Official Travis Scott x Jordan Thread ...

[utahman130]

It’s just annoying. I sell shoes from time to time to make room for new acquisitions. 2-3 pairs of shoes sold is already over the limit.

Lowering the limit to trigger a 1099-K from $20K to $600 is just absurd.

So now I have to keep a spreadsheet of what I paid for it and what I sold it for. Receipts are pretty much all in my email. Hopefully that’s good enough.

As I understand it, I would subtract the total amount I made after fees from the cost of what I originally paid for the item. My tax liability would be the sum of that.

Another annoying thing will be having to input a different 1099-K from StockX and GOAT and eBay and PayPal.

Only positive thing is this might dissuade people from going for every shoe to try and resell it, even if they’re only making $20-40 off of it.

 

[millzszn93]

It’s just annoying. I sell shoes from time to time to make room for new acquisitions. 2-3 pairs of shoes sold is already over the limit.

Lowering the limit to trigger a 1099-K from $20K to $600 is just absurd.

So now I have to keep a spreadsheet of what I paid for it and what I sold it for. Receipts are pretty much all in my email. Hopefully that’s good enough.

As I understand it, I would subtract the total amount I made after fees from the cost of what I originally paid for the item. My tax liability would be the sum of that.

Another annoying thing will be having to input a different 1099-K from StockX and GOAT and eBay and PayPal.

Only positive thing is this might dissuade people from going for every shoe to try and resell it, even if they’re only making $20-40 off of it.

Thanks for reminding me, i didn’t put stockx and goat yet. Lol

 

[KanyIZZY]

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

What does this mean in layman's terms.. like buying CG XI's and deducting them as business stock.

 

[engineer]

I don’t think you need to show receipts unless you get audited.

 

[D_eezus]

Nike need to drop the 1’s…. I think we got an update and it’s been Tax SZN in here

 

[jordan4eva23]

What does this mean in layman's terms.. like buying CG XI's and deducting them as business stock.

Yup, exactly. That’s how I’m going to be approaching this next year. I already pass the 600 threshold with one sale lol.
If they want to tax me on my profit, and be treating me as small business then I will be including all my expenses and purchases to “sustain” my business

 

[turbospartan]

It’s just annoying. I sell shoes from time to time to make room for new acquisitions. 2-3 pairs of shoes sold is already over the limit.

Lowering the limit to trigger a 1099-K from $20K to $600 is just absurd.

So now I have to keep a spreadsheet of what I paid for it and what I sold it for. Receipts are pretty much all in my email. Hopefully that’s good enough.

As I understand it, I would subtract the total amount I made after fees from the cost of what I originally paid for the item. My tax liability would be the sum of that.

Another annoying thing will be having to input a different 1099-K from StockX and GOAT and eBay and PayPal.

Only positive thing is this might dissuade people from going for every shoe to try and resell it, even if they’re only making $20-40 off of it.

Technically, you should've been keeping receipts etc. whether the "limit" for triggering the 1099 was $20k or $600. Even if StockX didn't send you the 1099... it is on you. Scout's honor.

That is why cash sales is the way to go...

 

[starfox070]

Crazy thing is a lot of people are blind of these changes and will be pissed when the tax bill comes due.

Online purchases are pretty easy to get the receipts from but in store you on ur own if think they reprinting for you.


FTL employees are going to be like you brought what when.

 

[starfox070]

Yup, exactly. That’s how I’m going to be approaching this next year. I already pass the 600 threshold with one sale lol.
If they want to tax me on my profit, and be treating me as small business then I will be including all my expenses and purchases to “sustain” my business

Imma just split my sales up. Some on goat some on eBay and some on stock x. Most of my flips are cash anyways. I mean im selling them Jordan 6’s that shock dropped so that will be my stock x sell.

 

[therealest1]

 

[turbo95eg6]

Got a reply from GOAT regarding if credits don’t involve a third party.

 

[engineer]

Got a reply from GOAT regarding if credits don’t involve a third party.

Can you post the question you asked?

 

[turbo95eg6]

Can you post the question you asked?

 

[pwguy]

The fact that they charge a fee to cash out is complete BS for a company of this size....SMDH.

 

[millzszn93]

The fact that they charge a fee to cash out is complete BS for a company of this size....SMDH.

Yeah it’s ******ed lol

 

[larfboy]

is this a reseller's forum?

 

[JayDee346]

The air max could release today the store open at 11 today

 

[turbo95eg6]

The air max could release today the store open at 11 today

What store

 

[JayDee346]

Space village in h town

 

[kilroythedon]

Nike still got a relationship with Travis Scott?! Lol that’s crazy.

 

[JayDee346]

No shoes just merch.

 

[skala]

anyone in south Florida can recommend the best malls/ sneaker stores ? just relocated & learning the surroundings tia

 

[haicheo]

anyone in south Florida can recommend the best malls/ sneaker stores ? just relocated & learning the surroundings tia

What is South Florida?

It can be deemed anywhere from West Palm Beach to Miami lmao.

Either way, if in Miami;
ShoeGallery
Kith Miami
Solefly
Daily MIA (resell/consignment shop)
Round 2 (same as above)
Andrew Downtown (SBs)

 

[skala]

What is South Florida?

It can be deemed anywhere from West Palm Beach to Miami lmao.

Either way, if in Miami;
ShoeGallery
Kith Miami
Solefly
Daily MIA (resell/consignment shop)
Round 2 (same as above)
Andrew Downtown (SBs)

Word appreciate it, I know of those boutiques in Miami but also was wondering in between there & west palm which malls had the stores that carried better releases.

 

[cool...but rude]