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#51
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I've bought a Cobb six months ago and put 25% via PayPal FF. A month later I paid the remaining 75%, again PayPal FF. No credit card fees, no tax and as far as I know PWCC may have a contract with eBay far an allowance for non-paying buyers. |
#52
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__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. Last edited by Peter_Spaeth; 01-29-2019 at 12:07 PM. |
#53
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Well not sure it is their problem though they may be in possession of the card at the time of the fraud and be implicated.... In any case if a scammer times it right they can make out with loan, card and victim's money... So PWCC may get dragged into it somehow...
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Successful B/S/T deals with asoriano, obcbobd, x2dRich2000, eyecollectvintage, RepublicaninMass, Kwikford, Oneofthree67, jfkheat, scottglevy, whitehse, GoldenAge50s, Peter Spaeth, Northviewcats, megalimey, BenitoMcNamara, Edwolf1963, mightyq, sidepocket, darwinbulldog, jasonc, jessejames, sb1, rjackson44, bobbyw8469, quinnsryche, Carter08, philliesfan and ALBB, Buythatcard and JimmyC so far. |
#54
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[QUOTE=PiratesWS1979;1850097]Probably nobody. They "ship" to themselves so did the transaction on eBay happen? Cards can be purchased on credit and you don't have to pay through eBay.
Wouldn't ebay have a record of the transaction then? If ebay is tracking the auction then someone will have to pay the taxes..not sure how that works these days...
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Successful B/S/T deals with asoriano, obcbobd, x2dRich2000, eyecollectvintage, RepublicaninMass, Kwikford, Oneofthree67, jfkheat, scottglevy, whitehse, GoldenAge50s, Peter Spaeth, Northviewcats, megalimey, BenitoMcNamara, Edwolf1963, mightyq, sidepocket, darwinbulldog, jasonc, jessejames, sb1, rjackson44, bobbyw8469, quinnsryche, Carter08, philliesfan and ALBB, Buythatcard and JimmyC so far. |
#55
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Sell......
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You kind of answer your question to me in your last sentence. I LOVE my collectibles, but at the same time, I do not want them stolen, or burned or lost. I can hold them each week that I visit them at my bank. I also have cards at home that are not as valuable that I enjoy. I am a 24 year Army overseas combat Veteran and frankly they are therapeutic to me. If I do not NEED to sell then I do not. Sometimes like all of us, we get unexpected expenses that force us to sell. I do not like those times. Like I mentioned before, I will not send all of my cards to the Vault, just some of them. I need to see if its viable as well. Thanks! Take care, Peace, Mike Last edited by vthobby; 01-29-2019 at 01:27 PM. |
#56
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[QUOTE=chalupacollects;1850138]
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#58
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__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. |
#59
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Sadly, in this country of unbelievably massive credit card debt much of which probably was not for necessary purchases, people do it anyhow. I suppose one sort of harsh way to look at it is PWCC is looking to profit off people's fiscal irresponsibility. Then again, according to PWCC, they're "investments."
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. Last edited by Peter_Spaeth; 01-29-2019 at 02:17 PM. |
#60
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Leon if not appropriate mentioning the "other place" feel free to remove...no link though!
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Successful B/S/T deals with asoriano, obcbobd, x2dRich2000, eyecollectvintage, RepublicaninMass, Kwikford, Oneofthree67, jfkheat, scottglevy, whitehse, GoldenAge50s, Peter Spaeth, Northviewcats, megalimey, BenitoMcNamara, Edwolf1963, mightyq, sidepocket, darwinbulldog, jasonc, jessejames, sb1, rjackson44, bobbyw8469, quinnsryche, Carter08, philliesfan and ALBB, Buythatcard and JimmyC so far. Last edited by chalupacollects; 01-29-2019 at 04:22 PM. Reason: add on... |
#61
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Hmmm ... did not know that. I read one thread there and it made my head spin it was so visually overwhelming, not to mention hard to follow.
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at https://www.jamesspaethartwork.com/ He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt. Last edited by Peter_Spaeth; 01-29-2019 at 09:03 PM. |
#62
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They have a off topic section with a NSFW funny picture thread that is simply amazing. I highly recommend it to anyone with a sense of humor that is not easily offended.
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#63
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Leon Luckey |
#64
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Hinky
This whole concept is hinky!!
Send my cards to someone? Borrow money off them and pay interest? The Vault? Stick to pumping up your auction prices and leave my cards and finances to me!
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Frank Evanov Last edited by mantlefan; 01-29-2019 at 10:12 PM. |
#65
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As a banker speaking, plenty! Whoever enters into this endeavor better have an understanding of the Dodd Frank Act. Good luck!
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#66
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I don't do lending or intend to but for tax and accounting purposes I just give everything to my CPA. It's fairly easy.
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Leon Luckey |
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Oregon does not have a state sales tax therefore when they receive a shipment there should be no state sales tax.
Last edited by glynparson; 02-01-2019 at 04:47 PM. |
#68
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Check out https://www.thecollectorconnection.com Always looking for consignments 717.327.8915 We sell your less expensive pre-war cards individually instead of in bulk lots to make YOU the most money possible! and Facebook: https://www.facebook.com/thecollectorconnectionauctions |
#69
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I used to have L+ loans against company stock to buy more company stock. While it was ultimately a good deal and a vehicle to buy a lot more stock in an era when it was going up significantly faster value-wise than the L+ amount was, it was riskier than probably we all realized. Fortunately, those loans are all gone now. The L+ rates were typically L+1 or less depending on the amount borrowed so much better than L+6 or L+8. When L is steady or declining, it's a much more attractive proposition than when it's rising or fluctuating wildly. Borrowing against cards would have to be a much riskier proposition than against a stock obviously. Guessing that's why the number is so much higher. Good luck........
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#70
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Mike, insure. It isn't expensive and the application is easy. It buys the peace of mind you want. Plus you get to have your cards. I personally do not want to own a card that I don't feel I can secure properly. But that's what a safe deposit box is for. Insure 'em, keep 'em in a safe deposit box, fugedaboutit.
Other factor to consider: if something 'bad' happens to PWCC and someone seizes their assets, the cards may go with them unless you have some sort of UCC filing in Oregon to establish your ownership of the cards. That was one of the problems that consignors to Mastro had when it went belly up: the cards became potential assets of the entity for bankruptcy purposes even though they were consigned.
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Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
#71
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My wantlist http://www.oldbaseball.com/wantlists...tag=bdonaldson Member of OBC (Old Baseball Cards), the longest running on-line collecting club www.oldbaseball.com |
#72
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The other states would argue that there is no real purpose for keeping the cards in Oregon, other than to get around the sales tax. And if you did argue that you keep them there to facilitate PWCC being able to resell them quickly and easily for you, then the states could argue that you are actually acting like a dealer in that case and should probably be registered and filing sales tax returns yourself. And that also likely means you should be giving sales tax exemption certificates out to sellers when you buy items to begin with so you wouldn't be paying sales tax on anything anyway, but now you're in a business that should be filing and reporting what you're doing, which could lead to more trouble and work than it is worth. The courts would have a field day with this. Saying you don't owe the sales tax because you told someone to hold the items for you in a non sales tax state would hold water like a sieve. This would likely be viewed as a "step transaction" where the buyer gets the item, has it shipped to them and then turns around and sends it to PWCC in a non-sales tax state. The fact that you tell PWCC to hold on to the item for you doesn't mean the buyer still didn't go through technically receiving the item and then deciding to have PWCC holding it. Unless it was for a "business purpose", which I already noted earlier would mean you probably should be registered and filing sales sales taxes as a dealer, the other states would argue the idea of holding your cards in Oregon is a deceptive practice meant only to beat the states out of the sales tax they are due.. What you are proposing is an out and out scam to defraud states of sales taxes due them, and would likely get anyone involved in trouble if caught. And I'm talking possible criminal prosecution for the parties involved as that borders on tax evasion. Think about it. If what you suggested would work to escape sales tax, why wouldn't someone set up a company in a non-sales tax state and instead of acting like a consignor and selling items for people, like PWCC does, this company instead buys items on behalf of their clients so they don't have to pay sales tax. The company charges a fee, say 1%-2% of the value of items they buy, and argue it is for their services in purchasing items for their clients and not a portion of the sales tax they saved them. The item goes to them at their address in a non-sales tax state, and they simply turn over the items to their clients once they receive them, sans any sales tax. Because of the shipping/postage costs involved it wouldn't make sense to do on small, nominal valued items, but for a big dollar item it could make a lost of sense. The problem with this idea is that the company doing the purchasing would likely be determined to be acting as an agent for the real buyers, and doing so purposely to get around paying the sales tax. Or, the states would argue that the company doing the purchasing was in effect a dealer themselves ans that when they got reimbursed for their purchases on behalf of their clients that were effectively selling those to the clients and therefore they should be collecting and remitting sales tax to all these other states themselves. Oh, someone doing this would likely get away with it for a while, but once a state got wise, I wouldn't want to be the parties involved in defrauding the states of their sales taxes. |
#73
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As for the idea of getting a loan on ones cards, those are not cheap rates. If it truly is only for some temporary period of time, it isn't much different than going to a pawn shop, is it? However, having said that, they may actually be some tax advantages for such a loan.
If the cards are kept by you as a collector for investment purposes, the interest being paid could be deemed as "investment interest expense", which is allowable as an itemized deduction on Schedule A of your federal tax return, but only to the extent you have net investment income that same year. (Any excess, non-deductible investment interest expense in a given year can then be carried forward and deducted against net investment income in future years.) However, you would have to use the proceeds of any borrowing to purchase additional cards for investment purposes, as in the example of one poster who suggested buying a $1,000 card and then borrowing half that amount to go out and then buy a $500 card. You would also want to be sure to properly report the sales activity on your federal tax return for any such "collectibles" you had bought and sold then, and on which you claimed an investment interest deduction to purchase them with. And if you're actually a dealer and in the business of selling cards, the interest expense in that case could be treated as a straight-up operating business deduction. Same thing as buying inventory on credit. You can write the interest expense off against you income from sales. |
#74
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Sounds no different than writing off property taxes as an expense on a rental property. Thank God for CPA's .
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Leon Luckey |
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