StockX and GOAT will die out for sellers due to Biden's American Rescue Plan Act

superblytrife said:
You still gotta use an e-payment though, unless you wanna take it back to the money order days. :lol:

I really can’t believe I used to send strangers on eBay money orders for sneakers. **** feels like a different lifetime lol.
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Bruh I legit couldn’t believe I use to send money orders for eBay purchases. Wowww, what a time. Too many scum bags and dishonest people nowadays to do that.
 
frankmatthews said:
Based on that quote you posted earlier the 1040 schedule you need to file to deduct cost of goods IS the itemized deductions schedule. You cant itemize deductions on the 1099 portion and take the standard deduction on any W2 income you have. All your income is lumped together then you can choose either itemized or standard deduction. And you'd have to come up with $12k in deductions to come out better than just taking the standard, which wouldn't allow you to get those costs out first.
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There is an "other adjustments" on schedule 1 1040 under adjustments to income

Another way might be something closer to how capital gains are handled and ending up on a schedule D

I think in any case as long as you are correctly showing gross receipts somewhere to match the 1099 and can back up the COGS sold, you'll be safe if the IRS comes questioning it

I would be interested in hearing best practices from tax people
 
tomdiginson said:
Uncle Sam doing everything to screw over the small man while big business get away without paying their fair share.
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All the exemptions that corporate and billionaires get to not pay taxes make me sick when none of the saving really trickles down, but then they chip away at smaller folks to make up for it. These companies never really do the required thing that got them a break in good faith either, they find the cheapest workaround out of it.
 
Mark Antony said:
All the exemptions that corporate and billionaires get to not pay taxes make me sick when none of the saving really trickles down, but then they chip away at smaller folks to make up for it. These companies never really do the required thing that got them a break in good faith either, they find the cheapest workaround out of it.
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Reaganomics
 
One of my friends told me if you change your payout method on Stock X/Goat from paypal to your bank account, then the new rule wouldn't impact you, since it's not using PayPal anymore?

Is that true? :nerd:

PO
 
po2345 said:
One of my friends told me if you change your payout method on Stock X/Goat from paypal to your bank account, then the new rule wouldn't impact you, since it's not using PayPal anymore?

Is that true? :nerd:

PO
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Seems like that would just prevent Paypal/Venmo etc from producing the earnings report. You'd still technically have to pay. If you aren't going to file the earnings, it doesn't matter what paypal/venmo produce anyway, though I guess it gives you a layer of 'secrecy'.
 
I have some shoes I want to get rid of but would rather get credits instead to buy other shoes. Is there a workaround?
 
Raji Lowenthal said:
Ebay was an honest marketplace then, no scumbags or dishonest people? I was late to Ebay party.
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Everywhere has scammers/dishonest people but there was a lot less people selling/buying shoes...so less scammers. On forums like NT and ISS people would send money orders, western union and trade without a middle man.

When HOH and other exclusives had things in a headlock NTers were hooking people up for retail+tax+shipping+fees

Even resellers were charging fair prices like $50 or so over retail. Some did preorders.
 
international boutiques still will be able to sell at whatever price. Better open up an international boutique
 
freakydestroyer said:
I have some shoes I want to get rid of but would rather get credits instead to buy other shoes. Is there a workaround?
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I think any sale counts as a taxable sale, regardless of whether you cash them out for a payment or use them to fund another purchase. If not this is the way to do it.

Personally I said **** it. Just sold 2k in shoes on eBay, so I’m hoping to hit that threshold where I can itemize deductions since none of my stuff is gonna sell for more than what I paid.

I still think the $600 threshold is egregiously asinine though.
 
It’s my impression that you can still do the standard deduction and also itemize off of a schedule C.

eBay fees are already 15%. And now stuff will be taxed for the end line seller at 20-37%. Expect higher consumer prices.

Is it realistic to itemize on a schedule C or just take the 10-30% type hit and just raise your prices, and not itemize anything?
Low volume sellers were already barely making anything. Is it worth it to find receipts from 5 plus years ago or just raise the prices and consider the new 1090 as all income? I’m torn.

I do stuff on the side at the smaller level. I just sold a hat I paid $6 for for $20 shipped. After fees and freeshippingC I’m up $7. Is it worth itemizing and finding original receipts from 2015 or just going with the blows and raise prices so the extra 1099 is just considered all income?

$600 is a very low threshold that could throw some low level folks out of the earned income rebate bracket and into other stuff. The losses are immense.

They also announced that for the child tax credit to take credit for 2022, you will need to have a true earned income. They’re attacking the lowest taxpayers and the highest.
 
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Would be cool to get the NT marketplace poppin again but I can’t see that happening

1- NTers want to pay the least and receive the most for their kicks

2- if you’re paying via PayPal/Venmo for goods it will go towards the $600 anyway, so you’d have to “gift” the payment…. Which will lead to scamming
 
206to813 said:
Would be cool to get the NT marketplace poppin again but I can’t see that happening

1- NTers want to pay the least and receive the most for their kicks

2- if you’re paying via PayPal/Venmo for goods it will go towards the $600 anyway, so you’d have to “gift” the payment…. Which will lead to scamming
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It could still work to some degree using a system to track who is reputable.
 
executive76 said:
Everywhere has scammers/dishonest people but there was a lot less people selling/buying shoes...so less scammers. On forums like NT and ISS people would send money orders, western union and trade without a middle man.

When HOH and other exclusives had things in a headlock NTers were hooking people up for retail+tax+shipping+fees

Even resellers were charging fair prices like $50 or so over retail. Some did preorders.
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Good times. Remember I bought a pair of Fire Red 5's from NT using a money order back in the day :lol: . Man, how times have changed.
 
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