Official Travis Scott x Jordan Thread ...

[vinotwofour]

If I sold something on StockX and my net payout was $598.22 ... does that not trigger the $600 1099 process? Or is it based on the actual sale price which was like $680?

it should be the sale price of $680, as it says "transactions over $600" and not payouts over $600. I'm not 100% sure. Either way, unless you plan to not make anymore sales, you would still have to file since its not per transaction, its $600 total in a year. But again, you should keep the receipts for how much the shoe cost to you and how much fees stockx took out and to only tax your actual profit.

Edit: so I just checked my 1099 from SG, and it is your net payout that is filed in the 1099. So if you sold something on stockx and got a net payout of $598 and you don't sell anything else on stockx for the year, you most likely won't get a 1099.

 

[heelsandeers]

it should be the sale price of $680, as it says "transactions over $600" and not payouts over $600. Either way, unless you plan to not make anymore sales, you would still have to file since its not per transaction, its $600 total in a year.

You're only getting taxed on what you're paid

The 10% in fees or whatever these companies collect isn't part of it

 

[engineer]

Doesn't necessarily mean GOAT can't or won't send one

I didn't realize they paid out in ACHs for example. They may decide to send out their own for anything that wasn't settled through third parties

This is the situation I’m wondering about. I’ve been using ach with goat for some time. They don’t mention anything about it but it would make sense they’d have to send one.

 

[jordanhead718212]

Ya know there's an offical GOAT thread, right?

 

[heelsandeers]

Could all be settled with a few emails to customer service

Assuming they have it figured out by now

I personally don't mind being surprised at year end

 

[starfox070]

Going to be interesting to see how all these sneaker blogs are going to go nuts next year when 14 year olds parents are getting 1099 forms from their child botting.


That and all the lil sell like 3-4 pairs a year gang.

 

[millzszn93]

my 1099k was a so annoying to do lmao

 

[starfox070]

Sounds like hell. Cause you have to put ur receipts in.

 

[millzszn93]

Sounds like hell. Cause you have to put ur receipts in.

I had to scavenge them lol

Tax, expense etc etc

 

[starfox070]

I had to scavenge them lol

Tax, expense etc etc

Yea my wife does taxes she already said lots of people are going to get screwed on this big time cause if it’s In store and you can’t produce a receipt it’s going to be hell. cause they hit you for the whole value of the shoe. I sold over 10k in ps5 last year I would be mad if I paid tax on that. And that isn’t count shoes.

 

[Raji Lowenthal]

Yea my wife does taxes she already said lots of people are going to get screwed on this big time cause if it’s In store and you can’t produce a receipt it’s going to be hell. cause they hit you for the whole value of the shoe. I sold over 10k in ps5 last year I would be mad if I paid tax on that. And that isn’t count shoes.

You have to send the receipt in with your tax return?

 

[vinotwofour]

yeah to prove how much the item cost you so that part doesn't get taxed altogether with the profits.

 

[starfox070]

You have to send the receipt in with your tax return?

No they are there to reduce your tax burden. You can only get taxed on profit. So the money you paid for a shoe is removed I think stock x fees are deductible too. You need them for audit reasons.

 

[starfox070]

yeah to prove how much the item cost you so that part doesn't get taxed altogether with the profits.

He’s also right you should send them to ur tax prep person so they can pre submit them. Some don’t tho.

 

[skaterplayer808]

That turbo tax lady going to be working overtime when I gotta scan all my receipts. And just because you're producing receipts for a shoe, I'm assuming that they'll also deduct retail cost of shoe, taxes, shipping fees. Can I also add in my receipts for shipping tape and gas or what? Lol

 

[kilroythedon]

1099 isn’t that bad…

… if you know what your doing.

 

[therefill]

Yea my wife does taxes she already said lots of people are going to get screwed on this big time cause if it’s In store and you can’t produce a receipt it’s going to be hell. cause they hit you for the whole value of the shoe. I sold over 10k in ps5 last year I would be mad if I paid tax on that. And that isn’t count shoes.

If there's no receipt, how can they know the full value of the shoe

Say somebody bought a shoe 5 years ago but sold it this year. Obviously that person wouldn't have had the foresight to have kept the receipt back then. How can you generate a receipt in that case? For example, my old purchases from Adidas were wiped from the website when they moved over to the new website login. If I sold a pair this year that I bought back then, I would be screwed since I can't generate that old order detail. So how would the IRS know what the full value of the shoe is?

 

[millzszn93]

Get that excel spreadsheet out lol

 

[starfox070]

If there's no receipt, how can they know the full value of the shoe

Say somebody bought a shoe 5 years ago but sold it this year. Obviously that person wouldn't have had the foresight to have kept the receipt back then. How can you generate a receipt in that case? For example, my old purchases from Adidas were wiped from the website when they moved over to the new website login. If I sold a pair this year that I bought back then, I would be screwed since I can't generate that old order detail. So how would the IRS know what the full value of the shoe is?

Doesn’t matter to them you sold the shoe now at that value they can tax you now. Like if it was an old investment you only pay tax when it’s sold. Now with investments you have a history of what you paid. With physical goods it’s harder


Reasons reselling on these platforms will just be for large sellers and or lose it’s appeal to the smaller seller.

Overall it’s the rich consolidation of power. The irs only changed this cause they cannot raise taxes and or go after rich folks. It’s easier to go after people who can’t fight with lawyers like small low to middle income sales. Aka small business

 

[starfox070]

1099 isn’t that bad…

… if you know what your doing.

Lol most people can’t work 1040EZ. Plus I think it’s the surprise bill they going to get which will suck. Like parents getting it cause they child has a sneaker hustle.


They be proud of their child work and hustle. Until they remember never taught them to keep records

You right tho 1099 is easy.

 

[kilroythedon]

Think the boys have 4 years to come after y’all? Make sure y’all save them receipts gonna be a lot of sleepless nights

 

[KanyIZZY]

Everything is easy or 'not that bad' if you 'know what you're doing' sooo many getting screwed and my position is that the IRS+Gov not only wanted this but they are banking on it.

 

[frenchbreadbuilds]

I just tuck away 30% of every sale in an account and let our accountant figure out how much we can deduct lol only thing I’m really keeping track of is postage (which I do through PayPal) and the purchase price of the item which 99% electronic. The 30% is always overkill but it’s there. I really should just be doing coupons every quarter

 

[jordan4eva23]

It’s a business, I’m pretty sure you can deduct all your new purchases that you haven’t sold as an expense

 

[206to813]

Think the boys have 4 years to come after y’all? Make sure y’all save them receipts gonna be a lot of sleepless nights

This might be annoying but it wouldn’t be too hard to snap a pic of the receipt and put it in a photo album on your phone or file on your computer for everything. Nike doesn’t even send receipts but we can take a screenshot. It’s so stupid because I’m guessing the vast majority of the time we aren’t even buying a shoe to resell. But sometimes months or years later we decide to make some roster cuts and this would be a way to have a record.