StockX and GOAT will die out for sellers due to Biden's American Rescue Plan Act
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Don't know if you're being sarcastic, but I hope it makes it harder to be a shoe reseller (Here I'm defining reseller as buying up shoes for the sole reason to resell them).
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If this makes resellers pay the price I’m all for it. Stop buying out all the releases to make 30-40 bucks a shoe after fees and shipping. Now that number drops to like 10 bucks a shoe.
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Cash is king.
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More in person meetups will = more robberies
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No, I was being serious.
I really do feel this will reduce the amount of people who do it "online", because almost all of them are young & do not report their income since it didn't go over 20K/200 sales, so none of them will want to get reported because it will open up the door for all the years they avoided paying tax on their sneaker sales.
For me, I don't like this rule as much, because I'm an occasional/casual seller, i sell stuff on eBay/local from my house that I don't use anymore from time to time & $600 is a real low limit to me.
(For EX: I moved into a new house last year, so i ended up selling my last fridge to someone for about $1000 because I couldn't take it with me. Because of this new rule, I will now get that 1099, when in reality I'm not a business owner or reseller, which this initiative should/intended to target.
)PO
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This will just drive up sale prices to offset the incurred selling tax 
And you'll have those stupid kids saving up for months and spending $1500 for a sneaker.
I'm all for killing the re-sellers game. IDGAF how you pay your bills. Get a real job
And you'll have those stupid kids saving up for months and spending $1500 for a sneaker.
I'm all for killing the re-sellers game. IDGAF how you pay your bills. Get a real job
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I wish the government would tax even more. Idk maybe I’m just built different. It will make me hustle harder. 
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- Jan 27, 2013
No, I was being serious.
I really do feel this will reduce the amount of people who do it "online", because almost all of them are young & do not report their income since it didn't go over 20K/200 sales, so none of them will want to get reported because it will open up the door for all the years they avoided paying tax on their sneaker sales.
For me, I don't like this rule as much, because I'm an occasional/casual seller, i sell stuff on eBay/local from my house that I don't use anymore from time to time & $600 is a real low limit to me.
(For EX: I moved into a new house last year, so i ended up selling my last fridge to someone for about $1000 because I couldn't take it with me. Because of this new rule, I will now get that 1099, when in reality I'm not a business owner or reseller, which this initiative should/intended to target.
PO
This article that was posted earlier in the thread seems instructive
"Here’s what to know about the tax rules that apply.
What’s taxable
If your sales are akin to having a garage sale — i.e., you unload belongings for less than what you originally paid — there typically is no reason to report what you pulled in, said Weston at the American Institute of CPAs. Essentially, there is no “income” to report.
Of those who have sold pre-owned goods on Ebay, for instance, 85% plucked items from their house — things they already owned and no longer used, according to a recent report from Ebay."
So your used fridge would seem to fall under that.
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So with the 200/20K rule currently, is it both? Meaning if you go over $20K, but under 200 transactions, do you not have to worry about taxes until you hit the 200 transaction amount? Then you get hit with the tax bill? And this all doesn't mattw until next year when the new much lower threshold goes into effect?
This really sucks for the guys who just want to move their collection with shoes that they bought years and years ago with no recollection of what they paid. How is the normal guy/gal suppose to get rid of their stuff now?
This really sucks for the guys who just want to move their collection with shoes that they bought years and years ago with no recollection of what they paid. How is the normal guy/gal suppose to get rid of their stuff now?
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This is lame excuse. We know damn well this is a very small percentage of people this'll be applicable to. Work off cash and do meetups. Or pay the damn taxes. Use this money to fund roads, schools, hospital etc.
**** these re-sellers.
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Relax and take a breath. I'm not on the reseller side, BELIEVE ME!! Resellers is why I'm getting out of the hobby (the Carmine 6 release did it for me). But it's just a question for the normal person who wants to sell their stuff they've had for years. Are they a reseller? In true definition, sure, because they are reselling something. Are they doing it as a business? No, because they want to get rid of what they have that they bought years ago. Basically the true definition of a "yard sale".
No difference than someone who bought a car and sold it a year or two later. They are not a dealer. They are selling something they don't want anymore. I just had a question about the $20K/200 rule. Maybe someone else would be kind enough to answer the question. Thanks
And I agree with you on the taxes. But the big guys, corporations and such who skirt them on a daily/yearly basis should be the ones that they go after first and foremost. With those large companies, they would get a crap ton of money for roads, schools, hospitals, etc.
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Relax and take a breath. I'm not on the reseller side, BELIEVE ME!! Resellers is why I'm getting out of the hobby (the Carmine 6 release did it for me). But it's just a question for the normal person who wants to sell their stuff they've had for years. Are they a reseller? In true definition, sure, because they are reselling something. Are they doing it as a business? No, because they want to get rid of what they have that they bought years ago. Basically the true definition of a "yard sale".
No difference than someone who bought a car and sold it a year or two later. They are not a dealer. They are selling something they don't want anymore. I just had a question about the $20K/200 rule. Maybe someone else would be kind enough to answer the question. Thanks
And I agree with you on the taxes. But the big guys, corporations and such who skirt them on a daily/yearly basis should be the ones that they go after first and foremost. With those large companies, they would get a crap ton of money for roads, schools, hospitals, etc.
I agree with you on this matter.
But IDGAF about any sort of leeway. No loopholes or anything. You sell something, especially for a huge gain, pay the damn taxes.
Hell, there's capital gains taxes. Why the Hell aren't we going after the resellers? Half of them work off cash anyway, and aren't paying taxes at all (besides the sales tax).
The truth of the matter is this...re-selling has gotten TOO big. The PS5 probably has a lot to do with it. But the gov't will NEVER pass up on an opportunity to make y'all pay your taxes. If there was some way to track profit margins, re-selling would effectively be over. Selling anything for >30% profit would account for 39% tax rate.
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True about capital gains, but there is a way to not pay it. If someone sells a vintage or very expensive car for example, and makes A LOT off the sale, they have to pay it, unless they buy something within a short period of time, and then they don't have to pay. At least that is how I was always told about it in the car world circle. I'm probably off on this though.
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Means less Herbert looking kids will be in on shoes
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You sort of have it right. THink of it like this, you made money off a stock and you want to cash out. You pay the taxes.
Now, let's say you cash out, but re-invest the profit--You don't get taxed.
There's also the added layer of length of time you held on to the asset. Same is applicable for selling homes. if we can do this with others assets, why aren't we treating sneakers the same?
You could track profit margins on sneaker resales, because StockX has built a whole service based on this. They effectively played themselves here
All this will do is now incentivize people to work off cash transactions/local meetups. Asking prices will always be high, because this'll just induce re-sellers to ask for more, because they're reflecting the StockX prices. It's a catch-22. Same tactic is applied in consignment shops
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Holla at me if you need 18 pairs of carmines for the low in a size 11. Need gone asap
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I don’t think local meetups will be as big as it was a decade + ago, even with this tax. Personally find meetups annoying af now that I’m older. Between chance of flakes, potential safety issues, having to wait for other person (my experience was most dudes are later than agreed time), plus having to go somewhere that I may not normally be going, I much rather ship.
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If seller is uncomfortable meeting in a police precinct, bank, or public place--NO DEAL.
Simple as that.
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I mean you obviously do give a F how they pay their bills
D
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I wonder exactly what you will be taxed on. If I sell on GOAT do I get taxed only if I cash out? Or do I get taxed on the full earnings?(even though they take a hefty cut to cash out)
I don’t see how I could taxed on GOAT credit. It’s technically not money right?
I don’t see how I could taxed on GOAT credit. It’s technically not money right?
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Tell that to Amazon, Walmart, target, best buy, footlocker....the list goes on.
By your reasoning, those companies shouldn't be able to sell products either because 9/10 of the products they offer are not made by them.
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You know what the poster meant. He's referring to people making money off price gouging. Staph it
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No, they sell merchandise at the price point appointed by the dealers.
Its a partnership.
Resellers are not selling products at MRSP.
They are taking advantage of the supply and demand.
Footlocker doesn't do that.
Resellers are scum.
