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OfflineGrungeman17
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Registered: 05/06/09
Posts: 1,436
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Selling off a sports card collection investment, tax help
    #27451485 - 08/31/21 08:10 PM (2 years, 4 months ago)

I'm going to be selling off a modern sports xard collection, it's not as hot in some sectors as it was in 2020 mid pandemic, particularly NBA cards. I was fortunate enough to purchase every card/sealed box in my collection at retail price from like walmart/targets. Never got sucked into breaks or razz's (facebook group raffles) I am going to list my options for selling, i have estamated 10k,end in higher/ quicker liquidateable content. Here are some options...

Hot packs/repacks: Repacking my cards into batches allowing me to liquidate some lower end content on premise that bigger hits are still present. Maybe 100, packs at 50 a piece to start off, and at every 10th pack sold a raffle goes amogunst those 10 repacks for a sealed factory box or pack. Thats was my original plan but there are a few things im thinking about...
I currently don't have any payment platforms what so ever setup and am only a buyer on ebay. Ebay itself gets higher prices for cards and boxes do aswell as sales do to being the highest exposed platform, but comes with major fees. As of 2021 The tax situation for a 1099k from platforms have a few triggers some i may not all be aware of but its 200 transactions per year and 20k, and supposedly starting tax year 2022. Anything sales on any major platform totaling 600.00 period will trigger a 1099k. I feel like i have a short window if I plan to sell and avoid taxes. But theres just so many layers, i have recipts for the boxes i have bought and have opened and can possibly occure other recordable losses, via purchasing another expensive box. I just dont know where I should start, should i just go all ebay and bite the bullet get the sales and the little extra, or go on facebook, and start bangin it out on paypal. What should I be careful of? I know what im doing in selling and values. Just from a money collection and tax stand point where would you take this thing?


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InvisibleShiithead
Your Huckleberry
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Registered: 04/05/13
Posts: 9,997
Loc: God's Flat Green Earth
Re: Selling off a sports card collection investment, tax help [Re: Grungeman17]
    #27451533 - 08/31/21 09:07 PM (2 years, 4 months ago)

Private sale.

:pokerawe:


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Ephesians 6:12
For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
Psalm 12:6
The words of the Lord are pure words: as silver tried in a furnace of earth, purified seven times.
Hebrews 11:3
Through faith we understand that the worlds were framed by the word of God, so that things which are seen were not made of things which do appear.
Revelation 3:11
Behold, I come quickly: hold that fast which thou hast, that no man take thy crown.


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OfflineGrungeman17
Male


Registered: 05/06/09
Posts: 1,436
Loc: usa Flag
Last seen: 14 hours, 58 minutes
Re: Selling off a sports card collection investment, tax help [Re: Shiithead]
    #27453752 - 09/02/21 03:06 PM (2 years, 4 months ago)

Alot of card shows are filling back up on that very reason. The new tax reporting we will see as small guys will be down right ugly, all in the name of claiming that they can now track and get big corporations to pay their fair share, it's been prooven that increased Tax enforcement legislation primarily effects low income earners and bussiness. With that said yes, cash sales are an obvious but I do believe their are some forms of payment platform common on facebook and other social media groups that is less cenntralized. I dont know about facebook pay or cashapp, if their reporting is going to change. For square I believe it was 4k, callender year cutoff... Any reporting info welcome regarding online platforms, Is it a plausible Idea to have a sports card dedicated cryptocurrancy in the future? How long before we see individual asset coins? All random questions. But if anyone wants to talk.


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