Selling Strategies For 2022????16243
 Collector
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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 | ||
 I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
Quote:Originally Posted by ronbatman These will still produce an electronic payment transaction, I believe? Unless doing it with a physical point-to-point cash sale with another individual? |
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| Post 27 • IP flag post | ||
 No rust here...
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Nearmint67 private msg quote post Address this user | |
Quote:Originally Posted by Nuffsaid111 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. |
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| Post 28 • IP flag post | ||
 Collector
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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 | ||
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I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
Quote:Originally Posted by gcstomp This is an excellent idea. Didn't think of this or know they do mycomicshop credit |
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| Post 30 • IP flag post | ||
 Collector*
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Towmater private msg quote post Address this user | |
Quote:Originally Posted by Nuffsaid111 While I am not offering advice, you have realized a "gain" or a "loss" on the sale of your books. Taking it as a credit instead of cash is still a net "gain" or a net "loss". |
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| 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 | |
Quote:Originally Posted by Nuffsaid111 Selling directly to MCS is also pennies on the dollar, like selling directly to any store. |
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| Post 32 • IP flag post | ||
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Collector
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gcstomp private msg quote post Address this user | |
| I have been very very happy trading thru mycomicshop.com and getting key books for the trade credit. I am not sure the extent of your dealings, but i have been a show dealer for many years literally dozens of shows. And yet i have dealt with mycomicshop dozens of times thru the years. i consider the trade credit i get as i trade up to substantial keys an integral part of my process for moving inventory and refreshing stock. | ||
| Post 33 • IP flag post | ||
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Collector
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gcstomp private msg quote post Address this user | |
| Also, you can opt to receive the proceeds from their in house auctions in credit. I had 19 auctions end last night with them and will get credit. They handle all aspects of the payment collection from auction swindlers, err winners, shipping etc. I cant even think of a reason i would use ebay at this point. | ||
| Post 34 • IP flag post | ||
 Collector
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Yoosh5492 private msg quote post Address this user | |
| Does anyone know if we'll get a 1099 selling on MCS? | ||
| Post 35 • IP flag post | ||
 Beaten by boat oars
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Studley_Dudley private msg quote post Address this user | |
Quote:Originally Posted by Yoosh5492 I would imagine they'll start to. I think Este would know. |
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| Post 36 • IP flag post | ||
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Collector
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gcstomp private msg quote post Address this user | |
| You will of course get a 1099 selling from mycomicshop, or ebay, or accepting square, or paypal, or any other established listed venue once you cross the $600 threshold in sales. Any payments of currency is in wheelhouse of generating 1099s. | ||
| Post 37 • IP flag post | ||
 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| @gcstomp This is going to sound odd, but I've looked into it so give it some consideration: If MCS starts issuing 1099's, they will likely issue them for credit as well as cash. Technically barter is supposed to generate a version of 1099. But the weird thing is that they should be mutual 1099's...if they issue one to you, you should also be issuing one to them. If you do not issue a reciprocal 1099, it will create an accounting imbalance for both of you. MCS has not issued 1099's in the past, but that is likely to change next year. | ||
| Post 38 • IP flag post | ||
 Collector
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Sunvox private msg quote post Address this user | |
| I am NOT a tax accountant. I am NOT suggesting you do anything illegal. I AM a random person on the internet who could be a total quack so take what I am saying as an entertaining discussion on tax law. That's it. First, I have a close friend who works for the SEC, and he is the first to admit that when investigating insider trades if the amount isn't siginificant i.e. say $50k or something in that neighborhood then the SEC can't be bothered. Second, can you imagine the nightmare of added work the IRS would have going after someone that MIGHT have under reported a few grand of income from Ebay sales. Remember income is what one nets after expenses. So what algorithm will the IRS use to determine if the expense line is correct. How will the IRS verify my receipt that says $1000 for an ASM 300? What if I keep a little black book that says I paid a guy $1k in a flea market with no receipt? Now personally I wouldn't be silly enough to buy a $100k book without proof of something, but $1k or even $5k. For sure I put out cash for cars and things at that level all the time. Plus I have been selling live saltwater coral for years, and I don't know the exact line, but I do know that in TurboTax when I declare the income there is a question that basically asks if the income is from a "hobby" and if so it is not taxed the same or at all. People should talk to a tax professional to get more details, but I just know I have used such an exemption before. Anyways, my main point here is the IRS has a new requirement for reporting, but as is so often the case if one follows the rules diligently then one can probably stay under the radar easily. Yes, Ebay will tattle-tale on your sales now, but the expense side of the ledger is dependent on your record keeping and as long as your records are reasonable and consistent whose to say they aren't accurate. I'm sure that with the exception of a few online store owners the vast majority of Ebay sellers are way under $20k in income which if I had to guess is probably somewhere in the ball park of the trigger level the IRS will use YEARS from now when examining Ebay sales. So, bottom line to me IF you plan on using EBay, keep good records, be diligent in your tax filing, pay the man his $100 on your $1000 in net income, and the IRS probably will never give your 1099-K a second look. This new tax law is a nuisance and nothing more. |
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| Post 39 • IP flag post | ||
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Collector
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Sunvox private msg quote post Address this user | |
| Just thought of a humorous anecdote that is applicable: https://youtu.be/CLrWCc-75j4 |
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| Post 40 • IP flag post | ||
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I'm good with splotches.
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Nuffsaid111 private msg quote post Address this user | |
| Can't wait for grandma & grandpa who will use Ebay in 2022 to sell their set of China they got in the 1960's. A BIN for $619 should do the trick. The beautiful glow in their eyes when Mr. 1099K comes in their mailbox in Feb '23 will be something to behold. The fact they purchased the China in 1965 for $700 is irrelevant - How dare they not keep their receipt as evidence. Guess they're just going to have to consider their China as $0 "Inventory" without that receipt, and the $619 is all profit gains during 2022. Makes total sense. Of course we could give them the cliched advice to go see a tax consultant. Their fees are cheap enough & it's only money. I just can't understand why anybody would be upset about this next year. |
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| Post 41 • 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 Sunvox This is true on the one hand, but on the other hand the IRS is typically underfunded to the point that this is the only kind of fraud they can go after. It takes much less work to look at someone's 1099s and see how they add up versus tracking through a rich guy/corporation's shell accounts and army of lawyer accountant ninjas. |
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| Post 42 • IP flag post | ||
 Collector
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jeffreyk1965 private msg quote post Address this user | |
| The irs computer will match the Form 1099k to your tax return and if it is not there, a bill will be sent in the mail for the full amount of the income shown on the 1099k with the amount of tax and penalties due. It will be then be up to you to respond with documentation to reduce that income amount. Most of this will be handled by computer matching unless the amounts are very large. | ||
| Post 43 • IP flag post | ||
 Suck it up, buttercup!!
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KatKomics private msg quote post Address this user | |
| The solution is to make enough to be a millionaire or billionaire - they pay almost nothing..in real dollars, not relative dollars!! | ||
| Post 44 • IP flag post | ||
 " . "
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by KatKomics As long as you don’t earn that income through employment, of course. If you are earning a lot, you are paying a lot. If you inherited wealth and/or grow it through investing (in businesses where others are in turn earning and paying taxes) THEN you barely need to pay taxes. Entrenchment, anyone? |
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| Post 45 • 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 Nearmint67 I don't think that Ebay is as concerned as maybe they should be. I assume 80% of their revenue comes from 20% of their sellers. These sellers are likely already over $20K and receiving 1099's. Of the others they probably assume the largest volume half own businesses that already report their Ebay sales. So that leaves 4%-8% revenue loss, of which probably half will be absorbed by the remaining sellers who now have less competition. So even if they lost the smallest 50% of their sellers, they probably would project to lose only 3%-4% in revenues. But what they may be missing is that those sellers are also active Ebay buyers. If the smallest half of Ebay sellers leave the platform, they probably take a decent amount of purchases with them and cause final auction prices to fall. |
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| Post 46 • IP flag post | ||
 It was a one trick pony show but always hilarious.
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GAC private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia I bet there's an upside to eBay on this too though....I bet these small players generate a disproportionate amount of angry phone calls, irate buyers and cases being opened. Ebay would be happy to see those complaints shrink in number. Bottom line is, I don't think Ebay is concerned at all about users leaving and I don't think for a moment that it will translate to major revenue loss. |
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| Post 47 • IP flag post | ||
 Not trying to be an ass since February 12, 2020.
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HulkSmash private msg quote post Address this user | |
| Price item Exchange cash for item Run! |
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| 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 | |
| I won't say much more since this is a public forum. But suffice to say myself and my closest friends will not be privy to ebay, mercari or myslabs next year or beyond. There are other ways and hope others follow. |
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| Post 49 • 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 GAC Yeah, that's the part I didn't get into. They probably figure it's reasonable trade off to lose 3% revenue and lose a whole lot of issues. |
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| Post 50 • IP flag post | ||
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No rust here...
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Nearmint67 private msg quote post Address this user | |
Quote:Originally Posted by Nuffsaid111 I spoke to My Comic Shop. You can consign with them, but be ready for that 1099 in Jan. 2023!!!!!! Has anyone considered accepting cryptocurrencies? I was reading an article last week about the government wanting to be able to track sales in crypto over 10K. They said nothing about transactions under 10K. And the earliest they would have to begin reporting sales over 10K isn't until 2024. Something to think about. Any thoughts on this? |
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| Post 51 • IP flag post | ||
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Suck it up, buttercup!!
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KatKomics private msg quote post Address this user | |
| @Nearmint67 not really sure how crypto works. So you say I want $1k for this comic - they buy $1k in crypto - "send" it to you in an electronic wallet (so yo would already need some sort of app with a wallet to receive the crypto???) You send them the book - or not - because there is no way to come back at you for non-delivery or damages or, or, or Then you "sell" your crypto on an exchange for the currency of your choice - potential for exchange gains/losses???? that sale then goes into your bank - do they have to report when mysterious $$ transfers show up??? Use same book to do the process again with another mark...sorry....'customer'? If you are just doing the transfers in person then good old cash is king no? |
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| Post 52 • IP flag post | ||
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Collector
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gcstomp private msg quote post Address this user | |
| Crypto advocates simply believe you should convert "fake" money aka fiat aka dollars to crypto. Mass adoption means you would never change crypto to cash. You can thrive paying all your needs in crypto. | ||
| Post 53 • 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 gcstomp But for one person to convert cash to crypto, doesn't somebody have to be converting crypto to cash? |
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| Post 54 • IP flag post | ||
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Collector
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gcstomp private msg quote post Address this user | |
| So? Vast vast vast percent of people will be buying and selling crypto to cash to make profits. The institutional buying taking place is to a large extent, making profit on balance sheets via short term trades. But there are about 100k people who are, for instance, bitcoin millionaires, and who are envisioning a world without borders and stores of value outside the banking system. I do not know how this will shake out, but there has been a tremendous amount of money put into crypto. The total value of crypto is now on par with the total value of all the gold held for investment by all the governments and private institutions in the world. How can that be? Gold has been the blue chip store of value since the start of earliest civilization, crypto is just a quirky start up that will flame out any day now, right? |
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| Post 55 • IP flag post | ||
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