We are mostly all speculators here. Im curious to know how everyone’s sales are going during this pandemic. Post a pic of your sales totals, and let’s see who walks the walk…
I’ve had one big sale in the last 3 months (over $1000), and the rest is just general tomfoolery and quick flips, mixed in with some spec hits.
This is one of my accounts for the last 2 months. I use this account to sell items that are $150 or less.
Sheesh…I sold about $200 to pay for my preview orders. I am clearly not in the same pool; only tiny fish here!
And I though I was doing well. Lol. Higher per book average and a heck of a lot less packages shipped out. I’d hate packaging that many books, though I’d have to work less at the real job. Which sounds orgasmic. Some impressive numbers that I’m sure will be dwarfed by someone shortly.
I am working towards the higher average per sold book. Ive amassed about 3 long boxes of ‘keys’ that I’m kinda sitting on until the timing is right. I currently am getting rid of all the missed spec and random books that I’ve accumulated over the years.
I’ve got an entire room upstairs in my house that is dedicated to my comic speculation. In that room I have a ‘packing centre’. I can have a book sold, picked from inventory and packed up, safe and securely, in about 5 minutes. For the most part, packaging up a lot of books is not a hassle for me. I actually kind of enjoy it. Hanging out in my comic room, listening to tunes and packing up comics.
We did a similar post in another group I participate in, and yes, there were some monster numbers put up by some members. Nothing 6 figure, but there was some impressive 5 figure totals.
Based on our 60 day and 90 day timeframes that equates to about 2 packages shipped per day. Come on man, you can do that. 
However, I must admit that I have several different accounts that each represent a different collectible. For example, our graded sportscard and gaming card account(s) are similar to your account. Fewer sales but a MUCH higher per item sale price. The wife and I sell about 10 items a day in total. I am a pharmacist and she was/is an attorney. I hope to retire in 5 years at the age of 50. 
Ok I have a somewhat related question to this topic: How do you folks handle being 1099’d by eBay / PayPal? After a certain dollar amount of sales I think you have to report the sales as income. I AM STRICTLY ASKING ABOUT LEGAL WAYS TO FIND TAX DEDUCTIONS, ETC. THIS POST IN NO WAY MEANT TO CONSTRUE A DESIRE TO DEFRAUD ANY ENTITY.
Do you save all of your purchase receipts? Have a business set up?
Thanks for the insight!
From my understanding, $600 is the line between hobby and taxable job, according to the IRS.
Edit: nope. Confused this with subcontractor payment min to provide a 1099.
Personally, I dont avoid it. Actually, I can’t avoid it as we do a sizable 6 figures in sales each year. Because of this, we very much have a business setup. My wife no longer practices law because of the success of our business. I believe that the only way you can avoid getting generated tax docs is to be below a certain threshold in total sales for the year. It used to be anything over $20k in total sales.
Paypal notifies the IRS for income over $20k.
You don’t avoid paying taxes. eBay doesn’t 1099 you (they’re only a proxy for the sale but exchange no money directly), it’s Paypal. They only notify them if it’s over 20k (like monopolyjackson pointed out) but even if you don’t go over 20k, you need to report your income, period. If you ever get audited, you’ll find yourself in a world of trouble and likely with interest due on your income you didn’t report.
Also, words of advice, never talk about “avoiding taxes” on a public and open forum. If the IRS audited you, then found out you were here asking how to avoid, well… then you have to throw the playing dumb of… “I didn’t know” out the window excuse…
Yes, even that has a fine line. If you have a garage sale and sold $1200 and did that a few times a year to offload junk in your house, the IRS will likely not care and look the other way. They’re not seeing that as a means of income. You’re selling stuff and likely lost money.
Now if the IRS found out you were doing a garage sale every weekend and this paid your bills, you better report such income…
Ask a tax lawyer though if you have questions about paying taxes or contact the IRS directly. That’s the real solution when you have tax questions.
You actually have to exceed $20000 and 200 transactions for a payment processor to be required to supply you with a 1099-K. Have to meet both requirements. If you live in Massachusetts or Vermont, all it’s takes is $600. State law
Those are the thresholds. So a processor could still issue a 1099-K below those numbers if they want. And of course, even if you avoid getting a 1099-K, you still have the obligation to report all income since our taxing system is based on self-reporting.
Yes, the 200 transactions as well for Paypal to spend the time to report to IRS.
But ultimately, just report all income to IRS and State (if you’re state collects income taxes). If you don’t, one day the tax man will cometh to make your world a living nightmare. (I worked with a guy who got audited, he was stressed for months while they nitpicked his financial life for the past 7 years or so… ). It’s not worth it, pay your taxes!
All I’m saying is that if [insert billionaire here] can NOT pay taxes (or pay very little)on their income, surely I can LEGALLY pay zero to little taxes in my relatively minute eBay sales(if/when I decide to try and sell some comics).
This isn’t about scamming the IRS, comiting fraud, etc. Obviously I can’t expect tax advice on a comic book forum, just curious about how you all do it.
We pay our taxes.
This topic is drifting from the original post, let’s get back on topic.
the money s/he did or did not pay is in relation to his taxable donations and what not. ( atleast one aspect )
Got it.
Sorry Poyo, I didn’t mean to be controversial or hijack the topic. Please delete my posts if need be.
I’ll be more mindful in the future.
Poyo cracking the whip on a Sunday morning ! " BACK TO WORK YOU SCALLYWAGS!!"
It’s fine, it just drifted too quickly, just moderating to get back on track before it turns entirely into a TAX topic…
Simply put, pay your taxes according to your local and federal laws. If you find a loophole that’s legal, great… most billionaires (individuals and companies) have a lot of money but they donate and lose just as much as they make, which entitles them to paying less taxes. But if you’re buying and selling comics for chump change, I doubt you’re losing enough to pay little to zero taxes on such income.
Alright, back on topic please… start a new topic if you wanna talk about taxes but honestly, unless you’re the IRS or a tax lawyer, all I can say is, contact one or the other if you have questions.
