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Need help asap!

nocheese4u Feb 21, 2022

  1. nocheese4u

    nocheese4u Notch'yo' cheese! JDBA Official Member

    I started my taxes and dang near ha d a heart attack. The four figure number motivated me to get rid of stuff I don't really need. Put up like 50 marketplace listings and I listen some knives on ebay and I have no idea of there values. Also I think I suck at Ebay listings and I forgot about this place to buy and sell knives that is so much easier to get information and probably to even sell knives. It is not my favorite place to upload pics though. Please help me out with some values. They are about as mint as you can get for 80s knives. They were the coolest knives I knew about back then. I also have a buck 119 and a kabar 1221 I can figure out the value on those myself though.
    Last edited: Feb 22, 2022
  2. snache

    snache Should be a custom title here

    I usually go EBay search, advanced and sold listings. Find those comparable to yours and then I take %15-%20 off that and then adjust down as necessary. As everything else patience is a blessing to get the most.
  3. spookyse7en

    spookyse7en Huge member

    I like the Tanto in the first pic.
  4. nostimos

    nostimos JDBA4L JDBA Official Member Brigade Member

    I heard that the new thing on ebay is if you make too much money selling shit (over $600 now? :cutty:)
    they send you a notice and form for tax season.
    They report it on their end, so YOU have to report it too.
    What if you sell $1K in knives to buy a watch? and those knives came from other shit bought
    and sold so many times, how do know how much you've actually made?
    "Yeah I sold it for 600 but it cost me 400 so I made 200."
    Now I need PROOF I bought it for 400?! What if I LOST money on a sale?
    Do all the collectors out there keep
    logs and spreadsheets on this? Not me! :bwah:

    I was thinking of selling off a portion of my collection in the coming years if assets/collectibles
    keep going up, but not if it comes with paperwork and IRS headaches.

    Seems better to just sell here on forums?
    I heard of Paypal reporting,
    but it was a much higher volume per month.

    Am i just freaking out during tax season? :bwah:
  5. snache

    snache Should be a custom title here

    Yep the Feds are requiring all of the major money apps to 1099 customers. Paypal Friends and Family its not reported.
    A new income tax reporting rule is causing users of various payment apps a lot of anxiety.

    Starting this year, all third-party payment processors in the United States are required to report payments received for goods and services of more than $600 a year. The change was made to capture income made by gig workers and entrepreneurs with a side hustle. In the past, companies were only required to send an IRS Form 1099-K for gross payments exceeding $20,000 and more than 200 transactions within a calendar year.

    Venmo, PayPal and other payment apps have to tell the IRS about your side hustle if you make more than $600 a year.
    nostimos likes this.
  6. nostimos

    nostimos JDBA4L JDBA Official Member Brigade Member

    OH NO! that sucks.
    But like I said, just because they got flagged that I receibed (key not working :bwah:)
    600 in a sale, doesn't mean i MADE 600
    Now I need to keep proof of how much it was purchased for originally,
    so they can get their correct capital gains tax?!

    PS, Paypal F&F is not an option on here for a reason, and I agree with it.
    How about I dont sell any of my tangible assets until this draconian law is abolished?! :jdwink2:
    snache likes this.

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