GOAT will, stockx won't
goat or stockx dont send forms either...only paypalonce u hit 20k and 200 transactions
ADIDAS X YEEZY COLLAB OFFICIAL 2016 THREAD - (NO LC PICS PLEASE!)
- Thread in 'Other Brands' Thread starter Started by xcautionx,
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Most uninformed comment I've read in a while.
Yes you get taxed for "reselling", however it will kick in only after a certain amount of money has been received.
The loop is to claim only the "profits" from the transactions - keeping receipts will help with this during tax season.
I believe the mark is 20k+ before taxes are kicked (I believe that might be for PayPal).
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Bingo.
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You paid some random not known guy $600 for bot/service and the guy said he didn't try? I think you just gave a guy a loan.
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Because you probably haven't reached the mark that needs to be reported.
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THIS ^^
I've sold over 20k with FC in a year and never got a Tax form
maybe 40k is the line
Paypal sends you one after 40k in sales
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paypal sends a 1099G with 20k and 200 transactions.
https://www.paypal.com/us/selfhelp/...RS-Will-I-receive-a-1099-tax-statement-FAQ729
[h2]How does PayPal report my sales to the IRS? Will I receive a 1099 tax statement?[/h2]
PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive:
https://www.paypal.com/us/selfhelp/...RS-Will-I-receive-a-1099-tax-statement-FAQ729
[h2]How does PayPal report my sales to the IRS? Will I receive a 1099 tax statement?[/h2]
PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive:
- More than $20,000 USD, AND
- 200 or more payments.
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some of y'll str8 telling on yourself...
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Plus the aggressive smell of gum is just disgusting: you open the box the first time and they smell like the cheapest reps... not worth even 150$
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that was in regards to the dude dropping off FSRs at flight club. that goes untaxed and uncle sam doesnt send the IRS matrix agents at you. probably has something to do with the commision fee
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word? so i should be expecting a letter in the mail addressed to unclekyrie2?
some of y'll str8 telling on yourself...
paypal will send you a 1099
goat will send you a 1099
stockx will not as of right now
fcny and any consignment shop will not
does that mean you will get away with evading taxes? who knows
but if you're wondering whether these businesses do or don't send 1099s, the above is the correct information.
goat will send you a 1099
stockx will not as of right now
fcny and any consignment shop will not
does that mean you will get away with evading taxes? who knows
but if you're wondering whether these businesses do or don't send 1099s, the above is the correct information.
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preciate it...not worth it was all i needed to hear
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i dont know or care, im just saying some cats tell any damn thing online.....nothing personal
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You have to have Waaaaaay more income then 20k-40k to go to jail for income taxes
Look at Wesley Snipes
He went to jail after 5 years of unpaid taxes cuz of Fraud accounting practices
but he made 40 million in those 5 years
WE ARE NOT ON THE RADAR!!
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I would love to see how flight club reports their figures.
I guess one thing they could say is that they're not ACTUALLY buying goods or inventory, but being a third party to help sell items instead.
Maybe they have a good accountant on their end that knows how to get around things.
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Won the shopnicekicks raffle. Email seems shady tho...send us all of your CC info in an email lol
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Better safe than sorry imo
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Sure you won't go to jail, basically you can avoid paying the taxes on reselling but it might bite you in the *** later down the road. You might just have to pay the taxes you owe and not go to jail but it's still a possibility that could be avoided. Simply put, just because you didn't pay taxes doesn't mean you're safe.
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I would rather buy a pair of wolverines, red wings, or LL bean duck boots before I buy a pair of yeezy boots. You can probably buy all three for the price of one yeezy boot tbh.
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NT Dept of Taxation and Finance in the house 
We are a full service outfit fellas.
We are a full service outfit fellas.
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There are members on this site that can get ur full name and address just by you being on, I'm sure IRS won't have a problem finding you either lol
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hopefully, in a couple days sneakernews or ************* going to have an article " so whats the deal with taxes and reselling" The fact that this convo came up shows theirs alot of salty dudes in here.
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