Selling books20029
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 Collector
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stevenottney private msg quote post Address this user | |
| How do you guys sell your graded books. Auctions or Store. I feel like I need to do Auctions instead. | ||
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 How do I know this? Because I've done it myself.
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lawguy1977 private msg quote post Address this user | |
| There are others on here that sell way more than I do, but in my experience, it's all about how quickly you want or need to sell things. Auctions are faster, but there's a higher chance of getting less than what you want. BIN sales get more value, but can take a long time to sell, especially as the market has been slow lately. Personally, I had about 30 slabbed books I've been trying to sell, and I used multiple platforms, and it was super slow. I decided to ship them all off to MCS for their Prime Auction that's coming up, instead. Anyway, that's my 2 cents. Good luck and welcome to the forum! |
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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 | |
| Be mindful of 600$ limit before triggering irs 1099 form regardless of what you decide to do. | ||
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Collector
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MisterMR private msg quote post Address this user | |
Quote:Originally Posted by Bronte This is why I love selling through MCS - no 1099 form!! I’ll second what someone else said in that BIN is good if you don’t need to sell the books right away. I’m impatient though and almost always wind up doing the auction route. |
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Collector
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stevenottney private msg quote post Address this user | |
| MCS is a good deal. I usually sell about $15k per year in comics so I’m fine with a 1099, but I’ve always been wanting to try MCS. | ||
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 Apparently, I am easily annoyed.
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Rbolton private msg quote post Address this user | |
| Speaking as an accountant, MCS does not negate a 1099. | ||
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Collector
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MisterMR private msg quote post Address this user | |
Quote:Originally Posted by Rbolton I’m just saying they don’t send you one 🤷🏽♂️ I’m certainly not going to fight them to send it to me at the end of the year |
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Apparently, I am easily annoyed.
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Rbolton private msg quote post Address this user | |
| Just some free advice, the IRS will not accept a company not sending a 1099 as a reason for not reporting that income, if caught they will more than likely go back and investigate the last 7 yrs worth of tax returns… if MCS is not sending 1099’s it’s not a matter of if, but when they get caught. There are huge penalties for not issuing 1099’s. | ||
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 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
Quote:Originally Posted by Rbolton Is it possible that they can legitimately avoid the need for 1099’s by not booking the consignment sales as MCS revenue? Only booking the fee portion of it? That way the consignment payouts would not need to go on the books as an expense. Kind of the way that a credit card company would not need to send a 1099 to every business that they took a fee from and processed credit cards for. I could be all wrong. Just spitballing. |
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 I'm waiting.... (tapping fingers).Splotches is gettin old! |
Nuffsaid111 private msg quote post Address this user | |
| I go through Collectors Comics. 5% commission and they send a personal check. I won't comment on the rest of what I want to say as this is a public forum. |
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 " . "
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Davethebrave private msg quote post Address this user | |
Quote:Originally Posted by EbayMafia Has nothing to do with MCS booking revenue. Remember ebay also just takes a fee (similar to consignment). The question is whether MCS qualifies as a third party settlement network / online platform. I won’t opine on that. The issuing of the 1099 (or not) doesn’t change the requirement to include the amounts as taxable income. Whether someone complies and whether tax gets paid is a different question… |
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Apparently, I am easily annoyed.
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Rbolton private msg quote post Address this user | |
| @Davethebrave hit the nail on the head. | ||
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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 Davethebrave Bingo. No skinny chicken or a horse with a clock in it's stomach for me (for those old enough to know what this is) |
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 Staple topics, nice.
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makahuka private msg quote post Address this user | |
| Good info. | ||
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