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donehoarding

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Everything posted by donehoarding

  1. Can you earn the $10 gift card when using another gift card to pay? I thought in the past that they wouldn't award the $10 gift cards if you paid with another gift card
  2. has anyone in Maryland under the old 20k but over 600 actually received a 1099 yet? paypal says: i haven't received anything from paypal or ebay. if paypal doesn't provide me a copy is it fair to assume that they didn't send one to the state or irs? i'm doing the schedule c anyways, but dont want their number to not match mine when they calculate sales tax and stuff as part of the gross payment
  3. a good practice for sure. the odds of you getting audited has to be pretty small in the grand scheme of things. the issue for folks now being 1099'd would be if they look back at prior years earnings and see that someone wasnt reporting. i saw this, so don't anyone panic
  4. Any idea what the stock looks like on this one??? Overstocked to the point it is this years 40292 Gift box??? That one stagnated from the start.
  5. No email received, but I attempted to check my order and it says "order not found" Called customer service and they told me they canceled my falcon due to no stock. Ordered it at 7:52 CST. I asked why I didn't get an email and was told that it may be delayed or may not be sent at all depending on what reason is selected for the cancellation. Wonderful policy they have
  6. This is a really late and random question, but I was just looking at my taxes from last year and the previous year since starting this cleanout. Both years at my normal employment I made over the 128k social security tax cap. In 2017 the professional tax person (H&R Block) had me pay the 12.4% self employment tax (as I am the employer and employee) on all my sales In 2018 it looks like the a different tax person (Jackson Hewitt) did not take out the 12.4% self employment tax as I was already above the 128k cap from my normal job. Any idea which one if these is correct? It's clear to me one of these needs to be amended... but I can't gather heads or tails which one is correct. Are you still subject to the 12.4% even if you're already over the 128k cap from your normal employment? Thanks again
  7. Greetings all, So in 2011 I started hoarding Lego... not bulk sets, but I had an obsession with buying one of each. This year I realized how much I had been spending and had to cut it off and start cleaning it out. I had no idea how much the stuff was going to rise in value and I started with the most valuable sets and cleared out my 50 per month on eBay without having to pay any listing fees. I got tired of being that chick who had two full rooms in her house loaded with bags of Lego sets. I've never hoarded anything else, but for some reason I started buying Lego sets. I was able to go cold turkey thankfully starting January 1, 2017, and just want to clear them out. I have a few tax questions that I posted in another thread that is awaiting approval. Nice to meet everyone
  8. So in 2011 I started hoarding Lego... not bulk sets, but I had an obsession with buying one of each. This year I realized how much I had been spending and had to cut it off and start cleaning it out. I had no idea how much the stuff was going to rise in value and I started with the most valuable sets and cleared out my 50 per month on eBay without having to pay any listing fees. I got tired of being that chick who had two full rooms in her house loaded with bags of Lego sets. I've never hoarded anything else, but for some reason I started buying Lego sets. I was able to go cold turkey thankfully starting January 1, 2017, and just want to clear them out. So now I sit at well over 40k in sales on eBay this year and no idea what to expect come tax time. I had no idea it was going to blow up like this and was completely unprepared. I will of course consult a professional but the year is closing and I wanted to get a grasp of what I am in store for, and what I should do going forward to help lower my tax liability as there is still a good deal to unload. One thing I do have is each of my purchases in bags with their receipts, so I have my initial investment cost. First, I never registered as an official business or set up an actual eBay store. Am I able to claim any of deductions like a "home office deduction" or any of the shipping and eBay/Paypal fees? Or is that only available to people who register as an actual business? Does anyone know off hand what tax forms they use for their deductions so I can look them over to maybe get a grasp on what I'm in for this year. From my understanding my base tax liability is something like "Sale Price - (initial cost + shipping + eBay/Paypal fees)". Is that correct? One good thing anyways is I've spent very little of the eBay money I've made so I should have no issue paying the tax man when he comes around. Sorry that it's all a bit jumbled. Thank you so much for all the help and knowledge!
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