Ebay tax reporting drops from $20,000 to $600

[Exhibitman]

"1) What do you think most sellers in our hobby on ebay do?"

Until this year, pocketed the proceeds and never declared the income.

[Stupe the Second Sacker]

Originally Posted by Exhibitman

"1) What do you think most sellers in our hobby on ebay do?"

Until this year, pocketed the proceeds and never declared the income.

I would guess that's not limited to eBay. Cash is king at card shows too and I've never been given a receipt or been charged sales tax.

[53toppscollector]

If you are looking to liquidate in the most time/cost effective manner possible, it may be worthwhile looking into consigners like Greg Morris Cards or Probstein or going to one of the big auction houses like Heritage or Goldin or one of the others. It obviously depends on what you have, how much you have, etc. But they will handle everything with regard to shipping to individual buyers, and it will simplify your tax bill as well.

Selling on ebay can be a huge hassle. Selling on the BST board here is easier. But if you are going to individually sell hundreds of cards, it will be a lot of work. You might save yourself a bit of money doing it yourself, because you arent paying consignment fees, but you also have to calculate how much your actual time is worth. Most people fail to consider what their own time is actually worth when trying to estimate something like this.

[Stupe the Second Sacker]

Originally Posted by 53toppscollector

If you are looking to liquidate in the most time/cost effective manner possible, it may be worthwhile looking into consigners like Greg Morris Cards or Probstein or going to one of the big auction houses like Heritage or Goldin or one of the others. It obviously depends on what you have, how much you have, etc. But they will handle everything with regard to shipping to individual buyers, and it will simplify your tax bill as well.

Selling on ebay can be a huge hassle. Selling on the BST board here is easier. But if you are going to individually sell hundreds of cards, it will be a lot of work. You might save yourself a bit of money doing it yourself, because you arent paying consignment fees, but you also have to calculate how much your actual time is worth. Most people fail to consider what their own time is actually worth when trying to estimate something like this.

Thank you. All good points but I'm not interested in a 3rd party...other than possibly ebay...at this point. I'm good with it taking a few, even five or more years to sell. Not in a rush. My wife and I plan on working for 5 more years so just thinking about starting the process. If it becomes too labor intensive I may change my tune.

Right now I'm more concerned with which approach from the three I mentioned, makes the most sense.