SOLD - Sealed Benny Hall Vinyl - $2400

Weston1283 · October 2022

Price drop to $2400 friends and family or Venmo. Will be listing some big time posters in the coming days as well.

mace1229 · October 2022

tempo_n_groove said:

edocon said:

Weston1283 said:

Guy Dudebro said:

Weston1283 said:

This has been SOLD

For future buyers/sellers - this went for $2600 via PP goods and services - so 2525 after $75 fee

Congrats on your sale! Ouch on your 1099K from PayPal though. That’s a stinger.

Yeah that was an oversight on my part, forgot about that. Oh well.

I was the original buyer for this item. I wasn't aware that there was an on-going thread on the details of the transaction until I saw this last night. A few details have been left out.

I offered the seller $2500 payment via PayPal. Seller agreed to the price and said I could pay with Friends and Family or Goods and Services + additional $75 to cover fees. I elected to pay Goods and Services method for the buyer protection and submitted payment in the amount of $2600 as gesture of goodwill to make sure all G/S fees were covered. Seller was pleased with the transaction and posted the specifics here.

Later in the day I received a text from the seller that they had cancelled the PayPal transaction because they cannot take a $375 tax hit and that the item is still available if I want to pay via friends and family.

Just do the F&F and have them insure the shit out of that record. That is what I did when I sold mine. I then bomb proofed the package so it wouldn't get destroyed.

I get both sides. Insurance doesn't cover if they just ghost you. $2500 is a lot to spend when you have no coverage for that. But nearly $400 in taxes is a lot too.
The new tax law pretty much sucks.

on2legs · October 2022

There’s been some talk that they may either raise the threshold for issuing a 1099k or just return to the previous standard which was $20k or 200 transactions. It’s there a change it would likely come after the midterm elections and before the end of the year.

Weston1283 · October 2022

on2legs said:

There’s been some talk that they may either raise the threshold for issuing a 1099k or just return to the previous standard which was $20k or 200 transactions. It’s there a change it would likely come after the midterm elections and before the end of the year.

Hopefully. $600 is an absolutely insane threshold

SHZA · October 2022

Just changing the payment method doesn't mean you don't owe the taxes. It just means paypal won't report it. So using F/F when you're selling goods and services for the purpose of avoiding tax liability is tax fraud.

If you originally paid $2500 for it, you'll owe no taxes.

If you won it in a waffle, and thus only paid the cost of one line in the waffle, but lost numerous other waffles before the big win, can you aggregate the win and losses together as your cost basis to reduce the tax hit?

Weston1283 · October 2022

SHZA said:

Just changing the payment method doesn't mean you don't owe the taxes. It just means paypal won't report it. So using F/F when you're selling goods and services for the purpose of avoiding tax liability is tax fraud.

If you originally paid $2500 for it, you'll owe no taxes.

If you won it in a waffle, and thus only paid the cost of one line in the waffle, but lost numerous other waffles before the big win, can you aggregate the win and losses together as your cost basis to reduce the tax hit?

I can’t imagine trying to prove to the IRS that you bought something years ago for the same price as you sold it for is something that is quick and easy to do, though. We are talking about the IRS after all.

SHZA · October 2022

Just depends if you have receipts. I sold about $4k on ebay last year in 20 or so separate transactions and was able to find old email receipts for most of the original purchases, so it had no net impact on my taxes. Would only be an issue in the unlikely event of an audit. But if that happens, you'd have to explain who the "friend" is that sent you $2400 and what it was for.

mace1229 · October 2022

SHZA said:

Just changing the payment method doesn't mean you don't owe the taxes. It just means paypal won't report it. So using F/F when you're selling goods and services for the purpose of avoiding tax liability is tax fraud.

If you originally paid $2500 for it, you'll owe no taxes.

If you won it in a waffle, and thus only paid the cost of one line in the waffle, but lost numerous other waffles before the big win, can you aggregate the win and losses together as your cost basis to reduce the tax hit?

In that sense, having a yard sale where you make $600 is tax fraud too, isn't it?

I can see people finding loopholes, I'm sure someone will find a way around it.

edocon · October 2022

Weston1283 said:

SHZA said:

Just changing the payment method doesn't mean you don't owe the taxes. It just means paypal won't report it. So using F/F when you're selling goods and services for the purpose of avoiding tax liability is tax fraud.

If you originally paid $2500 for it, you'll owe no taxes.

If you won it in a waffle, and thus only paid the cost of one line in the waffle, but lost numerous other waffles before the big win, can you aggregate the win and losses together as your cost basis to reduce the tax hit?

I can’t imagine trying to prove to the IRS that you bought something years ago for the same price as you sold it for is something that is quick and easy to do, though. We are talking about the IRS after all.

And It will be difficult for your buyer to prove their cost basis for this vinyl should they decide to sell it in the future, having only a F&F receipt for money they "gave" away, presumably for absolutely nothing in return.

tempo_n_groove · October 2022

SHZA said:

Just depends if you have receipts. I sold about $4k on ebay last year in 20 or so separate transactions and was able to find old email receipts for most of the original purchases, so it had no net impact on my taxes. Would only be an issue in the unlikely event of an audit. But if that happens, you'd have to explain who the "friend" is that sent you $2400 and what it was for.

You had a bunch of stuff that flatlined huh? Damn that sux.

tempo_n_groove · October 2022

mace1229 said:

SHZA said:

Just changing the payment method doesn't mean you don't owe the taxes. It just means paypal won't report it. So using F/F when you're selling goods and services for the purpose of avoiding tax liability is tax fraud.

If you originally paid $2500 for it, you'll owe no taxes.

If you won it in a waffle, and thus only paid the cost of one line in the waffle, but lost numerous other waffles before the big win, can you aggregate the win and losses together as your cost basis to reduce the tax hit?

In that sense, having a yard sale where you make $600 is tax fraud too, isn't it?

I can see people finding loopholes, I'm sure someone will find a way around it.

The government hates cash transactions and bartering/trade. They can't get their cut.

SHZA · October 2022

mace1229 said:

SHZA said:

Just changing the payment method doesn't mean you don't owe the taxes. It just means paypal won't report it. So using F/F when you're selling goods and services for the purpose of avoiding tax liability is tax fraud.

If you originally paid $2500 for it, you'll owe no taxes.

If you won it in a waffle, and thus only paid the cost of one line in the waffle, but lost numerous other waffles before the big win, can you aggregate the win and losses together as your cost basis to reduce the tax hit?

In that sense, having a yard sale where you make $600 is tax fraud too, isn't it?

I can see people finding loopholes, I'm sure someone will find a way around it.

$600 is just the reporting threshold for companies like paypal. It all counts as income for the individual. But a yard sale is not tax "fraud" because most people probably don't realize they're supposed to report that kind of thing, and the seller probably wouldn't owe any taxes because the whole point of a yard sale is to get rid of used stuff cheap. Using F/F to sell an item for far more than you paid because you want to avoid paying taxes is a different story.

SHZA · October 2022

tempo_n_groove said:

SHZA said:

Just depends if you have receipts. I sold about $4k on ebay last year in 20 or so separate transactions and was able to find old email receipts for most of the original purchases, so it had no net impact on my taxes. Would only be an issue in the unlikely event of an audit. But if that happens, you'd have to explain who the "friend" is that sent you $2400 and what it was for.

You had a bunch of stuff that flatlined huh? Damn that sux.

It wasn't really an investment to begin with, just sold off some junk I was never going to use

mookieblalock · October 2022

SHZA said:

tempo_n_groove said:

SHZA said:

Just depends if you have receipts. I sold about $4k on ebay last year in 20 or so separate transactions and was able to find old email receipts for most of the original purchases, so it had no net impact on my taxes. Would only be an issue in the unlikely event of an audit. But if that happens, you'd have to explain who the "friend" is that sent you $2400 and what it was for.

You had a bunch of stuff that flatlined huh? Damn that sux.

It wasn't really an investment to begin with, just sold off some junk I was never going to use

Wish I had 4k worth of junk lying around.

JV130312 · October 2022

no one should be doing anything anywhere F&F for $2500. lol

Weston1283 · October 2022

JV130312 said:

no one should be doing anything anywhere F&F for $2500. lol

Let’s say I do $2500 goods and services. I’m already down to $2425 after PayPal fees. And 15.3% of that gets reported on a 1099 form, that’s another $382.50

So a $2500 Benny sale means the seller gets $2042.50 of that

Not sure how many sellers are going to be ok with fees that approach $500 on a sale like this

I see why the raffles have become so popular now

2-feign-reluctance · October 2022

The OP is solid people. Good buyer and seller. F&F with confidence.

SweetDaddyLou · October 2022

2-feign-reluctance said:

The OP is solid people. Good buyer and seller. F&F with confidence.

I also agree with this, good guy here for sure

Maybe can do a homemade contract for the higher end items for reassurance if that's an option, good luck to the OP who has some really good stuff

Weston1283 · October 2022

This has been sold - did not get any bites on here or FB for friends and family - eventually reached an agreement for a goods and services price near the original asking price of $2600

lastexitlondon · October 2022

Prob cheaper to drive and meet up🙄

SOLD - Sealed Benny Hall Vinyl - $2400

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