BTW you can't call it a profit without knowing the price at which the card was acquired. If the seller bought it for $10,000 and sold at $8,300, it's a below cost loss of $1,700.

I know it's not, I'm just saying that I would think true accounting on these sorts of card sales is difficult because its a moving target and you would have to really keep records. I don't sell, but I have no idea exactly what I paid for most of the cards I bought years ago. Card dealers must have to operate under a documented accounting system to keep their reportable income in line with their sales records.

quote:

Originally posted by cardaddict:

I looked that up.
61 bids, all private, of course, starting at $9.99.
That means E-Bay would take $838.80

eBay has a fee cap on most items at $250. Of course they may be a fee from Paypal or whatever other processing company on top of that.

quote:

Originally posted by cardaddict:

I am very curious about how to sell a card like that for that much money, and whether that profit is reported to certain tax agencies.
Just as a theoretical situation, of course!

Previously payments processed through a payment processor (likely Paypal in this case) totaling $20,000 AND 200 transactions per year were automatically reported to the IRS on a 1099.

In one of Biden's Covid Stimulus bills (I think in March) they lowered the total to $600 with no limit on the number of transactions. I am not sure if that goes into action for sales this year, or not until next year -- probably not until next year. This hasn't gotten a lot of press, so there may be a lot of very casual sellers who are going to get surprise 1099s in the near future.

The potential tax implications on this are complicated. I am not an accountant, so do your own research and do not rely on anything I'm posting.

As I understand it from researching this years ago if you have 'hobby income' the last I looked you are not able to deduct expenses. I think that means you have to pay income tax even on money you collect for shipping -- not to mention the actual cost of the item, eBay fees, supplies, etc.

If you can claim Capital Gains then you only need to pay tax on the profit -- you may need to prove that you bought the item as an investment, rather than a hobby.

If you buy the item as a consumer and are selling old goods -- i.e. at stuff you no longer need around the house -- think garage sale -- that is calculated differently, although I don't recall specifically how.

Again -- I am not an accountant, and the rules may be different now as I haven't looked in to any of this in years -- do your own research, and don't rely on any of what I am written -- this is not tax advice.

All useful information, thanks guys.
In my probably not so informed opinion, money spent on these types of items has already been taxed at LEAST once (payroll taxes, etc.) and should be at the buyer's discretion as to how he or she wants to dispose of said income.
Also, the person selling such items should be under no obligation to report said money to anyone, since said money will just go back into the system and re-stimulate the economy, which is a good thing.
Anyone want to meet in a dark alley?
Ha-ha, just kidding!!

Yeah, I would have to check with my tax preparer on all that. What I do know is that at one of the big local flea markets, you don't need a business license to sell if you're selling household stuff, but if you're selling collectibles, you do.

I don't think some of the smaller flea markets require a business license.

Jess

quote:

Originally posted by webjon:

quote:

Originally posted by cardaddict:

I looked that up.
61 bids, all private, of course, starting at $9.99.
That means E-Bay would take $838.80

eBay has a fee cap on most items at $250. Of course they may be a fee from Paypal or whatever other processing company on top of that.

quote:

Originally posted by cardaddict:

I am very curious about how to sell a card like that for that much money, and whether that profit is reported to certain tax agencies.
Just as a theoretical situation, of course!

Previously payments processed through a payment processor (likely Paypal in this case) totaling $20,000 AND 200 transactions per year were automatically reported to the IRS on a 1099.

In one of Biden's Covid Stimulus bills (I think in March) they lowered the total to $600 with no limit on the number of transactions. I am not sure if that goes into action for sales this year, or not until next year -- probably not until next year. This hasn't gotten a lot of press, so there may be a lot of very casual sellers who are going to get surprise 1099s in the near future.

The potential tax implications on this are complicated. I am not an accountant, so do your own research and do not rely on anything I'm posting.

As I understand it from researching this years ago if you have 'hobby income' the last I looked you are not able to deduct expenses. I think that means you have to pay income tax even on money you collect for shipping -- not to mention the actual cost of the item, eBay fees, supplies, etc.

If you can claim Capital Gains then you only need to pay tax on the profit -- you may need to prove that you bought the item as an investment, rather than a hobby.

If you buy the item as a consumer and are selling old goods -- i.e. at stuff you no longer need around the house -- think garage sale -- that is calculated differently, although I don't recall specifically how.

Again -- I am not an accountant, and the rules may be different now as I haven't looked in to any of this in years -- do your own research, and don't rely on any of what I am written -- this is not tax advice.

Holy cow, some of the stuff said in this thread can get you sent to jail.

quote:

Originally posted by Bill Mullins:
Holy cow, some of the stuff said in this thread can get you sent to jail.

If you need a lawyer contact Wolfie4U on 0880-763910....reasonable rates.

This from Bing:

"Beginning on January 1. 2022 third party payment processors will have to report any income for goods or services exceeding $600 during the calendar year on a form 1099-K. Previously. processors only had to report this income if it is BOTH, (a) $20,000 or more during the calendar year and (b) 200 transactions or more." Unless you live in a State with lower thresholds.

eBay is very unhappy about this as they, or their processor, will need to generate tons more 1099-Ks to the IRS for the 2022 tax year, unless there is a change in the requirement before it goes into effect.

On a somewhat related note, the US Postal Service is requesting a raise of 3 cents on first class mail, from 55 to 58 cents, starting this September. If approved, you can expect other classes of mail to go up too.

Aren't you glad you got a stimulus check to hand back?

This message has been edited. Last edited by: Raven,

quote:

Originally posted by webjon:
John Pound ANS4 GPK sketches have jumped in price.

114832926410 is at $260 with a day to go.

A year ago these were around $100, they jumped up to $200-300 in the later part of last year.

In 2019 they were $30-50.

The other Pound sketches from ANS4 have jumped in price too, but the 'Adam Bomb' sketches command the most.

This ended at $265, was thinking there might be more of a jump at the end.

It's tough to keep track of all the sales even just among the Marvel cards because there have been so many sets on the market especially since the beginning of the 90's. Two of the sets I've been watching this year are what have been called the "Marvel Comics Staff cards," both the 32-card gold/bronze-bordered set given out in 1991 and the purple-bordered set said to total 45 cards from 1992. Some collectors have called them something like "Marvel Autograph cards" or "Marvel Staff Cards" because they don't have an official title. PCE2008 lists them as "Marvel Comics Staff Cards" so I go with that. They are unusual because they show artwork Marvel employees (sales, marketing, and editorial departments) instead of superheroes. On the backs of the cards from both sets, there's a blank space to accommodate an autograph. Over the years, the two sets have been hard to complete though the cards could be found for as little as $3-5 each except for the #1 card from the 1992 set, the Stan Lee card. That one had gone for $100 at times.

This year, a number of cards from both sets sold in the $30-40 range but some went for just $5-10. One Stan Lee card sold for $325 but another ended at just $30 with 8 bids. It's tough to come up with a meaningful average when the numbers are so spread out like that. I think part of the wild range in sales is because sellers have assigned various titles and keywords to the cards so many potential buyers missed them while they were active.

It will be interesting to see what card sales look like around the end of the year and into next year as we emerge from the shadow of the pandemic. We've already seen some cards not selling for what they were at the beginning of the year. We should also watch for signs that some of the people that got back into collecting in the past year have decided to stay with it. I hope NSU and The Wrapper got a bump in sales and subscriptions. Even if that increase is leveling off, maybe there will be a net gain in readership.

This message has been edited. Last edited by: catskilleagle,

I collect Star Wars graded cards, primarily the original Topps movies series. These cards have gone through the roof over the last year. I've been watching a set of auctions from another collector liquidating his collection and he just sold for over $100,000. He had about 125 1977 Star Wars PSA 10's, the rest 9's and 8's. His Empire and Jedi collections weren't even as good. The sale also included the sticker series, which tend to go for a bit more. I couldn't believe the prices he was getting. My collection is probably twice as good. It's hard to believe I can almost pay for a house on what I have stacked in my closet.

I never bothered collecting Star Wars, but I know the original cards of the first few series were tremendously overproduced and people were saving them from the start. Population report numbers are never going to decrease, only increase in cards of all grades, including the 10s.

I don't know if you are saying your cards are all graded and better than that other collector's, or if you just expect they would be if they were graded. If they are not graded, you just can't tell, so you can't count on it until you submit. Nothing less than a 9 is even wanted in issues where so many cards were made.

If you do have 9 and 10's already, and sellers are getting that much for them right now, what are you waiting for?

According to the Topps Empire Strikes Back sell sheet they sold over 100 million packs of Star Wars cards. If you can buy a house with it now in the current market I say go for it!

This set (Nike Aerospace stickers promo set in the CD case) is all over the place. I still see singles going for $15 and any of them with Michael Jordan on it goes for $40 and up and yet someone had several of the promo CD case sets and dumped them for about $12. You could say he took the fast, easy money (and maybe he got them for free so it was all gravy) but he could've sold just as many at $50 especially if he spread them out over weeks. An auction for one ended just a week ago for $104.50 with 26 bids.

quote:

Originally posted by mykdude:
Don't think I have ever seen that one. It is a pretty cool set!

Probably thousands produced.

This message has been edited. Last edited by: catskilleagle,

On Jun 11th The Rock autograph from the Scorpion King went on a true auction for $3,805.00

Too bad all my cards cant have that kind of return.

This thread has been an interesting read. Having been out of the ‘game’ for about six or seven years, I recently jumped on Ebay to have a nosey at some prices. It was the dilemma of ‘would I rather have the cards or the cash?’ I’ve since decided that I’d rather have the cards but the values were interesting. Random things that had a lot less value when I bought them have suddenly rocketed. One surprise was a Harry Potter Julie Walters card at BIN for £800. Obviously BIN doesn’t mean that it will sell, but still. Interesting times.

I am also (mostly but not 100% yet), out of the game, but my standing on some of the more valued cards is turning to the opposite opinion.
However, I do not wish to go the E-Bay route for various reasons, and since the only big card show they used to have around here has closed its doors forever, I am in a dilemma as to how to move these cards.

The 2020 Almanac has the two Teenage Mutant Ninja Turtles sets (white-bordered cards and yellow background stickers) that were inserted with Hostess pies in 1991 - both listed at $5-12 per set. I was looking at prices for those a few years ago and I never saw a sale for less than $10 with range being about $12-15. I was able to get a set of both for $10 each.

It's not a huge jump but looking at those sets now, the white-bordered card set has a few sales of $30 with the best deal being about $15. The yellow background stickers have been going for $15-25, mostly toward the high end. The wrapper that contained the pie and a sticker has been a good seller too. Most recently, the lowest sale was about $25 with another at $65. There was an even higher Best Offer taken for somewhere less than $228. A lot containing a sticker, a wrapper, and an insert order form for other TMNT merchandise went for $50.

I don't really know the sales history of this card but I was surprised at its recent sales. It's the 2011 Pop Century Elvira autograph. One sold for $159.99 as a BIN in early June and another one sold in an auction for $112.61 with 16 bids in late May. Earlier this year, one sold for $149.99. I know it's a rare card so that's part of it but you can get an autographed photo for $25-50 (some have gone for more).

A sealed box of Elvira: Mistress of the Dark (Comic Images, 1996) cards recently sold for $350.

This message has been edited. Last edited by: catskilleagle,

Promo collector extraordinaire and our friend, Bill DeFranzo, commented on the Santa Claus promo (Pro Set, 1989) shown below in his Promo Cards column in the October/November 2008 issue of NSU which was looking forward to the 20th anniversary of promo collecting in 2009. To him and many others, this card was the one that started the hobby within the hobby. It was given to dealers in late 1989 and quickly became a hot collectible selling for as much as $200 in the next several months. By the late 90's, other cards had become more in-demand so it slipped in value to about $75, which was still quite respectable for a promo at the time. The value slid further to around $30 by 2008.

However, while checking prices for another Pro Set promo, I learned that the card got hot again in the past year.
Just in the past three months, it has sold consistently between $75 and $150 with one sale of more than $175 in May 2021, revisiting territory from over 30 years ago. If this recent activity wasn't surprising enough, a graded card (PSA 9) went for over $600.

quote:

Originally posted by catskilleagle:
Promo collector extraordinaire and our friend, Bill DeFranzo, commented on the Santa Claus promo (Pro Set, 1989) shown below in his Promo Cards column in the October/November 2008 issue of NSU which was looking forward to the 20th anniversary of promo collecting in 2009. To him and many others, this card was the one that started the hobby within the hobby. It was given to dealers in late 1989 and quickly became a hot collectible selling for as much as $200 in the next several months. By the late 90's, other cards had become more in-demand so it slipped in value to about $75, which was still quite respectable for a promo at the time. The value slid further to around $30 by 2008.

However, while checking prices for another Pro Set promo, I learned that the card got hot again in the past year.
Just in the past three months, it has sold consistently between $75 and $150 with one sale of more than $175 in May 2021, revisiting territory from over 30 years ago. If this recent activity wasn't surprising enough, a graded card (PSA 9) went for over $600.

Leaf recently revived the Pro Set brand which likely led to the increased interest.