HOLIDAY 2021 - Cool Grey 11

[Deleted member 107398]

I just got an email from eBay, telling me I need to give them my SS# so that they can send me a 1099 form because I have to pay taxes on sales over $600.

What really burns me is the fact that all the money I "made" on eBay was from selling shoes that I had previously bought on eBay. And every single pair that I sold was sold for less than what I paid for them. In my view, it's doesn't qualify as earned income if I'm reselling shoes at a loss.

...obviously Uncle Sam doesn't see it that way.

Not to mention fees/costs involved with selling/buying on most if not all platforms

 

[pwguy]

Not to mention fees/costs involved with selling/buying on most if not all platforms

The fees are insane, and I generally only see super small businesses charge processing fees. Otherwise, most companies eat the cost of credit card processing fees as the cost of doing business. SX is straight up gauging. We should figure something out on the blockchain and smart contracts to transact directly and cut out these modern thieves!

 

[kidstaten]

The fees are insane, and I generally only see super small businesses charge processing fees. Otherwise, most companies eat the cost of credit card processing fees as the cost of doing business. SX is straight up gauging. We should figure something out on the blockchain and smart contracts to transact directly and cut out these modern thieves!

yo man. I am in. Like in in. Check your dm's in

 

[WASHED KING]

Get y’all $$$ but I only got into shoes to buy/wear. I’m not asking a CPA what to do with my Cool Greys

Man what..added stress for some shoes?

 

[thenewjs23]

IIRc, the fees charge on a sale aren‘t part of the $600., only what you took home.

 

[hitman243]

There will definitely be a hit on sales on StockX and eBay. Many casual sellers will not want to deal with the hassle of taxation.

 

[nflowshoe]

Anyone put any aftermarket insoles in theirs to make them comfortable?

 

[Deleted member 107398]

IIRc, the fees charge on a sale aren‘t part of the $600., only what you took home.

By the time fees are taken out, you paid a tax, just not to the IRS

 

[James_O]

I know this isn't Cool Grey related, but is a pair of barley used 2012 Jordan 11 Breds (no box) for $275 a good deal?

They are on eBay, so it's authenticity guaranteed.

 

[geno90221]

I know this isn't Cool Grey related, but is a pair of barley used 2012 Jordan 11 Breds (no box) for $275 a good deal?

They are on eBay, so it's authenticity guaranteed.

No

 

[BennyIll22]

I know this isn't Cool Grey related, but is a pair of barley used 2012 Jordan 11 Breds (no box) for $275 a good deal?

They are on eBay, so it's authenticity guaranteed.

Nah you should be able to find a pair of 2019s in excellent shape for that. Those are newer and 10x better.

The 2012 Playoffs were a really bad retro.

 

[D_eezus]

I see this potentially killing StockX and eBay Next year when the IRS comes knocking.

The big companies no.
I’m praying it’s get some of the “wanna be resellers” into other things. because it’s no longer “free money”

A lot of the resellers & Botters are younger kids & teens.

 

[crumps brother]

I just got an email from eBay, telling me I need to give them my SS# so that they can send me a 1099 form because I have to pay taxes on sales over $600.

What really burns me is the fact that all the money I "made" on eBay was from selling shoes that I had previously bought on eBay. And every single pair that I sold was sold for less than what I paid for them. In my view, it's doesn't qualify as earned income if I'm reselling shoes at a loss.

...obviously Uncle Sam doesn't see it that way.

So, what are the consequences if you don’t give them your SSN?

Tell them you’re 15

The solution to circumvent paying taxes might be Right under our noses brehs

 

[twixx007]

So, what are the consequences if you don’t give them your SSN?

Tell them you’re 15

The solution to circumvent paying taxes might be Right under our noses brehs

Isn't that called tax fraud/evasion? Not sure risking not paying taxes is worth jail time or a hefty penalty that exceeds what you would have owed in taxes.

 

[John Wick]

Isn't that called tax fraud/evasion? Not sure risking not paying taxes is worth jail time or a hefty penalty that exceeds what you would have owed in taxes.

thats evasion and you have a ssn so that wont even work you will need a ssn of a 15 year old and then a 15 year old probably cant even have an account on stockx etc

 

[James_O]

Nah you should be able to find a pair of 2019s in excellent shape for that. Those are newer and 10x better.

The 2012 Playoffs were a really bad retro.

Ight, thx bro, I’ll look for some 2019’s.

 

[PremioBinSoleFlyUnion]

Tell you what tax evasion has crossed my mind on todays anniversaries because I currently have none of these.
IX Pearl Blue (3 Years)

VIII Valentines Day (W) (4 Years)

XXXII CNY (4 Years)

I High Westbrook PE (7 Years)

I High BHM (9 Years)

I Mid Year of the Snake (9 Years)

XIII Squadron Blue (9 Years)

XVII College Blue (20 Years)

 

[kidstaten]

XVII College Blue (20 Years)

these came with the suit case and the cd right?

 

[Deleted member 107398]

these came with the suit case and the cd right?

Yes. Arguably my favorite J’s, they were nothing like I’ve seen at the time

 

[airsully23]

 

[crumps brother]

best Jordan 17:

 

[T_p_Hill]

Easily the classiest thing JB has ever done for a GR. Never been crazy about the 17s though did have that pair as a young man but that presentation was out of this world clean and really the last time they emphasized Quality for the consumer on such a mass scale.

 

[Raji Lowenthal]

re: taxes pair on selling shoes

I think it was discussed a bit in this thread

I talked to my CPA

he said if the 1099 is filed as selling "collectibles" to expect to pay about 25% in taxes

collectibles being defined as something purchased to be sold later with the value increasing

didn't ask how you would file if you just bought and sold right away for a profit

if you file as if you're self employed (he said it doesn't matter if you start a sole prop or LLC) expect to pay about 33% in taxes between federal and state (PA)

Raji Lowenthal what did your guy tell you?

I asked if there's anyway to write them off

Beyond the standard deductions for a home based business we didn't discuss that much. I told him he should put to gether a seminar of some sort because all the Mecari housewives and poshmark sellers gonna be getting 1099s too. It will be interesting to see how cost of goods plays into it.

 

[mixology]

Beyond the standard deductions for a home based business we didn't discuss that much. I told him he should put to gether a seminar of some sort because all the Mecari housewives and poshmark sellers gonna be getting 1099s too. It will be interesting to see how cost of goods plays into it.

Hmm does the 1099 not just get added to your total income (Adjusted Gross Income)? Meaning you'll likely stay in same tax bracket unless your making tens of thousands reselling? Maybe that works out to paying taxes on all your sales like you stated but unsure

 

[hitman243]

Hmm does the 1099 not just get added to your total income (Adjusted Gross Income)? Meaning you'll likely stay in same tax bracket unless your making tens of thousands reselling? Maybe that works out to paying taxes on all your sales like you stated but unsure

Where’s a CPA when you really need one?