HOLIDAY 2021 - Cool Grey 11

[Raji Lowenthal]

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

My understanding is the 1099 is gross income. Your adjusted gross income is after all your deductions.

 

[airsully23]

 

[mixology]

My understanding is the 1099 is gross income. Your adjusted gross income is after all your deductions.

Understood. I'll plan to ask if i use someone for my taxes this month. I'm expecting more info to come out before next filing season because you know everyone will have concerns about it.

 

[Davey Magoo]

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.

Is anyone else uncomfortable with the idea of giving eBay your social security #?

I just sold a pair of 5s and I’m thinking about eating the cost and never selling their again. I have no idea if eBay is fully secured against a potential data breach. They probably are. But it still scares Me.

…thoughts?

 

[Davey Magoo]

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 makingt tens of thousands reselling? Maybe that works out to paying taxes on all your sales like you stated but unsure

I’ve been using Turbo Tax free filing for years and it’s been great.

But that’s only for the short form.

Can I still file a short form if I need to deal with this 1099 ****e and a profit/loss statement?

 

[kidstaten]

this isnt advice, but more like things to google.

Maybe im completely wrong, i really dont think i am.

picture your sneakers as crypto or stocks. 1 pair= a coin or a share
just like your house, you buy it for 100k sell it for 200k its all the same

capital gains. one takes care of this on schedule d of a 1040
how much you paid v how much you made

About Schedule D (Form 1040), Capital Gains and Losses | Internal Revenue Service

Information about Schedule D (Form 1040 or 1040-SR), Capital Gains and Losses, including recent updates, related forms, and instructions on how to file. Use Schedule D to report sales, exchanges or some involuntary conversions of capital assets, certain capital gain distributions, and...

www.irs.gov

you sell your share of jordan (pair of sneakers) for 400 when you paid 200, you end up with a taxable 200. I believe you can subtract fees etc (THIS I DONT KNOW, technically i dont know any of this).

All of this is a convo with your accountant when the time comes. as i said this wasnt advice, it was just something to aim your google search in the mean time.

@raji that was a good oop to your accountant about the seminar, thats a good f****n idea period, too bad you need certifications to do that or id be recording material right now

 

[kidstaten]

Is anyone else uncomfortable with the idea of giving eBay your social security #?

also dont act on this but just for your future piece of mind, your social security # has likely been leaked already. Someones probably already attempted to use it nefariously as well. Thats just my stance on it, I'm still super guarded with mine, but if you think of all the weak points now, no way it hasnt been leaked.

 

[heelsandeers]

I think what kidstaten stated is an appropriate way to handle the tax reporting. I was told by a CPA a schedule D or C (even if not a business) would work

I will probably go the schedule D route and report it as a capital gain if i have to. I don't see how handling it that way would cause any issues

 

[kidstaten]

I think what kidstaten stated is an appropriate way to handle the tax reporting. I was told by a CPA a schedule D or C (even if not a business) would work

I will probably go the schedule D route and report it as a capital gain if i have to. I don't see how handling it that way would cause any issues

the reason I personally wouldnt do sched c is i believe you then get brought into self employment tax.

I wish someone would throw numbers out there, because even in the 10 cool greys example, you are only going to pay like 150$ tax at the end of the day, thatll probably just mean a lower refund check for most people, not even like you are paying out of pocket

 

[kidstaten]

Also, just for fun, could a tax/business person weigh in on this? The ship sailed for 2021, but in 2022 couldnt you sell some trashed sneakers/goods for $1 and claim losses to offset your gains? You'd just need records of purchase and sale.

loss harvesting

 

[heelsandeers]

the reason I personally wouldnt do sched c is i believe you then get brought into self employment tax.

I wish someone would throw numbers out there, because even in the 10 cool greys example, you are only going to pay like 150$ tax at the end of the day, thatll probably just mean a lower refund check for most people, not even like you are paying out of pocket

I think as long as you can't be considered self employed you shouldn't have to worry about self employment taxes

But schedule c does seem like it could open you up to more questions/scrutiny vs schedule d which is fairly straight forward

Talking about the average person just selling stuff to get rid of it here. Not someone actively buying multiples of every release with the intent to resell

 

[airsully23]

Check your footlocker release calendar .....
2/18

 

[airsully23]

 

[DB Cooper]

Nike really wants to get my hopes up again huh?

 

[kidstaten]

Nike really wants to get my hopes up again huh?

I’m definitely going to need therapy if I lose on these again.

I’m making the appointment now, and I’ll just cancel it if I get a pair

 

[Remy LeBeau]

Not releasing near me

 

[kidstaten]

I thought I had all the answers but I clearly dont anymore.

Can someone in NYC help me out, which location would you put as your picks for FL?

I was thinking areas in jersey and PA but then you got like ALL of Philly competing over that one store. Do delaware ppl still wear jordans? Does it even matter at this point?

I started thinking Fulton st in BK bc maybe they just get a wild amount of pairs knowing the clientele over here? I need a 10.5 which puts me at max competition levels lol

Like whats the general prevailing logic here since ive lost touch lol thanks

 

[kingjay718]

I’ve worn these more already more times combined than I have the previous Jordan 11 retro releases I’ve copped (2018-2020). I’m so thankful that I copped two pairs. I’ve had older women and people compliment me and they don’t even care about the sneaker thing at all.

I hope everyone who wants eventually gets at least one pair. JB did a great job with this rendition.

 

[KanyIZZY]

I thought I had all the answers but I clearly dont anymore.

Can someone in NYC help me out, which location would you put as your picks for FL?

I was thinking areas in jersey and PA but then you got like ALL of Philly competing over that one store. Do delaware ppl still wear jordans? Does it even matter at this point?

I started thinking Fulton st in BK bc maybe they just get a wild amount of pairs knowing the clientele over here? I need a 10.5 which puts me at max competition levels lol

Like whats the general prevailing logic here since ive lost touch lol thanks

There is no logic.. especially in NYC. Every store likely has 50K+ entries. Pre FLX you can gauge big release, big store, decent odds and a W.. Post FLX, I've tried the same stores, small, medium, hood, isolated... NONE = a W.


The only logic: FLX is a scam.

 

[kidstaten]

There is no logic.. especially in NYC. Every store likely has 50K+ entries. Pre FLX you can gauge big release, big store, decent odds and a W.. Post FLX, I've tried the same stores, small, medium, hood, isolated... NONE = a W.


The only logic: FLX is a scam.

just doing some light reading for friday at 10:01am

 

[therealest1]

Has anyone had trouble trying to reserve the restock for these on the Foot Locker app?

I've been trying to do it and I keep getting an error message on the app. Has anyone else gotten error messages on the app as well?

 

[airsully23]

Has anyone had trouble trying to reserve the restock for these on the Foot Locker app?

I've been trying to do it and I keep getting an error message on the app. Has anyone else gotten error messages on the app as well?

Are you sure the store you are selecting is getting them ?

 

[therealest1]

Are you sure the store you are selecting is getting them ?

I didn't even get that far in the process because I get the error message pops up after I push the releases tab on the app.

 

[kidstaten]

I didn't even get that far in the process because I get the error message pops up after I push the releases tab on the app.

I didn't have any issue at all yesterday but ive had that before

 

[therealest1]

I didn't have any issue at all yesterday but ive had that before

I think I figured it out. I actually turned off the wi-fi connection on my phone, and it worked because I was able to submit legitimately while it was turned off. Perhaps the connection on the app didn't work with my modem this time around, which has never happened before.