[BizCopperhead]

Quote:

Originally Posted by Trigger2K

Speaking of 1099-ks, how will that work if we're selling pieces from an old collection?

I have no records or even recollection of how much I paid for some of my stuff. I don't even remember buying some of it. We only have to report profit as far as I'm aware. They already know the total amount sold.

Like I recently sold a vintage Joe for over $100. Don't remember where I got it or how much I paid. I found it in a box of Star Wars stuff I hadn't opened in a couple decades. I also found vintage carded Star Wars figures I don't remember buying or the cost.

Taxes will be a nightmare this year.

Yes, yes they will.

You need to have receipts for everything, or see below about FMV. It's a ton of bookkeeping, and it's separate from if you itemize or not.

I'm positive they are counting on people not knowing how to prove what is profit and what is not and so they will get taxed on 100% of the sale.

I've read the actual text of the tax law around this and it's complicated, but revolves around the fair market value of the item, which somehow you have to prove by using...I guess eBay items of the same condition? I don't know where else you can get the value of such items.

It's all about going after the little guy because the little guy won't lawyer up.

[Trigger2K]

Quote:

Originally Posted by BizCopperhead

Yes, yes they will.

You need to have receipts for everything, or see below about FMV. It's a ton of bookkeeping, and it's separate from if you itemize or not.

I'm positive they are counting on people not knowing how to prove what is profit and what is not and so they will get taxed on 100% of the sale.

I've read the actual text of the tax law around this and it's complicated, but revolves around the fair market value of the item, which somehow you have to prove by using...I guess eBay items of the same condition? I don't know where else you can get the value of such items.

It's all about going after the little guy because the little guy won't lawyer up.

I have the receipts to nothing I bought 15-20+ years ago. That's a good portion of what I've been selling. Things like Amazon purchases I can go back quite a few years.

I can't imagine them auditing many small timers unless they have a significantly good year. Doesn't seem like it would be worth the cost in manpower to get a couple hundred bucks. But I'll definitely have to guess a good portion.

[BizCopperhead]

Quote:

Originally Posted by Trigger2K

I have the receipts to nothing I bought 15-20+ years ago. That's a good portion of what I've been selling. Things like Amazon purchases I can go back quite a few years.

I can't imagine them auditing many small timers unless they have a significantly good year. Doesn't seem like it would be worth the cost in manpower to get a couple hundred bucks. But I'll definitely have to guess a good portion.

They are happy to gamble on the little guy's fear of getting audited that will make him give up the funds.

It's a raw deal and it sucks.

[wehrmanm]

Quote:

Originally Posted by MammothFan

Unpopular opinion time. You shouldn't be buying haslabs with intent to make a profit. You should buy the Haslab because you want to collect it.

You also shouldn't go into debt or put yourself in a financially unstable position to buy a toy. However, selling off some of your collection that you aren't into anymore to get something new is perfectly fine and a responsible action.

Buying toys to profit does not necessitate "going into debt...or a financially unstable position" though. It certainly can, of course - but not guaranteed.

I buy and sell to make what I call "stupid money." That is, it is money I use to spend on "stupid" things (like toys). Keeping money in this ecosystem and turning it into more money helps me spend it on more toys. It's meant for that only - not to pay bills, and it doesn't come at the expense of the money meant to pay bills. Separate.

That said, I'm sitting on a good amount of excess stuff lately; GI Joe Classified production runs are starting to be high enough that you can't really make money selling them - with two exceptions: (a) con exclusives (thankfully getting a Mindbender tomorrow) and (b) getting the first wave of figures to hit the US. That latter group is Snow Serpents or Tunnel Rat right now - but it was also Arctic BATs two months ago, which flattened out at MSRP and haven't budged. Or the second wave of TF/PP (Recondo/Bazooka/Officer/Duke & RAM) that you can scarcely give away.

So, yes, GI Joe Classified is currently becoming a hard line to make any money on unless you have the absolute newest newest figures, or ones that are scarce and not being remade.

But, in general, if your advice is "be responsible with your money," yes, of course.

[jscott991]

Quote:

Originally Posted by BizCopperhead

They are happy to gamble on the little guy's fear of getting audited that will make him give up the funds.

It's a raw deal and it sucks.

Because this is my job, I have to be careful what I say here, but people should read up very carefully on how the 1099s from eBay, Paypal, and others actually work. Many (probably most) people do not owe taxes on their eBay sales despite eBay generating a 1099.

There is also a good chance that the IRS or Congress will postpone enforcement again.

[funken79]

Yeah I saw no pictures of the figures, but the listing has them . The Haslab box has all of them inside it. So best guess they are all in there and I will soon find out. I ordered it cause I missed out on the deal thru Haslab. The price it a little more than the 230$ if you backed it. But cheaper than EvilBay prices. It sold out in less than a day on BBTS so I don't think they had a bunch of these. So in the end its a good deal for a better Haslab project. I was able to get into the Hiss tank one , so I will not have to deal with inflated prices after the fact.

[theguru1974]

I do find it insane that people with no savings, living paycheck to paycheck, are spending hundreds or thousands of dollars a month on toys. I've had people tell me they got hit with an unexpected car repair bill and have to cancel a wave of pre-orders that month to compensate. That tells me they have zero savings, no cushion whatsoever to absorb whatever life throws at them. A very dangerous way to live, especially if you have a family to provide for. I think the FOMO with toy collecting leads to some really irresponsible behavior. Not our business to judge really, but it's a head scratcher for me. Why not take a month off buying stuff, or buy just a little, to build up a little savings?

Don't get me started on those pay in 4 installment plans, either. A friend of mine has done so many of those simultaneously he's way in over his head. Sheesh.

[Trigger2K]

Toy collecting can definitely lead to addictive and OCD behavior. Collecting in general. Ever since toy commercials when we were kids we were urged to "collect them all".

It took years for me to break out of that mindset. I don't need or want every number of Classifieds produced. I don't even pay attention to the numbers on the boxes and couldn't tell you any of them by memory. Numbering them is just a trick to get completists going crazy if they're missing one. That's more stealthy than "collect them all".

[GoodGuy9]

Let's be cautious not to stigmatize genuine OCD with irresponsible toy collecting. I've got severe OCD but in no way have I ever spent the money I didn't have in the moment on toys, that's one reason I missed out on the FSS or the ROC HQ.

[BizCopperhead]

Quote:

Originally Posted by jscott991

Because this is my job, I have to be careful what I say here, but people should read up very carefully on how the 1099s from eBay, Paypal, and others actually work. Many (probably most) people do not owe taxes on their eBay sales despite eBay generating a 1099.

There is also a good chance that the IRS or Congress will postpone enforcement again.

Yes, I agree with what you are saying.

The problem is that proving you owe nothing is also very difficult depending on what was sold.