Online Selling May Get More Complicated

Tucson Thump

Tucson Thump

Mint Heavy Relic
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Feb 21, 2017
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Tucson, the other Arizona.
I happened to see this

https://www.cnbc.com/2021/03/26/its...g-the-irs-about-income-from-online-sales.html

Important thing is:

"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."

So sell those Silver Sky Nebula and original Klon models this year.
 
If seller platforms will have to send a 1099-K for all sales over $600, I would expect additional fees to be added on. I doubt I will be selling anything online again if the fees continue to go up. As it is, trading a guitar in is just about as cost effective as selling and putting the money towards something else once the fees and shipping come out of the sale. It isn't worth the trouble unless you are just wanting to cash out and are willing to take what you can get.
 
@jxe:

I think the difference regards making money and counting that as taxable income is your threshold income point. The IRS delineates what is considered "business income" vs. the everyday eBay seller trying to make money selling used items.

I think some online retail platforms such as eBay also have business accounts with specific business tools that facilitate online sales (sales tracking, automated emails and follow-up templates, etc).

However, one should realize that many business accounts sell new items as their "bread & butter" income, not used or collectible items, or perhaps some businesses by definition sell antique or collectible items as their primary sales income base. Some businesses will even scan other retailers sales in order to remain competitive regards their sales price points.

Much of this is indeed a competitive market, but dependent on how savvy the business is is much like how a householder runs his household. If the head of household (the businessman) treats his customers like family, and his family like royalty perhaps each "night" they gather together they can see just how much they mean to his household. There's alway more work to be done.
 
I'd guess that if our pockets were empty to begin with, we might find a need for acquiring same. However you look at things, either one understands the process, or tries to save and invest so his money will grow. Some folks fish. Some folks cultivate. I'm of the latter group. One is more fun, the other is work. Most folks get paid real money for work, though a dirt poor farmer only makes enough to survive.

Whether we buy or sell, we can only do so with what money we already have, or we pay our credit card bills at the next billing cycle. If one buys and never sells, where does his money come from, except real work? Are you a dealer who sells guitars? Hmm.

Like many of you folks, I'm just sitting in front of my computer with a drink and coaster, a lamp and mic. However you make money is entirely up to you. Whether you choose to go fishing or work in a garden has benefits for both of us, though most of you folks who like these have seldom held one...

And no, it's not mine...

v3a5cmd.jpg
 
Last edited:
CandidPicker said:
I'd guess that if our pockets were empty to begin with, we might find a need for acquiring same. However you look at things, either one understands the process, or tries to save and invest so his money will grow. Some folks fish. Some folks cultivate. I'm of the latter group. One is more fun, the other is work. Most folks get paid real money for work, though a dirt poor farmer only makes enough to survive.

Whether we buy or sell, we can only do so with what money we already have, or we pay our credit card bills at the next billing cycle. If one buys and never sells, where does his money come from, except real work? Are you a dealer who sells guitars? Hmm.

Like many of you folks, I'm just sitting in front of my computer with a drink and coaster, a lamp and mic. However you make money is entirely up to you. Whether you choose to go fishing or work in a garden has benefits for both of us, though most of you folks who like these have seldom held one...

And no, it's not mine...

v3a5cmd.jpg
Click to expand...

Oh, see... I would sell that trash guitar.
 
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