How I Store 15,000 Listings? kzitem.info/news/bejne/q6p6tWeMZnSphaw
@PuckDropCards
7 ай бұрын
Yes, as a full-time practicing CPA who prepares taxes and am also a part-time seller of cards on eBay, you are required to report your gross income from selling stuff on eBay or other platforms, regardless if you receive a 1099 or not. Now there are many rules that you would need to check the boxes for to determine whether or not you can deduct a loss. But yes, you should report your sales and expenses. Penalty for not doing so in case of audit are not good.
@closerthe9862
7 ай бұрын
What if I'm disabled?
@TheFlippingSportsGuy
7 ай бұрын
im no CPA or know much about disability payments but i was always the understanding people on disability payments can only earn up to a certain amount before it lowers that payment.. i could be very wrong tho
@AxiomSportsCards
7 ай бұрын
Awesome, thanks for featuring my question on the dreaded taxes! Looking forward to your next one reflecting on numbers and looking ahead to 2024! Cheers!
@HuddleCardCollection
5 ай бұрын
The tax questions is always an interesting one.
@iparxo
7 ай бұрын
Selling on Ebay for USA sellers need to declare just at $600.00 sale for the entire year meanwhile here in Canada is 30k for the year. Many starting to find out if you use a consigner to sell a few cards of yours your and they sell 30k in total, you will be taxed but i think consigners using tax loop holes to help some with high end card sales. Even buyer now are neglecting to buying on Ebay cause its a used item but have to pay tax on a used item. I guess goverments trying to get every $ they can from any where possible. No wonder card shows have picked up or online facebook groups or facebook market
@18wheeler76
7 ай бұрын
when i resume selling cards on ebay after a 15yr break it would be almost impossible for me to tell what my profit on each card would be since Ive mostly had my collection since the 80s and 90s mostly all from box breaks and not buying individual cards,so i would have no clue what the actual profit would be from each card since I have no idea what I paid individually per card in order to file taxes on my profits.sorry didnt keep track of what I paid decades ago.its so confusing
@Cards-In-The-Closet
7 ай бұрын
I’m the same as you. Collected as a kid in the 70s , then again in the late 80 and early 90s, I have several 10k boxes of football from opening boxes and making sets. There’s no way I could tell what I paid for each card.
@PuckDropCards
7 ай бұрын
As a tax pro and seller of cards on eBay and unfortunately for you, if you would not be able to prove cost in an audit, the IRS would assume that your card cost would be zero, meaning all profit except for the extra expenses like postage, mailing supplies, eBay fees etc.
@closerthe9862
7 ай бұрын
@@PuckDropCards
@closerthe9862
7 ай бұрын
What I'm disabled? I only make minor sales & also gamble. Considering I haven't paid or done taxes since 2006 & not only do I get benefits but the hospital picks up the other 20% via hardship/charity. So basically even if the feds came after me are they going to throw a disabled guy out on the streets? I would own the Hoover building.😅
@Cards-In-The-Closet
7 ай бұрын
@@PuckDropCards Let’s hope I won’t get audited until I sell them all 😂
@themediamarauder1582
7 ай бұрын
I agree... I have claimed my Ebay since my first $1 in 1997
@storagebandits7031
7 ай бұрын
Great video as always my friend. Hope your doing well
@craigwinans1948
7 ай бұрын
Standard deductions for 2023 single person is $13,850. If all your traceable income is less than that you don't even have to file taxes.
@earlgendron4893
7 ай бұрын
True but then if something happens like Covid and they give out money based on who paid taxes your SOL on the first round until you can get your name in the system
@TheFlippingSportsGuy
7 ай бұрын
that is true
@OzKards
7 ай бұрын
best of luck on this 2024 friend
@Time2Rip
7 ай бұрын
Ive always been afraid to use a scanner / feed. I do have a flatbed but haven't used that for cards and that isn't any faster than a camera. For the feed scanner, have you ever had it damage a card? It looks like you scan with the penny sleeve on, does that help protect the card?
@JasonMann-xm2bp
7 ай бұрын
I have 25 4" binders with a letter of the alphabet dedicated for each one except "X". Alphabetical order makes for locating cards fast.
@TheFlippingSportsGuy
7 ай бұрын
One card per page?
@JasonMann-xm2bp
7 ай бұрын
@@TheFlippingSportsGuy card pages hold 9 cards
@TheFlippingSportsGuy
7 ай бұрын
@@JasonMann-xm2bp yes but youd be constantly moving them if its alpbabeticla wiuldnt you
@JasonMann-xm2bp
7 ай бұрын
I alphabetize the first letter of last name only. You are right about moving them around a lot. It's too time consuming to alphabetize completely so whenever I get new cards they get sleeved and paged at the front of the binder until I get time to move them around. Then I have QB's up front, then RB's, WR's third and the rest in the back. My "A" album starts with Aikman,Allen,Altmyer, exc. Then Achane, Allgeier,Allstot, exc. Followed by Addison, Adams, and so on.
@PuckDropCards
7 ай бұрын
I've also found that refractor or rainbow foil cards do not show up well with a scanner
@TheFlippingSportsGuy
7 ай бұрын
yea they definitely dont pop as when you take a picture with your phone or a camera
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