Where do you like selling the most, eBay, FB, or here?

[brewerfan34]

What I don't understand about ebay is that they charge a final fee on the entire transaction including sales tax.

I understand the final value fee on shipping because every card would cost a dollar and shipping would be whatever amount the card would actually sell for.

It seems shady if not illegal to include sales tax.

Just my opinion.

Frank

 

[KCLJ520]

Also if you receive payments via goods and services that total over $600 through Paypal, Venmo, etc.

Do you use payment apps like Venmo or Cash App? This is what you need to know for tax season.

New tax laws are changing the way people who use payment apps have to file their taxes.

www.ksat.com

If I read it right, paying friends & family is okay but they're cracking down on it.

Very helpful article! Thank you, I was trying to figure that out. Most of my transactions are family and friends!

Blessings,

Kevin

 

[KCLJ520]

Is that total for the year or just if you sell an item for $600+?

@dan5 I read it as if you earned over $600,but family-friends transactions are exempt. The article that @redbird4 shared is super helpful!

Blessings,

Kevin

 

[cardmonster]

What I don't understand about ebay is that they charge a final fee on the entire transaction including sales tax.

I understand the final value fee on shipping because every card would cost a dollar and shipping would be whatever amount the card would actually sell for.

It seems shady if not illegal to include sales tax.

Just my opinion.

Frank

Greed. That is why eBay just charges fees on sales tax. eBay has a long history of implementing shady policies against sellers. (But most remaining sellers put up with them because of traffic of potential buyers leading to more sales)

Prior to eBay forcing sellers to use "managed payments," where they can now unilaterally withdraw money from your checking account, eBay did not apply its fee on taxes; only PayPal fees applied to taxes. But after switching over to managed payments, eBay now charges their 12.35% fee on taxes. May not seem like much for a small transaction, but those fees do add up over time. Taxes do count towards the annual limit, now a mere $600.

 

[redbird4]

I noticed recently that Sportlots has started adding sales tax to my totals. I have only bought cards from there and have never sold anything. I am about 99% sure that they did not do that before.

Exactly right as I just found this out myself. Sportlots never charged tax before. Just placed my first order of the year and tax was added.

 

[redbird4]

Is that total for the year or just if you sell an item for $600+?

Once you hit $600 in sales everything over $600 is taxed through the year. Paypal, Venmo, Ebay, etc will send you a form at the end of the year with the total amount you earned for the year that you have to include on your taxes.

Now if you have a sale on here, for example, and accept only cash, money orders or checks then they have no way of knowing.

But any electronic payments are known and calculated throughout the year.

 

[redbird4]

In answer to the original question, I really don't like selling at all but will occasionally. With the Paypal tax thing being implemented I shy away from selling even less these days.

All that being said, I prefer trading here, because of no fees selling in Facebook groups and if a major whopper of a card on Ebay for the exposure and getting a larger amount (even with the fees they charge)

 

[Gnep31]

I hate eBay, both for buying and selling.

I sell here on occasion, buy here fairly often. My favorite place to sell is local shows. For a $30 table fee, I get in person interaction with collectors and cash in hand. There are several folks that will look for me first, because I trade for things I know they like.

100% agree with your feelings on ebay. As soon as they and Paypal got into politics that ended my use of them.

I also prefer buying from Bench members. The only time I go to sites like COMC or others is when I'm impatiently purchasing to finish a set or a 'hot' item I'm looking for. As much as I possibly can I pay in cash or a money order.

 

[Shaggy]

As tough as this is to say and all of us collectors have to accept it…eBay controls the market of sports cards at this point in the hobby! I get in trade talks with Benchies on here and at times they get mad at me when I tell them eBay comp sold listings for their cards. They think their cards are worth more but their not. Very few if none pay high end book values…this is only my opinion…I always sell on FeeBay! Would love for the Bench to offer auction sales…
Thanks Josh

Was planning on creating an auction within the forum.

 

[anglinomics]

If you keep all your receipts from buying supplies and boxes of cards you can use those to right off expenses.
I was talking with a guy at my local card shop and he said one year he sold $84,000.00 worth of cards on eBay and didn't have to pay any taxes because he did that. This guy only buys the really high end stuff so he usually spends a few thousand every time he goes to the shop.

Thanks for the advice. If I could print a summary report from my eBay purchases, I would easily have more expenses than revenues. But I don't know if eBay has any reporting capabilities for buyers. I've never seen such capabilities.

 

[KCLJ520]

Thanks for the advice. If I could print a summary report from my eBay purchases, I would easily have more expenses than revenues. But I don't know if eBay has any reporting capabilities for buyers. I've never seen such capabilities.

I just buy it now and dont have an account, but is there a feature where you can display purchases for the past 3-6-12 months? If so, then you can screenshot that and have your evidence of exactly what you have spent, shipping costs, etc.

I know Amazon has this, where I do most of my online shopping, I would think ebay would have something similar.

Hope that helps, @anglinomics ! God bless,

Kevin

 

[Shaggy]

Thanks for the advice. If I could print a summary report from my eBay purchases, I would easily have more expenses than revenues. But I don't know if eBay has any reporting capabilities for buyers. I've never seen such capabilities.

You could also use a credit card specifically for supplies, and then use the statements as documentation for your tax guy. I have done this for years instead of keeping receipts. But either way will work.

 

[anglinomics]

I just buy it now and dont have an account, but is there a feature where you can display purchases for the past 3-6-12 months? If so, then you can screenshot that and have your evidence of exactly what you have spent, shipping costs, etc.

I know Amazon has this, where I do most of my online shopping, I would think ebay would have something similar.

Hope that helps, @anglinomics ! God bless,

Kevin

Ebay does have a purchase history. Whenever you buy something, it goes into your purchase history. But it's too cumbersome to keep all those transactions in active status. You can list inactive status items and bring them back. I was able to bring back all of my 2021 purchases. I have 14 pages of information at 25 transactions per page. However, that's not a reporting tool. There is no total purchases, and the data is raw, not ready for printable format. When you click on a transaction, you get more information, but eBay has much of those details archived by them. For all the money they steal from us, they could at least have a purchases report, with options and ranges.

 

[anglinomics]

You could also use a credit card specifically for supplies, and then use the statements as documentation for your tax guy. I have done this for years instead of keeping receipts. But either way will work.

Great idea. But my credit card report doesn't say what was purchased. It only has the payee name and a dollar amount. How does your system work? Thanks.

 

[Therion]

Twitter. Hands down.

 

[2000Doubles]

Twitter. Hands down.

Any tips on this. It's been a while but last time I tried on Twitter, had no luck. Although it did lead to some people to my threads on BO and here but no luck actually making the sale on stuff I put on twitter.

 

[Therion]

Any tips on this. It's been a while but last time I tried on Twitter, had no luck. Although it did lead to some people to my threads on BO and here but no luck actually making the sale on stuff I put on twitter.

Honestly, for me it was focus. Instead of trying to sell everything under the sun, I specialize in Astros. I built up a huge group of Astros fans and have a very focused market.

If someone likes a post by the Astros, I follow them. If someone likes a post by Alex Bregman, I follow them. Obviously I can't follow everyone because Twitter limits it, but my cards end up being seen by people far more likely to be interested in an Astros card.

 

[dragonslayer913]

Also if you receive payments via goods and services that total over $600 through Paypal, Venmo, etc.

Do you use payment apps like Venmo or Cash App? This is what you need to know for tax season.

New tax laws are changing the way people who use payment apps have to file their taxes.

www.ksat.com

If I read it right, paying friends & family is okay but they're cracking down on it.

My PayPal acct was suspended for 30 days for using F/F it maybe because I have a business acct next time its 60 days so when i pay for something I won't use F/F I use the paypal calculator to determine how much to pay and won't except F/FI I use PayPal calculator again to figure out how much to charge ---I also have
a personal acct and same thing with that no F/F

 

[redbird4]

They really hardened their crackdown on people who use FF. I've never had my account suspended but I only have a personal account (not business). I also use the calculator to figure the charges when using G&S and only send FF to a few.

I rarely sell anymore though and with all these new laws..... unless I have something major..... I doubt I ever will again. Who knows though......maybe I'll have a yard sale or something.