My slabs or ebay for buying

[Fred]

Not that it matters -

Does this portal report any information to the IRS? For example, if I sold cards on the portal and the total sales for the year was $45K, would the Myslabs portal report that information to the IRS? Also, an assumption is that all fees charged by the portal would be something that could be reported as an expense to the IRS. Is that correct?

Do sales from this portal require that taxes be added to the final sale price of the card?

[cgjackson222]

Originally Posted by Fred

Not that it matters -

Does this portal report any information to the IRS? For example, if I sold cards on the portal and the total sales for the year was $45K, would the Myslabs portal report that information to the IRS? Also, an assumption is that all fees charged by the portal would be something that could be reported as an expense to the IRS. Is that correct?

Do sales from this portal require that taxes be added to the final sale price of the card?

I do not believe they report to the IRS and there is no sales tax.

[CardPadre]

Originally Posted by Fred

Not that it matters -

Does this portal report any information to the IRS? For example, if I sold cards on the portal and the total sales for the year was $45K, would the Myslabs portal report that information to the IRS? Also, an assumption is that all fees charged by the portal would be something that could be reported as an expense to the IRS. Is that correct?

Do sales from this portal require that taxes be added to the final sale price of the card?

You get paid through PayPal or Stripe, so those companies will issue a 1099, as required.

I think MySlabs is getting ready to go through a tough time as they are revamping their platform, requiring you to keep shipping and "shipping from" addresses on file. To me, that means they will soon be collecting sales tax on the transactions. They have said in the past they would have to eventually and this makes me think it is imminent.

[Exhibitman]

People are way too paranoid about the dreaded 1099s. They're irrelevant unless you are a tax cheat. Just pay the taxes you owe and don't worry about it.

I hope Myslabs starts collecting and remitting sales tax. It is way easier to report sales from a third-party facilitator site that collects and pays the taxes (like eBay) than it is to track, collect and remit on your own. Just calculating local sales tax add-ons and special rates on a sales tax return is its own form of hell.

[Zan]

I do extremely well selling cards on myslabs. Easy platform, no BS like you get on eBay

[Fred]

Originally Posted by Exhibitman

People are way too paranoid about the dreaded 1099s. They're irrelevant unless you are a tax cheat. Just pay the taxes you owe and don't worry about it.

I hope Myslabs starts collecting and remitting sales tax. It is way easier to report sales from a third-party facilitator site that collects and pays the taxes (like eBay) than it is to track, collect and remit on your own. Just calculating local sales tax add-ons and special rates on a sales tax return is its own form of hell.

If Myslabs doesn't collect tax, then how are the taxes collected? Is the seller (on Myslabs) responsible for charging/collecting taxes and then distributing the taxes to the applicable revenue collector?

Does Myslabs provide any type of tax information for sales on the site?

It seems the benefit of using Myslabs is lower selling fees.

[cgjackson222]

Originally Posted by Fred

If Myslabs doesn't collect tax, then how are the taxes collected? Is the seller (on Myslabs) responsible for charging/collecting taxes and then distributing the taxes to the applicable revenue collector?

Does Myslabs provide any type of tax information for sales on the site?

It seems the benefit of using Myslabs is lower selling fees.

Sales taxes aren't declared/collected through MySlabs.

Yes, the benefit of Myslabs (for now) is that you are paying ~5.5% in fees, rather than whatever ebay is charging now. Of course, you don't get reimbursed for shipping, but that is a small cost.