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Do you feel the same about the housing market? And MRSP is suggested. END sells for over the suggested price.
StockX and GOAT will die out for sellers due to Biden's American Rescue Plan Act
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Im not entertaining this.
D
Deleted member 42060
Guest
What house has an msrp? They have appraisers.
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END sells for MSRP because they get taxed on the goods shipped to UK. If they kept US MSRP they could be selling at a loss. The stuff they sell that are made in Europe are actually cheaper than US retail if it’s shipped to them directly from factory.
mr z
Supporter
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So end takes in US shipments in the UK, then turn around and sells it back to the US? I thought shipments come from China…serious question. END charging over retail makes no sense.
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So can anyone answer my question on the 200/$20K number. Is that figure a total for all transactions over multiple years, or is that a yearly number until Jan 1 2022. And is it something to think about only once BOTH plateaus are reached instead of just one (hitting one marker but not both). I can't imagine it's conbines multiple years. Yearly, I can see. Just want to know for if I want to get rid of the rest of my old collection.
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Thanks. I guess it was coincidental timing. It felt swift and done literally overnight with no fight or community/state say or input.
05fordgt
i believe for the time being it’s a Both 200 transactions and $20,000 deal. One could sell a car for $20,001 and have one transaction and go under the radar, but an actual seller who’s pushing true volume and $$ will already get hit for itthis messes with the little guy for sure.
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I think it depends on brands. For the items that are selling over MSRP (let’s say Aime Leon Dorr), ALD gets shipment in US from Asia, checks it, then sends allocated portion to END. END would then be on hook for duties to UK so they need the charge a bit more to cover those duties. The end customer might be in US since US buys the most but I think originally it was meant for a retailer in EU so that EU customers wouldn’t have to deal with duties themselves.
If you look at something like Gucci loafers, END’s price is significantly lower than Gucci US MSRP and tax free and I’m pretty sure it’s because shipment originally is from Europe so they don’t get hit with taxes whereas Gucci USA gets hit with taxes from EU factory shipment so price is higher to cover it.
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I’m confused if ur reselling shoes you were always suppose to pay taxes whats new from this I ain’t read it .
Say u buy 5 Jordan’s for 200 and sell cor 300 . U make 500 profit ur supposed to pay taxes on that . It’s income . Ur only gonna pay taxes on the 500 you made
If u sell ur personal collection and u paid retail for al them say 200 a pop and u selling ur used pairs cor 250 ur still making 50 dollar profit on each pair legally ur supposed to pay taxes on it . Is there something I’m missing ?
Say u buy 5 Jordan’s for 200 and sell cor 300 . U make 500 profit ur supposed to pay taxes on that . It’s income . Ur only gonna pay taxes on the 500 you made
If u sell ur personal collection and u paid retail for al them say 200 a pop and u selling ur used pairs cor 250 ur still making 50 dollar profit on each pair legally ur supposed to pay taxes on it . Is there something I’m missing ?
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The msrp is the location of said house.
Alright I could link this link this reselling stuff to gentrification, the housing market, etc. This **** is very parallel.
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yikesCan we collectively agree & acknowledge who the U.S. Government has and continues to completely fail Millennials? Like there's a reason Issa is driving Lyft on Insecure...The little (wo)men continuously gets ****ed. I haven't touched not one of those damn stimmy's despite seeing everyone around me & here getting them. Free money my ***
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Technically you should’ve always paid your taxes for any extra income, most just try to getaway with it without reporting it. The government won’t get nosy until a 1099-K falls into their lap, then you gotta pay. You can pretty much say goodbye to 40% of your profits.
I asked my accountant this, a credit is still considered income. Although since there wouldn’t be a transfer to your account, I suppose you can try to not report it.
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Not sure if this will make a huge difference in the resell market. But im guessing that Goat/StockX will be implementing a sign in/ registration form with all of your info/with maybe your social security number as well for the eople who want to resell their shoes on their site. At this point, I just wish and hope that a well known celebrity would make wearing Nike/Jordans unpopular, so i can buy what I like without any worry and hassle. Yes i still get what I want, but I have to practically be a computer programmer, and friends with people that I don't know or like, just to buy shoes that I want to wear, not to hoard sizes in my closet for resell.
The crazy part about all of this, is that hype has turned buying tennis shoes into a actual after market. It's crazy to think that when I was a kid, i could buy the Jordan 4,s while the 3,s where still in that same store. And i could literally do that with every new model release, depending on what last CW Nike released before the new numbered model was released. Then the actual shoe would sit for up to months afterwards some times. Lol at meetups, maybe if you're of age with a licensed to carry, this isn't 5 to 10 years ago, times have changed.
The majority of these new resellers are teens or younger people who don't even actually wear the shoes. These are the people who make it harder for me to get my actual size to wear, because the resell market has taught them that this is a cat and mouse game. Due to Social Media, buying shoes has turned into a $%&/ show. It's so bad, people can't even buy GR,s anymore, think about that.
The crazy part about all of this, is that hype has turned buying tennis shoes into a actual after market. It's crazy to think that when I was a kid, i could buy the Jordan 4,s while the 3,s where still in that same store. And i could literally do that with every new model release, depending on what last CW Nike released before the new numbered model was released. Then the actual shoe would sit for up to months afterwards some times. Lol at meetups, maybe if you're of age with a licensed to carry, this isn't 5 to 10 years ago, times have changed.
The majority of these new resellers are teens or younger people who don't even actually wear the shoes. These are the people who make it harder for me to get my actual size to wear, because the resell market has taught them that this is a cat and mouse game. Due to Social Media, buying shoes has turned into a $%&/ show. It's so bad, people can't even buy GR,s anymore, think about that.
- 1,272
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- Jun 6, 2016
Not sure if this will make a huge difference in the resell market. But im guessing that Goat/StockX will be implementing a sign in/ registration form with all of your info/with maybe your social security number as well for the eople who want to resell their shoes on their site. At this point, I just wish and hope that a well known celebrity would make wearing Nike/Jordans unpopular, so i can buy what I like without any worry and hassle. Yes i still get what I want, but I have to practically be a computer programmer, and friends with people that I don't know or like, just to buy shoes that I want to wear, not to hoard sizes in my closet for resell.
The crazy part about all of this, is that hype has turned buying tennis shoes into a actual after market. It's crazy to think that when I was a kid, i could buy the Jordan 4,s while the 3,s where still in that same store. And i could literally do that with every new model release, depending on what last CW Nike released before the new numbered model was released. Then the actual shoe would sit for up to months afterwards some times. Lol at meetups, maybe if you're of age with a licensed to carry, this isn't 5 to 10 years ago, times have changed.
The majority of these new resellers are teens or younger people who don't even actually wear the shoes. These are the people who make it harder for me to get my actual size to wear, because the resell market has taught them that this is a cat and mouse game. Due to Social Media, buying shoes has turned into a $%&/ show. It's so bad, people can't even buy GR,s anymore, think about that.
The crazy part about all of this, is that hype has turned buying tennis shoes into a actual after market. It's crazy to think that when I was a kid, i could buy the Jordan 4,s while the 3,s where still in that same store. And i could literally do that with every new model release, depending on what last CW Nike released before the new numbered model was released. Then the actual shoe would sit for up to months afterwards some times. Lol at meetups, maybe if you're of age with a licensed to carry, this isn't 5 to 10 years ago, times have changed.
The majority of these new resellers are teens or younger people who don't even actually wear the shoes. These are the people who make it harder for me to get my actual size to wear, because the resell market has taught them that this is a cat and mouse game. Due to Social Media, buying shoes has turned into a $%&/ show. It's so bad, people can't even buy GR,s anymore, think about that.
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Further incentivizing people to move away from fiat and central banking. Good job greedy hucksters.
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Current Fed tax law says that companies have to send you (and the IRS) a 1099 reporting sales if your annual total sales are over 200 transactions, OR $20K. It’s an annual threshold that resets each year.
2021 will be the last year of this criteria.
Starting next year (Jan 1 2022) earnings will be reported to the IRS if you go over $600 in sales annually.
Important to note that tax law is not changing. It’s was all taxable yesterday, today, and tomorrow. It will just be harder to cheat in 2022.
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This is criminal. eBay already does this for in-state transactions. The government trying to bleed people dry, but this is to be blamed on those ****ing reseller dweebs on IG flaunting.
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Let them hit the resellers! Hit em where it hurts. Buying out GR's just to make $20-30 profit? Sneaker reselling have completely gotten out of control.
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More fallout from that Hebert kid. He wasn’t the first, but the amount of publicity the story got with this dummy charging $132,000 to a CC in a single morning for the purpose reselling for profit definitely set off the IRS amber alert. Dude was cleaning out PS5 stock and Supreme too, total hypebeast reseller. I’m sure his mom made sure he kept his books straight but it opened the door for a widespread crackdown on smaller scale operations trying to fly under the radar.
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Just I sold my extra Travis Scott for $1400 & brought shoes. This is only hurting "resellers" like me & ppl that could use the extra money to feed themselves. It affects the rando on ebay selling off his POLO collection to make room for his newborn.
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My understanding too. This will just make tax evasion more difficult.
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It won't hurt them. They'll just move locally and deal in cash.
This affects people like
marikomorose
said
