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Similar topic... I have dealt with the IRS before on Capital Gains. (This is for anyone who does, as of this moment, net more than 20k and 200 transactions annually). There ought to be a way to report your income as "Investment Capital" rather than as "Business income." Regardless, you'll pay much less taxes if you itemize your business expenses... i.e... the price you paid in the first place for acquiring the sets you eventually sold. That might a no brainer to most, but if you didn't know you could do that, its definitely worth keeping records of what you paid for sets and when.
Perhaps admin can move this to a thread that deals specifically with investment/taxes/fees/reseller odds and ends...
That just cracked me up.
I dunno if it will rise dramatically, but I would say while I'm sure people are stocking up on these they will be in demand due to the amount of figures in them, and sought after figures at that. Will they reach over 100? Probably not due to the cheap price of the set and that many people will probably have the same idea to buy them, but I can see it going up in price. I guess it also depends on if some of these figures are gone for good after this set runs its course, or if they come back in another set.
It is indeed both, if you exceed both, PayPal will issue you a 1099-K which will be reported as gross income to the IRS, either to your SSN or to a EIN that you have provided PayPal.
It will then be up to you to report deductions against that income or pay income taxes on the whole thing.
Amazon, on the other hand, has decided to move it up to 50 transactions with no dollar limit. If you hit 50 sales on Amazon in a year, regardless of the dollar amount, Amazon wants your SSN or EIN. It may or may not actually report if you're under 200/$20K, but they will be able to.
Amazon is a great place to sell for volume sellers and businesses, it is not that great for hobby sellers. Always note that you can get anything returned within 30 days, for any reason or no reason, and it does not matter if the customer just " opened the set and changed their mind".
Yes, if the customer opens the set, you can charge a 20% restocking fee, but if you do, Amazon keeps part of the fees and you are likely to get a negative feedback, or worse, an A-to-Z claim. If the item is under $300 and you don't happily agree to a return, the customer can open an A-to-Z claim, Amazon will refund them out of your account, and the customer will not be required to return the item. Over $300, and usually Amazon requires a return before refund. Usually... Go read the seller forums over on Amazon to sell all the pissed off hobby sellers who feel robbed because Amazon refunded the customers when the hobby sellers tried to refuse returns and the customers got to keep the items and got their money back to boot.
Just today I refunded an Imperial Flagship I sold for $400 last month, came back to me opened, but there is little I can do. Now I've sold 20+ of them over the past 3 months, so having 1 come back isn't the end of the world, but how would you feel if you only had 1 or 2 to sell and that happened?
If you have a Selling Individually account, you can't change shipping rates.
If you look at the two links on that page, the Selling Professionally account is the one that lets you do promotions, set shipping rates, set time to ship, and a bunch of other fun stuff.
Also, keep in mind that Amazon only pays you every 14 days and most new selling accounts get put under a review, so your first payment may be as long as 90 days out.
Great place to sell as a professional, lousy place to sell as a hobby. The rules and seller metrics are designed to favor volume sellers.
I don't mind helping people out, but there are 161 pages of gold here and the answer to that question should be obvious (Fire Temple vs. Winter Cottage) to anyone who has done even basic research.
You'll find out that you never know enough.
Now back into the dark side of the moon.
I'll even make it easier...
2507 - Fire Temple - Came out 18 months ago, it is now marked as sold out on [email protected] and almost everywhere else. Part of the Ninjago line which has done really well in retirement, some of the sets have done 3x MSRP less than 1 year after retirement. That is rare for any LEGO set, much less a non-licensed kids theme.
10229 - Winter Village Cottage - Came out 2 months ago, 4th in the line of Winter Village sets, should be around another 2 years at least. This will be for sale online for 2 years and in the stores every holiday season until at least Christmas 2014.
The item is really gone when it is deleted from the web site completely. Many items have been marked as "sold out", only to return.
There is zero chance that WVC is gone for good, it will be around for several years.
WVB is the one that retired this year.
And now the IRS can find you easier having made that post.
Also, just because you don't hit the $20k/200 transactions, you're still supposed to report side income over ($550?).
^^^ #search this thread
Just making sure we all understand what's what..
Just making sure we all understand what's what..
Taxes buy civilization. There are places to go in the world you can avoid a lot of this, but you wouldn't want to live in most of them.
[duck and cover to avoid the impending flame throwing]