Gone from the Blue-Collar Guy

[Johnny630]

Originally Posted by Seven

It's a challenge for all of us with varying collecting needs.

Starting in February, as I had some last minute expenses come up this month, I'm going to start putting a little money aside each pay check, in hopes that by the end of this year, I can afford a significant pickup in my Mantle Run.

I know it's very easy to look at the past through rose colored glasses, but I'd kill for the prices of five to ten years ago.

The problem is what do you do when you run out of stuff to sell to fund new purchases? A lot of the stuff I have is killer, I like it too much to let it go. Lol oh well that’s why I’m stopping.

I feel it’s gone for good the investor Speculator pushed it too far I just don’t see it coming back at least not on the graded cards and conditions I collect.

[bnorth]

Originally Posted by Johnny630

The problem is what do you do when you run out of stuff to sell to fund new purchases? A lot of the stuff I have is killer, I like it too much to let it go. Lol oh well that’s why I’m stopping.

I feel it’s gone for good the investor Speculator pushed it too far I just don’t see it coming back at least not on the graded cards and conditions I collect.

I have been collecting for easily 35 years so old stuff to sell I am no longer interested in isn't a problem. The new $600 limit on getting a 1099 is what will stop most from doing it. Since many eBay sellers are normal collectors selling something to buy something else or straight up unlicensed non tax paying dealers. I see eBay listings drying up real quick.

[Tao_Moko]

It's healthy to walk away for awhile every now and then. Stay off the forums, ebay, ah's and put the cards away. Come back with a new perspective. It's just a hobby and just cards. Fills a void sometimes, but I always realize I can live without most of what I have.

[Touch'EmAll]

If ebay listings dry up real quick, then that reduces supply. Assume demand stays the same, then you have increasing prices. Increasing prices as in more spendy than the last year - oh, boy, up up up go the values yet again ?

Forget nice condition pre-war, forget PSA 7 & 8 the 50's & 60's HOF star cards, now all I can afford are 1970's stars in PSA 7 and splurge on a PSA 8. Or heck with it all and buy raw Steph Curry & Giannis cards, call it good.

[BobC]

Originally Posted by Touch'EmAll

If ebay listings dry up real quick, then that reduces supply. Assume demand stays the same, then you have increasing prices. Increasing prices as in more spendy than the last year - oh, boy, up up up go the values yet again ?

Forget nice condition pre-war, forget PSA 7 & 8 the 50's & 60's HOF star cards, now all I can afford are 1970's stars in PSA 7 and splurge on a PSA 8. Or heck with it all and buy raw Steph Curry & Giannis cards, call it good.

Can definitely see Ebay losing some listings as sellers who aren't flat out businesses don't want to risk getting a 1099 and suddenly have to start reporting such activity for tax purposes. Can see them moving to other venues besides Ebay, where they can be paid by check or M.O. instead, or possibly start consigning through a big online seller or auction house that doesn't report and send 1099s to them. Using our forum's B/S/T is just such an option. No one likely reports anything on here to the IRS, nor are they required to by the forum. And the forum itself isn't required to keep track of and report anything to the IRS either (at least not yet). This could actually be a good thing for shows, flea markets, and such, going forward, as sellers are possibly motivated to go out and about again so as to not have to worry about their sales being reported to the IRS.

[BobC]

Originally Posted by bnorth

I have been collecting for easily 35 years so old stuff to sell I am no longer interested in isn't a problem. The new $600 limit on getting a 1099 is what will stop most from doing it. Since many eBay sellers are normal collectors selling something to buy something else or straight up unlicensed non tax paying dealers. I see eBay listings drying up real quick.

Remember, the reporting is only for commercial sales activity, so Paypal Friends & Family payments are NOT included in what will be reported. Not sure if any of the other payment platforms have a similar type of personal payment option, but if it seems maybe so, you can contact them and ask if such payments are included in this new 1099-K threshold reporting mandate or not.

However, be advised these payment platforms are not stupid, and monitor and keep record of all payments through them, including friends and family ones. So don't be surprised if they suddenly see someone incurring ongoing transactions and activity for thousands or tens of thousands of dollars using their friends and family option, especially when there was no such previous F&F activity or history before, and investigating it themselves, or reporting it to the pertinent authorities (like the IRS). They certainly aren't going to take a hit for someone using their payment platform and trying to get around the tax laws. Remember the old saying, pigs go to market, but hogs get slaughtered.

[Ray Van]

Originally Posted by BobC

Remember, the reporting is only for commercial sales activity, so Paypal Friends & Family payments are NOT included in what will be reported. Not sure if any of the other payment platforms have a similar type of personal payment option, but if it seems maybe so, you can contact them and ask if such payments are included in this new 1099-K threshold reporting mandate or not.

However, be advised these payment platforms are not stupid, and monitor and keep record of all payments through them, including friends and family ones. So don't be surprised if they suddenly see someone incurring ongoing transactions and activity for thousands or tens of thousands of dollars using their friends and family option, especially when there was no such previous F&F activity or history before, and investigating it themselves, or reporting it to the pertinent authorities (like the IRS). They certainly aren't going to take a hit for someone using their payment platform and trying to get around the tax laws. Remember the old saying, pigs go to market, but hogs get slaughtered.

Regardless of the payment platform, anyone not accurately reporting their sales in previous years has been committing tax fraud. I have zero sympathy for anyone whining about changes to tax form policy - the existence of these forms and/or the monetary limits do not preclude the fact that you should have been reporting your sales all along. Your gravy train just ran out of steam. Boo Hoo

[Johnny630]

Originally Posted by Ray Van

Regardless of the payment platform, anyone not accurately reporting their sales in previous years has been committing tax fraud. I have zero sympathy for anyone whining about changes to tax form policy - the existence of these forms and/or the monetary limits do not preclude the fact that you should have been reporting your sales all along. Your gravy train just ran out of steam. Boo Hoo

Lmao love it !! Well Said

[Exhibitman]

Ray, Johnny, count me in too. I run a legit card business and have to report not only my income but also file sales tax returns too. Zero sympathy for people whining about having to pay their share. Taxes are the price we pay for civilization.

[Casey2296]

Originally Posted by Exhibitman

Ray, Johnny, count me in too. I run a legit card business and have to report not only my income but also file sales tax returns too. Zero sympathy for people whining about having to pay their share. Taxes are the price we pay for civilization.

Aren't you the guy who bought a 52 Mantle on forgivin PPP money? You're welcome btw.

[DeanH3]

Originally Posted by Exhibitman

Taxes are the price we pay for civilization.

I have no problem with taxes as I realize what they mean to our civilization. What irks me to no end is Government spending and wasting money like a drunken sailor. If our Government could manage the tax revenue they do collect better, maybe they wouldn't be squeezing the blood from my turnip every turn of the corner.

[BobC]

Originally Posted by Ray Van

Regardless of the payment platform, anyone not accurately reporting their sales in previous years has been committing tax fraud. I have zero sympathy for anyone whining about changes to tax form policy - the existence of these forms and/or the monetary limits do not preclude the fact that you should have been reporting your sales all along. Your gravy train just ran out of steam. Boo Hoo

Ray,

You are 100% correct. I say the same thing all the time when people start complaining about these changes to tax compliance and reporting rules.

It is just like all the people who complain about the alleged "tax loopholes" that supposedly only benefit the rich and well-to-do in our country. These complainers/protesters in reality are mostly those who are pissed because they themselves can't take advantage of such tax-saving laws, rules, and nuances in place. What many people don't seem to realize is that most of these tax laws that are often viewed as giving special treatment or favor to some are likely in place to push people and the economy to go and move in a particular direction, not to just give "rich" people a break. Our government is not supposed to be telling all the people and businesses exactly what and how to do things, yet when the economy goes bad, inflation hits, and so on, everyone still seems to look at our government and blame them, and expect them to somehow fix it overnight. Writing favorable tax laws/rules to sort of steer people and businesses in a particular direction is a direct example of our government directing and leading by offering a carrot, as opposed to using a stick to get everyone to do what they want. And for those that don't like that way of doing things, maybe just move someplace else like North Korea. I believe they fully embrace the "stick method" over there.

Nearly half the people in this this country end up paying no income taxes every year, and many actually get money/credits from the government. Yet no one calls those people out on the "tax loopholes" they are able to use and take advantage of.

Truth is, there really are no such things as "tax loopholes". The tax law simply is what it is. If you don't like it, contact your congressperson and work to change things. Or figure out how to change your situation and circumstances so you can also supposedly take advantage of these so-called loopholes yourself, and quit your bitchin'.