HOLIDAY 2021 - Cool Grey 11

[WASHED KING]

Stockx calls them collectibles, so I'm calling them collectibles. (If I get caught in a situation in which I have to pay, hope I won't)

Doubt I sell another shoe online tbh. Collection is going to get out hand again in a few years smh.

 

[pwguy]

re: taxes pair on selling shoes

I think it was discussed a bit in this thread

I talked to my CPA

he said if the 1099 is filed as selling "collectibles" to expect to pay about 25% in taxes

collectibles being defined as something purchased to be sold later with the value increasing

didn't ask how you would file if you just bought and sold right away for a profit

if you file as if you're self employed (he said it doesn't matter if you start a sole prop or LLC) expect to pay about 33% in taxes between federal and state (PA)

@Raji Lowenthal what did your guy tell you?

I asked if there's anyway to write them off

[Not tax advise] ...but you can write-off reasonable home office expenses, like a computer you use for business/selling, postage/boxes, tape/supplies, and the relative proportion of your utilities (ex. a 300sqft office in a 3K sqft home, would be 10% of your utilities, etc.

These taxes definitely make it less compelling to sell the odd sneaker for a low margin online unless just to clean out your closet. For the avg guy that is; not those moving volume...so the reseller scumbags still live on with a slightly lower margin.

 

[thenewjs23]

re: taxes pair on selling shoes

I think it was discussed a bit in this thread

I talked to my CPA

he said if the 1099 is filed as selling "collectibles" to expect to pay about 25% in taxes

collectibles being defined as something purchased to be sold later with the value increasing

didn't ask how you would file if you just bought and sold right away for a profit

if you file as if you're self employed (he said it doesn't matter if you start a sole prop or LLC) expect to pay about 33% in taxes between federal and state (PA)

@Raji Lowenthal what did your guy tell you?

I asked if there's anyway to write them off

Write off the profit?

You can write off the shoes if you donate them. Create a nonprofit, donate the shoes to your non-profit sell them and claim the sale value on your taxes and your non-profit could feed the needy.

 

[mikejordanshoes]

man i think my first pair of these were defective lol. bought a pair of 13's on eBay when they first released and they were sooo tight on my toes, even loosening the laces didn't help. i ended up selling them and copping a pair of 14's and they were way to big. i decided to sell them and get another pair of 13's and just hope they stretch out a bit. the new pair of 13's just got dropped off and they fit perfect out of the box, nowhere near as tight as the first pair of 13's.

based on pics here it seems like maybe the foot site pairs might just have a narrower toe box, and maybe this new pair is a SNKRS pair? idk but i'm happy.

 

[23mj88]

Do you get the pinky toe rub with 11's when you play?

Nope!!!

 

[airsully23]

 

[kidstaten]

re: taxes pair on selling shoes

I think it was discussed a bit in this thread

was the revenue here 3 4 or 5 figures

 

[Davey Magoo]

man i think my first pair of these were defective lol. bought a pair of 13's on eBay when they first released and they were sooo tight on my toes, even loosening the laces didn't help. i ended up selling them and copping a pair of 14's and they were way to big. i decided to sell them and get another pair of 13's and just hope they stretch out a bit. the new pair of 13's just got dropped off and they fit perfect out of the box, nowhere near as tight as the first pair of 13's.

based on pics here it seems like maybe the foot site pairs might just have a narrower toe box, and maybe this new pair is a SNKRS pair? idk but i'm happy.

I've had the same problem with Jordan 1s.

Different pairs fit differently, depending on the release and the color way. About 2/3s of my 1s fit perfectly and the other 1/3 are a little too tight.

...I just never know what I'm getting.

 

[kidstaten]

NOT TAX ADVICE

10 pairs of cool greys

Bought by NY res online. 8$ shipping 8.875% tax

$230 w/ tax = 250.4125 +8 = 258.41
sell on stockx at the generous value of 350 less the 10% fee = $315 = site said something about a processing fee so maybe even 3% less from the total =304.5
12$ shipping to get them out 315-12 = $292.5

$292.5-$258.41 = $34.09

For 10 pairs, you are making $340.09

out of the 500 questions that that raised for me, the main one is why would anyone use stockx, you could have sold them to someone in front of the store for 292.50 and made the same amount.

now imagine we did this with the real prices ppl letting these go at?

 

[mikejordanshoes]

I've had the same problem with Jordan 1s.

Different pairs fit differently, depending on the release and the color way. About 2/3s of my 1s fit perfectly and the other 1/3 are a little too tight.

...I just never know what I'm getting.

i was seeking out a snkrs pair on ebay based on this belief, but the only seller with a reasonable price canceled my order. ended up gambling on a stock x pair when the price dipped. pretty sure i got a snkrs pair.

 

[handsomero]

They could charge me one shot or quarterly and be guaranteed to make 900$ + tax a year. Instead I have to call Uncle Hu on whatsapp and get these U.S. Jordan Assn 11s.

This post has me in tears.

they got people paying 120$ a month for a box of way dumber sh**.

 

[Deleted member 107398]

Once we gotta involve sneakers with our tax returns, its time to walk away

 

[rbk93]

Once we gotta involve sneakers with our tax returns, its time to walk away

Never.

 

[Deleted member 107398]

Never.

Get y’all $$$ but I only got into shoes to buy/wear. I’m not asking a CPA what to do with my Cool Greys

 

[iTookanL]

Taxation is theft

 

[kidstaten]

Get y’all $$$ but I only got into shoes to buy/wear. I’m not asking a CPA what to do with my Cool Greys

accountant: ok so you made 70$, ok thats before expenses, let me just look into this a bit further and ill call you back

 

[Davey Magoo]

Once we gotta involve sneakers with our tax returns, its time to walk away

I just got an email from eBay, telling me I need to give them my SS# so that they can send me a 1099 form because I have to pay taxes on sales over $600.

What really burns me is the fact that all the money I "made" on eBay was from selling shoes that I had previously bought on eBay. And every single pair that I sold was sold for less than what I paid for them. In my view, it's doesn't qualify as earned income if I'm reselling shoes at a loss.

...obviously Uncle Sam doesn't see it that way.

 

[Jakk55]

Once we gotta involve sneakers with our tax returns, its time to walk away

Only matters if you're a scalper.

 

[pwguy]

I just got an email from eBay, telling me I need to give them my SS# so that they can send me a 1099 form because I have to pay taxes on sales over $600.

What really burns me is the fact that all the money I "made" on eBay was from selling shoes that I had previously bought on eBay. And every single pair that I sold was sold for less than what I paid for them. In my view, it's doesn't qualify as earned income if I'm reselling shoes at a loss.

...obviously Uncle Sam doesn't see it that way.

Nah; they don't track that history for you. You would claim your cost basis and claim a loss overall in your case.

 

[thenewjs23]

I see this potentially killing StockX and eBay Next year when the IRS comes knocking.

 

[rbk93]

It won't.

 

[Davey Magoo]

Nah; they don't track that history for you. You would claim your cost basis and claim a loss overall in your case.

Is that something I put on a 1099 form?

...I'm a five-year-old when it comes to tax returns.

 

[kidstaten]

Nah; they don't track that history for you. You would claim your cost basis and claim a loss overall in your case.

1. when i used to see your name i thought of price waterhouse, so its funny you are answering these questions
2. they should have some kind of context on there so ppl dont get worried like the guy you responded to.

 

[airsully23]

Is that something I put on a 1099 form?

...I'm a five-year-old when it comes to tax returns.

Profit/loss statement

 

[pwguy]

1. when i used to see your name i thought of price waterhouse, so its funny you are answering these questions
2. they should have some kind of context on there so ppl dont get worried like the guy you responded to.

Ha...yeah, I can see that! I started a website (prepaid-wireless-guide.com) and created a logo "PWG"...which makes me the PWG Guy....heh. I learned a lot submitting taxes for that as a sole proprietorship.

To your 2nd point, 100%! They'd need to structure it in a way, however, that doesn't make it look like they're giving tax advise as that can get super dicey for a company to appear to be doing so.