Perhaps you weren’t ACTUALLY helping out the seller, and perhaps you were only THINKING you were helping out the seller. The cognitive bias we often find ourselves affected by is when we serve others in the way we would want to be served, versus understanding what the other party is trying to achieve and then delivering value in a way that THEY actually want to receive value.
Of course, I’m only communicating my own singular point of view here, but if this is an underhanded or passive-aggressive way to psychologically defend your behaviors with your interactions with me then it’s best you just keep quiet. If I’m mistaken, then I apologize.
Good luck with your collection grades- let us know how they do! I am currently waiting for a ton of grades back from collections as well. This is typically how I get business for my personal shop. It’s thrilling and I truly do enjoy going through collections to find every bit of value I can, and I almost always get great things to keep for my personal collection. I have my buy limits usually set at PSA 8 prices across the board so that I never risk much in case things do come back as 7s or 8s, and I can gain a lot if they’re 9s or 10s.
Sadly I believe not, but sometime when i open other country ebay links they have their own programs. I believe the UK has nectar points, which they get when making ebay purchases. (I hope I stated the right country!)
Welcome to the forum @tnols. I’m glad you are here!
I was wondering if you see Pokemon strictly as a business opportunity or if you also have a personal collection?
If so, it would be great if you started a thread in the Collection Additions section. I know I would love to see what kinds of cards you’re interested in and what your collection looks like - and I’m sure many others on here would be interested as well.
Thanks. Realistically I started this with my daughter to show her how to list things on ebay. It got to the point where we had so much ungraded stuff that I turned to PSA to dive deeper into the niche to turn a profit and liquidate the things we purchased. It worked out rather well, so we’ve stuck around in the market.
Over the course of doing this kind of stuff, I’ve grown partial to BGS 10.0 cards. I’ve got the jolteon star, the regirock star, and numerous other bgs 10’s. (So if you know of any, feel free to send them my way lol)
NOT TODAY ISIS!! (seriously wtf kind of a question is this…and why would you think it’s appropriate to get all up in someone’s business without developing some sort of rapport first??)
However, if you’re asking from the standpoint of wanting to get started, paypal won’t report a 1099 on you until you reach 200 transactions AND (Thank you rayquazatcg) $20,000 in sales.
If you’ve got further tax questions, I suggest you speak to a tax attorney versus asking the internet.
To answer your honest question: We follow all laws and report all income as required by the IRS tax code. I’m not going into specifics past what I’ve typed, so respectfully, if you want better answers, ask better questions.
Oh, and BTW my next trade secret will drop on Saturday, April 28th. I’ll attempt to continue dropping one trade secret each week. I suck at video and technology, but I’d like to eventually move into recording these and posting them to youtube or something so people can see the actual process I go through when purchasing items to understand it more thoroughly (but this is way way off in the future)…
Ouch about that 9.5 horror story. That is why very few people risk this on higher end cards… they use the crossover service but just get laughed at. lol
“PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. In order to help you understand these information reporting obligations, we have prepared the following FAQs. After reviewing the following FAQs, we recommend you consult your tax advisor to asses tax implications of Form 1099-K reporting.”
Yeah, I tried the crossover service with 4x walkthrough BGS 9.5 zards. PSA took my 1k USD and said they didn’t meet minimum grade. In fact, one was a quad BGS 9.5 and PSA said it had “evidence of recoloring” which was complete horse crap. (checked with Beckett and everything was on the up and up.) I’ve always had a suspicion that they grade zards and other high end cards more harshly, so I threw caution to the wind and said F it, cracked that bad boy open and submitted it with my bulk submission and a declared value of $1. I wanted to see what would happen when I sent in a high end item without drawing attention to it. I guess they showed me lol.
The sad thing was, that 60 cards out of a 308 card submission had the same damage to the back bottom right corner. Cards from 2000-2017 all different sets and different print generations. Holos from sealed Neo Destiny 1st ed Box, Neo Rev 1st ed box, the zard, and numerous other items. Literally hit me for 12k in damage, and I never would have been able to credibly call them on it without having sent in that zard since grading is heavily subjective.
FWIW, I’m expecting to take it on the chin for the zard. That was a 4k learning experience (BGS 9.5 to PSA 7 price differential) that turned out in basically the worst way possible. The rest of the damage though, is on PSA as far as I’m concerned.
Just to add onto this - in-case anyone is actually interested in learning about PayPal and the IRS…
If you live within the lovely state of Taxassachusetts (I mean Massachusetts) or Vermont; PayPal will issue a 1099-K to the State DOR if you receive $600.00 or more (no transaction count) per year. So, since you’re now reporting any income (basically) to MA or VT, you also have to report that income to the IRS - unless you’re really feeling lucky! LOL JK I would not recommend “hiding” income from the IRS!
This was a new practice was just set into place for MA and VT in 2017. I talked with a PayPal Rep. when I received my 1099-K for 2017 (thought I would be in the clear last year, as I had just under $20K Sales). Anyway, the Rep. that I spoke with said that MA and VT were the first two states to jump on this band-wagon; however, this would roll-out to more states next year (WooHoo!!!)
Do you have the room to negotiate for 8’s? Over here in The Netherlands when I’m buying I’m also erring on the safe side, though I absolutely must see the backs of the cards (do you as well?), but nobody is taking the offers or others are going over them. I’m talking about using then nation-wide online market place though, or do you mean that people come with their collection into your shop?
