post
Suck it up, buttercup!! KatKomics private msg quote post Address this user
@Rongro luckily for us these new rules don't apply to us (99.9% sure) for us sales of personal property only incur tax over 1000 per item and then only on the amount over 1000...and...we have to self report (I'm sure everyone does!!)
USA doesn't apply since we are Canadian and pay tax under tax treaties..blah, blah, blah
Post 17 IP   flag post
Suck it up, buttercup!! KatKomics private msg quote post Address this user
Off shore tax shelters for the rest of you!!

It obscures and down right hides who the accounts belong to in a tax free zone
Post 18 IP   flag post
Collector cesidio private msg quote post Address this user
Decided to take money order and checks only. Unless local buyer in which case cash will work or trade for partial credit for personal grails. That will apply to all my collectibles.
Post 19 IP   flag post
Collector the420bandito private msg quote post Address this user
Quote:
Originally Posted by Bronte
@the420bandito

I think that was nixed.

Here is a recent announcement by paypal.

https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered


Thanks for the link. So long ebay, paypal, etc.
Post 20 IP   flag post
COLLECTOR earthshaker01 private msg quote post Address this user
Quote:
Originally Posted by the420bandito
Quote:
Originally Posted by Bronte
@the420bandito

I think that was nixed.

Here is a recent announcement by paypal.

https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered


Thanks for the link. So long ebay, paypal, etc.
Bandito. It's funny you would say that the article I read said places like eBay, PayPal, venmo etc....stand to lose tons of business. I'm selling my collection sooner than later and it will be cash only or cashier's checks, or money orders. Don't see how the government is entitled to a portion of a collection I put together for 30nyears and they did nothing in that endeavor.
Post 21 IP   flag post
Collector the420bandito private msg quote post Address this user
Quote:
Originally Posted by earthshaker01
Quote:
Originally Posted by the420bandito
Quote:
Originally Posted by Bronte
@the420bandito

I think that was nixed.

Here is a recent announcement by paypal.

https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered


Thanks for the link. So long ebay, paypal, etc.
Bandito. It's funny you would say that the article I read said places like eBay, PayPal, venmo etc....stand to lose tons of business. I'm selling my collection sooner than later and it will be cash only or cashier's checks, or money orders. Don't see how the government is entitled to a portion of a collection I put together for 30nyears and they did nothing in that endeavor.


garage sales, flee markets, etc existed before. I don't see why they cannot make a come back. Not to mention you get to see the goods in person vs. photos. Maybe people will frequent brick and mortar comic shops more with this. Seems like a win-win to me.

I guess the other option is to sell every item for $599
Post 22 IP   flag post
The apple sauce and pudding were the best part... Bronte private msg quote post Address this user
@the420bandito

It's 600 cumulative. So after the first sale your screwed. It's not 600 per transaction.
Post 23 IP   flag post
Collector Nuffsaid111 private msg quote post Address this user
We'll be posting articles showing the significant decrease in Ebay, WhatNot, and other online platforms that have electronic payment transactions next year.

And that's not just comics. It's everything. And once those unaware individuals that get burned in 2022 the following year will be even more of a significant drop. Bank on it.

This is everything as far as I'm aware. Old clothes, old electronics, every single ebay category. $600 for the year. I don't know about other's, but I certainly did not save my receipts for the jacket I bought in 2005 I'm selling online now; or the car adapter I no longer need I bought in 2014. Or the pair of jeans I bought in 2016. It doesn't take long for even the most miniscule of nonsense one has laying around the house to add up to $600 for the year.
Post 24 IP   flag post
Collector ronbatman private msg quote post Address this user
More taxes suck but as a seller you go where the buyers are. If you can sell in a garage sale great but Instagram has no fees for selling. I also use Comics Price Guide for selling extra books with no additional fees.
Ron
Post 25 IP   flag post
Collector Huntergreene2 private msg quote post Address this user
I'm interested to see if it has an effect on my sales. I've always rolled my comic sales into my existing online store so I've always reported the income. Fewer sellers on Ebay hopefully means less competition for me.
Post 26 IP   flag post
Collector Nuffsaid111 private msg quote post Address this user
Quote:
Originally Posted by ronbatman
but Instagram has no fees for selling. I also use Comics Price Guide for selling extra books with no additional fees.


These will still produce an electronic payment transaction, I believe? Unless doing it with a physical point-to-point cash sale with another individual?
Post 27 IP   flag post
Collector Nearmint67 private msg quote post Address this user
Quote:
Originally Posted by Nuffsaid111
We'll be posting articles showing the significant decrease in Ebay, WhatNot, and other online platforms that have electronic payment transactions next year.

And that's not just comics. It's everything. And once those unaware individuals that get burned in 2022 the following year will be even more of a significant drop. Bank on it.

This is everything as far as I'm aware. Old clothes, old electronics, every single ebay category. $600 for the year. I don't know about other's, but I certainly did not save my receipts for the jacket I bought in 2005 I'm selling online now; or the car adapter I no longer need I bought in 2014. Or the pair of jeans I bought in 2016. It doesn't take long for even the most miniscule of nonsense one has laying around the house to add up to $600 for the year.


You are spot on!
I spoke with Ebay a few weeks ago in length on this topic. They record all conversations and someone eventually listens to the calls. So I was sure to enlighten Ebay of the millions of users that (when they learn of this) will stop using Ebay. This will transfer to a major loss of revenue for them, unless they decide to pay the taxation and keep sales confidential. They may have no choice and just be screwed. As many hobby sellers seek person to person sales.

The government has already added tax to all purchases. But that wasn't enough. So now they want more.
But what their bean counters may have over looked, it when fewer sellers are selling, that means fewer sales. Fewer sales means less taxes being paid on purchases that won't happen.

So I think as the pandemic drove down brick & mortar sales and drove up online sales, the opposite will happen here with fewer online sales and more person to person sales.

Great feedback so far everyone. Keep it coming.

I personally am in no rush to sell. As with all things, this will eventually show us a better way to sell to keep profitability in place. Otherwise we are all collectors that will eventually take a some loss on our investments.
Post 28 IP   flag post
Collector gcstomp private msg quote post Address this user
I would think this is a boon for cons and craigs list in person. Selling thru mycomicshop.com and getting credit instead of cash to get a few bigger books instead of boxes of bulk.
Post 29 IP   flag post
Collector Nuffsaid111 private msg quote post Address this user
Quote:
Originally Posted by gcstomp
Selling thru mycomicshop.com and getting credit instead of cash


This is an excellent idea. Didn't think of this or know they do mycomicshop credit
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