Sell Comics, Start a Business? | CBCS Comics

Collector 1.34K	1.34K KiloGraham private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Quote: Originally Posted by drchaos Quote: Originally Posted by KiloGraham Quote: Originally Posted by drchaos It is also a crime not to pay tax on income from illegal activities (theft, prostitution, drug sales, illegal gambling, etc.) so if you get caught doing something illegal that you gained from they can tack on tax evasion to your list of charges. You are then subject to the tax plus any unpaid interest and penalties. I believe that's what they got Al Capone on. Capone was equally careful about keeping his illegal earnings hidden. He endorsed only one check in his lifetime, and he never had a bank account in his own name. With the exception of that one check (for proceeds from a gambling racket), Capone dealt exclusively in cash. The FBI worked in conjunction with the Treasury Department and the Internal Revenue Service to dig up dirt on the gangster. Eventually, they found enough to convict him. The check he endorsed, along with testimony from the very few witnesses the feds could persuade to testify, provided enough evidence to put Capone away. He was ultimately found guilty of evasion for not paying taxes on his ill-gotten wealth. Capone was sentenced to ten years in federal prison and an additional year to be served at in Chicago. You forgot one thing, Rex Banner.... He filled the balls with a funnel.
	8 years ago	Post 36 • IP flag post

Quote:

Originally Posted by Towmater
Quote:
Originally Posted by ZosoRocks
IMO - eBay and other services - since they charge you a service fee, this eliminates the need to include your sales amount as additional income, because you are paying another company to sell the item at a cost.

In addition, when you bought this item, it immediately went to the secondary market - in which you have already paid sales tax to own the item.

Question - if you sold something at a garage sale, would you include that amount as part of your income on your taxes?

Probably not, huh?

I'm not quite sure if selling at a Con would mitigate any of the sales tax.....unless you are in a state that requires you to report it.

I have taken some tax classes in the past, but the laws change yearly, so it would probably be best to ask the IRS.

:o)

You'd think that the local and state governments want their share of the sales taxes for sales at conventions. I wonder if the organizers have to report who attended so those entities get their money too.

It is not common (yet) but some shows do indeed have State Tax employees there, issuing temporary collection licenses to dealers and collecting sales from all at the end of the show. I've seen this at a couple of shows in neighboring Kentucky.

COLLECTOR 3.3K	3.3K JWKyle private msg quote post Address this user	plus 1 plus 1 plus 1 1
	I send my stuff to MyComicShop.com. They take 10% or 5.00 for each item on commissions on items up to $300 dollars. Over $300 it's 8%. You don't have to worry about shipping or returned items. Plus you can get a check mailed to you so Paypal need not be involved.
	8 years ago	Post 26 • IP flag post

Collector 1.86K	1.86K jrs private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Interesting article @ZosoRocks. According to it: "Generally, any income you receive from all sources is subject to income tax unless it is specifically exempt by law (hint: eBay profits are not exempt by law). That means that a lot of activities that you might not think of as taxable, such as garage sale income, gambling winnings, and yes – eBay profits – are taxable."
	8 years ago	Post 27 • 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. 29.67K	29.67K drchaos private msg quote post Address this user	plus 1 plus 1 plus 1 0
	If you find a bag of cash, gold, etc. in the street the IRS expects you to pay tax on it. It is also a crime not to pay tax on income from illegal activities (theft, prostitution, drug sales, illegal gambling, etc.) so if you get caught doing something illegal that you gained from they can tack on tax evasion to your list of charges. You are then subject to the tax plus any unpaid interest and penalties.
	8 years ago	Post 28 • 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. 29.67K	29.67K drchaos private msg quote post Address this user	plus 1 plus 1 plus 1 1
	Quote: Originally Posted by KiloGraham Quote: Originally Posted by drchaos It is also a crime not to pay tax on income from illegal activities (theft, prostitution, drug sales, illegal gambling, etc.) so if you get caught doing something illegal that you gained from they can tack on tax evasion to your list of charges. You are then subject to the tax plus any unpaid interest and penalties. I believe that's what they got Al Capone on. Capone was equally careful about keeping his illegal earnings hidden. He endorsed only one check in his lifetime, and he never had a bank account in his own name. With the exception of that one check (for proceeds from a gambling racket), Capone dealt exclusively in cash. The FBI worked in conjunction with the Treasury Department and the Internal Revenue Service to dig up dirt on the gangster. Eventually, they found enough to convict him. The check he endorsed, along with testimony from the very few witnesses the feds could persuade to testify, provided enough evidence to put Capone away. He was ultimately found guilty of evasion for not paying taxes on his ill-gotten wealth. Capone was sentenced to ten years in federal prison and an additional year to be served at in Chicago.
	8 years ago	Post 30 • IP flag post

COLLECTOR 20.52K	20.52K DarthLego private msg quote post Address this user	plus 1 plus 1 plus 1 0
	The publisher was taxed on their profits selling the book to the comic store. The Comic store was taxed on their profits selling the book to you. On top of that you had to pay a sales tax. On top of that, the money you spent had taxes deducted from your paycheck before you even spent it. How many damn times does a single item need to be taxed? The government is not entitled to jack shit from the reselling of your belongings that you spent already taxed hard earned income on. Screw the government.
	8 years ago	Post 31 • IP flag post

COLLECTOR 3.77K	3.77K Foghorn_Sam private msg quote post Address this user	plus 1 plus 1 plus 1 1
	Found this article from the IRS that sheds a little light on the subject. https://www.irs.com/articles/tax-tips-people-who-earn-income-hobby
	8 years ago	Post 32 • IP flag post

Collector 2.13K	2.13K ZosoRocks private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Quote: Originally Posted by drchaos If you find a bag of cash, gold, etc. in the street the IRS expects you to pay tax on it. It is also a crime not to pay tax on income from illegal activities (theft, prostitution, drug sales, illegal gambling, etc.) so if you get caught doing something illegal that you gained from they can tack on tax evasion to your list of charges. You are then subject to the tax plus any unpaid interest and penalties. You aren't helping the issue Doctor. I know, I know..."I'm just a doctor, Jim".... :o)
	8 years ago	Post 33 • IP flag post

Collector 13	13 four_loko_dude private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Here is my list of the best to worst ways to sell one's comics: 1. Auction for the best, consignment for the rest. 2. Local con/show like BrianGreensnips did 3. Ebay 4. Dealer From all the comments I think we can all say in unison that the laws are stacked against we the people, it's crazy sometimes. I started this thread so some of these nuances could be discussed. I think sending some books off to consignment is a great idea. I live in central PA and there are many antique shops that are usually crowded with people. There are some comics in these places but nothing really comparable to the collection that I have. They charge a monthly fee to stock your stuff, you set the price, and when it sells they remit state sales tax for you. So far so good. Then we come to this issue of tax. I think I might talk to an HR Block accountant or something because I am sure they know all the answers.
	8 years ago	Post 35 • IP flag post

Ima gonna steal this and look for some occasion to use it! 6.26K	6.26K IronMan private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Quote: Originally Posted by Towmater Quote: Originally Posted by ZosoRocks IMO - eBay and other services - since they charge you a service fee, this eliminates the need to include your sales amount as additional income, because you are paying another company to sell the item at a cost. In addition, when you bought this item, it immediately went to the secondary market - in which you have already paid sales tax to own the item. Question - if you sold something at a garage sale, would you include that amount as part of your income on your taxes? Probably not, huh? I'm not quite sure if selling at a Con would mitigate any of the sales tax.....unless you are in a state that requires you to report it. I have taken some tax classes in the past, but the laws change yearly, so it would probably be best to ask the IRS. :o) You'd think that the local and state governments want their share of the sales taxes for sales at conventions. I wonder if the organizers have to report who attended so those entities get their money too. It is not common (yet) but some shows do indeed have State Tax employees there, issuing temporary collection licenses to dealers and collecting sales from all at the end of the show. I've seen this at a couple of shows in neighboring Kentucky.
	8 years ago	Post 38 • IP flag post

Collector 25.28K	25.28K poka private msg quote post Address this user	plus 1 plus 1 plus 1 0
	Quote: Originally Posted by JWKyle I send my stuff to MyComicShop.com. They take 10% or 5.00 for each item on commissions on items up to $300 dollars. Over $300 it's 8%. You don't have to worry about shipping or returned items. Plus you can get a check mailed to you so Paypal need not be involved. Do the 8/10% cover all fees (e.g. Ebay and shipping) as they sell a lot of their items on eBay or only applicable to their auctions?
	8 years ago	Post 39 • IP flag post

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