When did Reverb overtake Ebay?

The Texan

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Correct. He said it’s sales tax. Only the buyer pays sales tax and reverb collects it separately. The seller does not have sales tax deducted from their take.

You aren’t legally required to file the 1099 you receive for selling something you own at a loss. Reverb must give you a 1099 for going over your states threshold, or the federal threshold. Reverb does not know if it is income for you or not. (This is a tax law and not politics.)

Example; the federal threshold that requires reverb to give me a 1099 if I sell $20k of goods or 200 transactions in a calendar year. However, I live in Virginia and the state threshold is $600 in a calendar year. Now Reverb have to give me a 1099.

What concerns me, as I said, is that none of my sales were income as I sold my own stuff. But, I sold a lot of stuff. A lot of good stuff and I’m concerned that selling over $10k in stuff and not needing to file will trigger an audit because of that amount.

Maybe not… I dunno


Biden wants to hire 80,000 more IRS agents you better watch out....lol

My state is $600 now also. I talked to my tax guy and he said If i bought a $1000 drum and sold if for $800 it would be write off. If I bought a snare for $500 and sold it for $600 then it will be a gain. Maybe this will help us in the long run. I will now have to pay more to my tax guy cause he will probably have to fill out extra forms for this.
 

Whitten

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I almost bought a black Star model on Kleinanzeigen for just under 650gbp a few weeks a go.

The 80's 5 x 14" (4.75) is more common and often sells for around £400-£500.
A lot of people don't know what they are and so they sell under valued.
 
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The 80's 5 x 14" (4.75) is more common and often sells for around £400-£500.
A lot of people don't know what they are and so they sell under valued.
Yeah. This was the 7” and it indeed looked like he nor watchers knew what he had. He listed is at 6,5 too.

It sat for a while too and suddenly it was gone.

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Ox Han

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Biden wants to hire 80,000 more IRS agents you better watch out....lol

My state is $600 now also. I talked to my tax guy and he said If i bought a $1000 drum and sold if for $800 it would be write off. If I bought a snare for $500 and sold it for $600 then it will be a gain. Maybe this will help us in the long run. I will now have to pay more to my tax guy cause he will probably have to fill out extra forms for this.
Thanks for the advice. But wouldn’t you have to itemize to write these off? I’m better off taking the standard deduction and just letting the losses be lost.
 
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Ox Han

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Back to the topic.....
I'm not sure Reverb has replaced Ebay in the UK.
I have listed things on both and often achieve a sale on Ebay, while my ads on Reverb sit for weeks without any action. It's not just me. I have 'watched' items I am interested in on Reverb and a year later they are still for sale.
I can search Ebay for something quite rare and come up with a coupe of auctions, search Reverb and have no results come back.
The is not to say Ebay is better than Reverb, just that maybe Reverb hasn't taken off as much in the UK (Europe?) as it maybe has Stateside.
I’ve heard this before and I think I remember learning that eBay has a promotional charge for sellers in UK, or Europe, that is some ridiculously low flat fee. In the US eBay takes 10%, or more now possibly, on the final selling price with shipping and PayPal take about 2% for domestic transfer and more for international currency transfers if the buyer uses a different currency than the US dollar
 

dcrigger

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My state is $600 now also. I talked to my tax guy and he said If i bought a $1000 drum and sold if for $800 it would be write off. If I bought a snare for $500 and sold it for $600 then it will be a gain. Maybe this will help us in the long run. I will now have to pay more to my tax guy cause he will probably have to fill out extra forms for this.

again the $600 reporting threshold resulting in 1099 is a Federal thing (affecting all states equally) and has been exactly this amount unchanged for decades.

if there’s another form it would likely be a Schedule C - which shouldn’t cost much at all - unless you’ve been filing short form

IMO
 

dcrigger

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Thanks for the advice. But wouldn’t you have to itemize to write these off? I’m better off taking the standard deduction and just letting the losses be lost.
I could be wrong, but can’t we still take standard deduction - while still filing other forms for running a business, having investment income, taking depreciation, etc.... I believe so. You can’t do those things and file a short form - but take standard deduction for personal expenses? I believe so....

someone please correct me if I’m wrong.
 

Whitten

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I don't know. In my experience it came in with the ply Horizon snares.
I have drums from 1988 and the snares have brass hardware with hexagonal lugs. My 1988 Star kit however has the same chrome oblong lug box.
If you google images for Noble & Cooley Star Series snare drums they ALL have the hexagonal lug, the only exception being this one black drum which seems to have cropped up on Reverb a couple of times.
So I don't know if it was an exceptional customer order, a prototype, a refurb, a tom made into a snare, or whether the seller doesn't know what it is.
 


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