- Jun 22, 2018
- 5,267
- 6,482
My understanding is the 1099 is gross income. Your adjusted gross income is after all your deductions.
HOLIDAY 2021 - Cool Grey 11
- Thread in 'Jordan Brand' Thread starter Started by thegamemodo9,
- Start date
- Aug 26, 2012
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- Jan 13, 2013
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Understood. I'll plan to ask if i use someone for my taxes this month. I'm expecting more info to come out before next filing season because you know everyone will have concerns about it.
- Sep 5, 2021
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Is anyone else uncomfortable with the idea of giving eBay your social security #?
I just sold a pair of 5s and I’m thinking about eating the cost and never selling their again. I have no idea if eBay is fully secured against a potential data breach. They probably are. But it still scares Me.
…thoughts?
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- Sep 5, 2021
- 6,367
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I’ve been using Turbo Tax free filing for years and it’s been great.
But that’s only for the short form.
Can I still file a short form if I need to deal with this 1099 ****e and a profit/loss statement?
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- Aug 11, 2012
- 1,480
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this isnt advice, but more like things to google.
Maybe im completely wrong, i really dont think i am.
picture your sneakers as crypto or stocks. 1 pair= a coin or a share
just like your house, you buy it for 100k sell it for 200k its all the same
capital gains. one takes care of this on schedule d of a 1040
how much you paid v how much you made
www.irs.gov
you sell your share of jordan (pair of sneakers) for 400 when you paid 200, you end up with a taxable 200. I believe you can subtract fees etc (THIS I DONT KNOW, technically i dont know any of this).
All of this is a convo with your accountant when the time comes. as i said this wasnt advice, it was just something to aim your google search in the mean time.
@raji that was a good oop to your accountant about the seminar, thats a good f****n idea period, too bad you need certifications to do that or id be recording material right now
Maybe im completely wrong, i really dont think i am.
picture your sneakers as crypto or stocks. 1 pair= a coin or a share
just like your house, you buy it for 100k sell it for 200k its all the same
capital gains. one takes care of this on schedule d of a 1040
how much you paid v how much you made
About Schedule D (Form 1040), Capital Gains and Losses | Internal Revenue Service
Information about Schedule D (Form 1040 or 1040-SR), Capital Gains and Losses, including recent updates, related forms, and instructions on how to file. Use Schedule D to report sales, exchanges or some involuntary conversions of capital assets, certain capital gain distributions, and...
you sell your share of jordan (pair of sneakers) for 400 when you paid 200, you end up with a taxable 200. I believe you can subtract fees etc (THIS I DONT KNOW, technically i dont know any of this).
All of this is a convo with your accountant when the time comes. as i said this wasnt advice, it was just something to aim your google search in the mean time.
@raji that was a good oop to your accountant about the seminar, thats a good f****n idea period, too bad you need certifications to do that or id be recording material right now
- Aug 11, 2012
- 1,480
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also dont act on this but just for your future piece of mind, your social security # has likely been leaked already. Someones probably already attempted to use it nefariously as well. Thats just my stance on it, I'm still super guarded with mine, but if you think of all the weak points now, no way it hasnt been leaked.
- Aug 23, 2019
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I think what
kidstaten
stated is an appropriate way to handle the tax reporting. I was told by a CPA a schedule D or C (even if not a business) would work
I will probably go the schedule D route and report it as a capital gain if i have to. I don't see how handling it that way would cause any issues
kidstaten
stated is an appropriate way to handle the tax reporting. I was told by a CPA a schedule D or C (even if not a business) would workI will probably go the schedule D route and report it as a capital gain if i have to. I don't see how handling it that way would cause any issues
- Aug 11, 2012
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the reason I personally wouldnt do sched c is i believe you then get brought into self employment tax.I think what
I will probably go the schedule D route and report it as a capital gain if i have to. I don't see how handling it that way would cause any issues
I wish someone would throw numbers out there, because even in the 10 cool greys example, you are only going to pay like 150$ tax at the end of the day, thatll probably just mean a lower refund check for most people, not even like you are paying out of pocket
- Aug 11, 2012
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Also, just for fun, could a tax/business person weigh in on this? The ship sailed for 2021, but in 2022 couldnt you sell some trashed sneakers/goods for $1 and claim losses to offset your gains? You'd just need records of purchase and sale.
loss harvesting
loss harvesting
- Aug 23, 2019
- 4,735
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I think as long as you can't be considered self employed you shouldn't have to worry about self employment taxes
But schedule c does seem like it could open you up to more questions/scrutiny vs schedule d which is fairly straight forward
Talking about the average person just selling stuff to get rid of it here. Not someone actively buying multiples of every release with the intent to resell
- Aug 26, 2012
- 3,705
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Check your footlocker release calendar .....
2/18
2/18
- Aug 26, 2012
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- Aug 21, 2010
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Nike really wants to get my hopes up again huh?
- Aug 11, 2012
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I’m definitely going to need therapy if I lose on these again.
I’m making the appointment now, and I’ll just cancel it if I get a pair
Remy LeBeau
formerly carbon16
- Feb 15, 2011
- 10,665
- 9,541
Not releasing near me 
- Aug 11, 2012
- 1,480
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I thought I had all the answers but I clearly dont anymore.
Can someone in NYC help me out, which location would you put as your picks for FL?
I was thinking areas in jersey and PA but then you got like ALL of Philly competing over that one store. Do delaware ppl still wear jordans? Does it even matter at this point?
I started thinking Fulton st in BK bc maybe they just get a wild amount of pairs knowing the clientele over here? I need a 10.5 which puts me at max competition levels lol
Like whats the general prevailing logic here since ive lost touch lol thanks
Can someone in NYC help me out, which location would you put as your picks for FL?
I was thinking areas in jersey and PA but then you got like ALL of Philly competing over that one store. Do delaware ppl still wear jordans? Does it even matter at this point?
I started thinking Fulton st in BK bc maybe they just get a wild amount of pairs knowing the clientele over here? I need a 10.5 which puts me at max competition levels lol
Like whats the general prevailing logic here since ive lost touch lol thanks
- Jan 19, 2007
- 20,444
- 18,676
I’ve worn these more already more times combined than I have the previous Jordan 11 retro releases I’ve copped (2018-2020). I’m so thankful that I copped two pairs. I’ve had older women and people compliment me and they don’t even care about the sneaker thing at all.
I hope everyone who wants eventually gets at least one pair. JB did a great job with this rendition.
I hope everyone who wants eventually gets at least one pair. JB did a great job with this rendition.
KanyIZZY
formerly j o 19
- Oct 1, 2004
- 18,675
- 49,688
There is no logic.. especially in NYC. Every store likely has 50K+ entries. Pre FLX you can gauge big release, big store, decent odds and a W.. Post FLX, I've tried the same stores, small, medium, hood, isolated... NONE = a W.
The only logic: FLX is a scam.
- Aug 11, 2012
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- Aug 10, 2012
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Has anyone had trouble trying to reserve the restock for these on the Foot Locker app?
I've been trying to do it and I keep getting an error message on the app. Has anyone else gotten error messages on the app as well?
I've been trying to do it and I keep getting an error message on the app. Has anyone else gotten error messages on the app as well?
- Aug 26, 2012
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Are you sure the store you are selecting is getting them ?
- Aug 10, 2012
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I didn't even get that far in the process because I get the error message pops up after I push the releases tab on the app.
- Aug 11, 2012
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I didn't have any issue at all yesterday but ive had that before
- Aug 10, 2012
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I think I figured it out. I actually turned off the wi-fi connection on my phone, and it worked because I was able to submit legitimately while it was turned off. Perhaps the connection on the app didn't work with my modem this time around, which has never happened before.
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