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Feb. 21, 2022

Hobby Quick Hits Ep.100 Selling:Taxes or no taxes

Hobby Quick Hits Ep.100 Selling:Taxes or no taxes

As a dealer I like buying "deals" from people who bring their cases up to my table but am I contributing to an uneven playing field? Many people selling their cards but not claiming that income where I do, will tides change? Some thoughts on the...


As a dealer I like buying "deals" from people who bring their cases up to my table but am I contributing to an uneven playing field? Many people selling their cards but not claiming that income where I do, will tides change? Some thoughts on the subject.

Also:
*New Product Release Schedule
*Hobby News

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Transcript

<span;>10:09 PM
<span;>Delivering that breaking Hobby.

<span;>Alright, another episode of hobby quick hits, this episode full disclosure was recorded a few months back and what all the different news break. Gene and different type of shows. I've been doing on not a hobby quickens. I tend to just kept pushing this one back, but I think it's time to really release it. So, like I said, it's got a little age on it, but it's still still Evergreen enough to to do it. We're going to talk about, you know, selling in today's market. But you know when two facets someone like myself, who has a tax number, that does it, you know, and then

<span;>Plain Sight, pays taxes. And those that have sort of unfair Advantage if you will, and if you don't mind me saying. So those are those sellers who are selling product without paying sales tax, you know, whether it's going up with a, with a case to a table, my table included and selling the dealer, some cards that they can in turn resale or trade sale deals. And I get it, you know, I get why it's done. I'm, I understand it. But, you know, to someone who pays taxes. It's sort of an advantage, not to pay tax. It's illegal technically. Technically speaking pot. You know, a lot of that's going on to the point where, you know, the powers-that-be IRS and the government. I think you're starting to take notice, you know, when we were in the thralls.

<span;>Of the heavy part of the pandemic. We saw, you know, a lot of people in the hobby boasting about sales. They were making and I just sold this for this and this for that and I'm, you know, I just sold a car for 50,000 dollars. Meanwhile, a lot of other businesses were struggling restaurants and the like and couldn't get supplies. And so We definitely stuck stuck out like a sore thumb and a good and bad way to folks. Good, that business was good and hobby was booming, bad, two places who were losing their businesses and closing, but you better believe, the IRS, took notice, and remember, they're going to lose money on businesses that are closing or not making as much money. They're not going to make as much taxes on.

<span;>And they're going to really seek out those businesses that are thriving under, you know, tough times that I think they figured some stuff out and we're going to, that's kind of what we're going to dive into a little bit on Today Show. Hi guys, it's Max again, from the sports card. We are going to be doing our weekly releases for sports card Nation Podcast. Once again on the 25th. We have 2021 relief, Valiant Football, 20 21, 22, Panini, Dominus, festival, and I deserve at least his for this week. It's kind of a short one. But once again, we have our weekly special. So this week's Sports carbonation. Listener, special 2021 Prestige H2, hybrid hobby boxes, for 140.

<span;>Find us and follow us on social media at underscore sports card, shop, to get the deal. Have fun John. It's time for the hobby. What's up, where we go around the Hobby World and tell you all the latest news and breaking stories from the hobby. We love.

<span;>All right. I guess. We'll start with the big story. If you will, this this week, Wonder Mania under Franco Mania, but also known as 2022. Tops Flagship kickoff was in Los Angeles with a few, former baseball players headlined by Ryan Sandberg. Some of the tops project 2020 and project 70. Artists and some other people from The Hobby and Ryan. Sandberg did the honors of opening the first pack, and we've already seen it hit. Hit the retail Market, you know, the wander stuff is just bringing beaucoup bucks early on, you know, in relativity to, I think what we all know will eventually happen. It's not going to be a short printed. Duct. I don't think it's designed to be but it's being reported. That they'll be 30%. More of the 2022. Tops in comparison to the 20 21 Taps. I've been to a couple Walmart's, it's on the Shelf there. Some some reason, some way. I've not bought any of them. I'm not mad or anything like that. I just didn't grab any yet. I don't have any sort of like, I think it's going to be it.

<span;>I did it for me when I feel the itch to open. I'll grab some what you'll probably be this week. I'm off from teaching this week. So I'll be out and about, I'm sure he'll a couple Walmarts in my travels this week. And that's kind of my plan. Is that the grab a couple blasters this week? But again, I don't have that. I guess, you know, people call a fomo. I just don't I don't feel like it's if I don't get it. It now, it's not going to be that. I don't feel like that push. And you know, if I've really again, slanted, heavy heavier, vintage show. It's not calling my name out. Although I like I said, I'm not mad. I'm gonna open some of it. It's just not a huge priority for me. We have a new soccer card record. The first-ever soccer card the bring over a million dollars, checks.

<span;>At one point three, three million dollars. It is a PSA nine pay. You a 1958 the probably butcher this island and Bola sete. It's sold on rally the fractional shares market and got initially. I think you got a 1.1 million dollar bit and then someone came over the top with a 1.33 off. Offer and it has been sold again. It's the first soccer cart ever to Eclipse a million dollars and it's one of five of these. So this this is there's four other ones of this PSA, 9 Elling, and Bowl up Pele from 1958. So there's five total. This was one of those copies bringing one point three three million dollars speaking. Something more closer to my heart near and dear to my heart. I'm not gonna be able to afford it. But I Jackie Robinson. Debuted pickets tub is on Heritage auctions from his first ever appearance for the Brooklyn. Dodgers did not get a hit decade but got on base and I actually wanted up scoring the winning. Run in a one-run ballgame and we've seen the the emergence of ticket stub. Jobs, especially, obviously, on the grated side of the house, really, take a step forward in this. So just so join the club and it's, you know, I'm not a ticket stub guy per se, but, you know, again, out of my out of my league price-wise. But something I love to home and I'm sure a lot of other people will too. So be interesting to see where this winds up with the, with the final bit. All right. We got some good news, you know, we talked,

<span;>Week about a robbery or a break-in, we had. I'm good news pertaining to that. We have an arrest Jason. Cates is his name. I believe he's 38 39. He's actually involved allegedly and three state. Different state card store, robberies, including Kentucky, Road Show. Jimmy hands card shop there at Kentucky. And so he's been apprehended. He faces federal charges. Charges as he crossed state lines. So, last I knew who, this gentleman use that term loosely is facing a minimum of 10 years in prison. So, you know, hopefully these people that commit these crimes will get, you know, least penalties. And he's this incarceration to, you know, be a deterrent from these other people doing it. I don't think.

<span;>It's going to go away anytime soon. But it's a step in the right direction. When someone gets caught and pays pays the piper is they say, will close out on a high. Note are one of our sponsors SGC on Wednesday, February 16th announced. They had the most single day submissions in their 24 year history. So February, 16th is a historic day in The SGC group as they've in one day had the most intake and I sent in an order this week. So some of those might actually be mine as well. So I'm part of History so to speak. But all joking aside. I think it shows you the moves they're making and you know at that 30 dollar level even some bulk submitters for them are peaking at 30 dollar level. So there

<span;>They're making up to me. They're making the most ground up in the gravy Niche. And to me they were always respected. I think they're getting even even more. So from places, they didn't get it before. You want answers? All right, my Facebook group for the podcast has been seems more active lately, and I've gotten some questions from there. And this is one that qualifies as that. I've gotten this from more than one person. So I can't credit this question to one person. But basically, I'm being asked, you know, why I don't like mft. So I, you know, I kind of Our answered again. I'm old school. I'm not here to doubt and ft's there. There was a huge hit a huge success, but I'm old school to the point where, you know, if I can't hold it, trade it. I was gonna say seller but you can sell something you can sell out of these and I guess you can trade him to. But if it's not a physical card or collectible piece of memorabilia that I can have on my desk or in my hand. Or in a top loader or semi rigid. And my case then at just doesn't do it for me having like a digital something. Just keep, I just don't for me. I don't get it again. I'm only speaking for myself and you know, stuff you can kinda Google and screenshot on your phone and that sort of thing. It just doesn't do it for me. It just, it just seems too easy, too.

<span;>The salad and do and it just I don't want to get sort of down that rabbit hole now, full disclosure. I mention some months back when tops released their baseball and if he packs, I did try to buy a few just to kind of dip my toe in the water, but got kind of hung up and caught up in there and didn't get any and just through it. Error in the in the selling platform and that was the last time I attempted to purchase any and really, you know, again just wanted to kind of dabble and I took it as a sign from above. If you will that off of actually was but I took it as a sign that this isn't your thing John and you know what? So I don't own it and if key to be fair, I don't own any crypto coin I you know, I don't do that.

<span;>Own silver and gold real. You know, silver gold, coins and bullion. I own stocks trying to think what else, you know, Investments and that sort of thing. Fractional shares. I dabble with that on collectible and rally. So I just tend to be old school where it's got to be a real tangible item crypto coin. I think not an expert. Just don't know, you know, it's not

<span;>10:23 PM
<span;>The way I see it, and I think he the ones that are making out on that are the ones that got in real early and take everything. Now might be a losing battle. But again, I don't know. I just kind of took the tend to stay with what I know. Someone might say, well, you're losing, you know, profit opportunities, maybe and you might be right, but I'll make the same property opportunities on the stuff. I know. So that's that's where I'm gonna gonna be involved in so much. There you go. Again to me. It's you got to see touch feel someone could argue. Well, John, you do fraction of fair shares, you know, you don't really own the card, you know, I've never going to own the card per se, but there is a real card that exists that you own a small percentage of. So, yes, you know, it is

<span;>Tangible. So that will be my response to those folks.

<span;>Hey everybody, time for another episode of Happy quick hits. This show is going to be pertaining to being a seller in the market and whether that's a legal sales, tax holder, like me basis, taxes, or you doing it, which, you know, you're going around, which cases to, you know, people's tables at the show and selling that way or selling online. There's some new things going on.

<span;>You know, with the hobby, Boomin the IRS, don't believe, you know, you better believe they're taking notice as well. So we're going to have to talk about maybe some things coming down the line that some folks that are selling aren't going to be very fond of. So we're going to talk about those things potentially, that may happen after we hear from our great sponsors. The guys at Mojo break, but we'll be right back after that. The tackle this.

<span;>Hey, folks. Wanted to tell you about the best place to get some of your sealed sports car, wax products, great selection, and some of the lowest prices on the web, Mojo brake shop.com is that place? Whether it's a box or a whole case? They're your guys and they ship around the world right to your door. The Mojo brake name is one of the most trusted in the hobby. From sports cars to Pokemon. Their selection can't be beat. They offer daily deals.

<span;>And pre-order who won first place at this year's top strip party. None other than Mojo brake their prices are already great. But here's a way to save even more money, use the code quick hits. That's q u IC. Ke H iits for 10% of anything. I Mojo brake shop.com. They also have a full service carpet shop in Santa Clara, California. So if you're in the area stop by there, open seven days a week for check them out. Mojo brake. Shop.com. Hi low, Baseline background. Before we dive into some of this potential things coming up to Turnpike in 1987. I was 15 years old and I wanted to start doing shows by myself and setting up at the local flea market will to do that. You had to have a New York state tax number and the pay taxes walked your soul. So I acquired one of Both in started doing shows /, flea markets and you know, that's a nice change your, you know, by law, use your a seller. You're supposed to pay sales tax where applicable, you know, some states have different rules and regulations. Some states may not even have sales tax, some states do weeks where they sales tax amnesty to kind of drive up. You know, Commercial Business and in sales for for, you know, businesses and those are all good things. And you know, what a lot of people done is, you know, sell online, right? Some online on eBay or other platforms and you make some money and no one's worse for the way. No one necessarily Knows What You're Made and that sort of thing.

<span;>And, you know, I think eBay. At one point was something like so many certain amount of transaction that enough. It was 100 or 300. But if you're under that, you know, it doesn't necessarily get reported. And if it's under 20,000 dollars, or something like that. It's not reported, doesn't mean you're not supposed to pee on. It just means they don't do anything pertaining to that. You know, I'm not, I'm not an eBay expert so I could be

<span;>Off a little bit, but now, you know, reading doesn't matter to me because I track my sales and you know, just put that money away to put towards my taxes. Obviously have tax write-offs to get that number down, you know the cost of doing business by an inventory things. You lose on Note, those lost L out those sort of things, so I'm not going to get into the Nitty Gritty but now Now, I'm hearing again. I don't want to come across as an eBay expert. EBay has a tendency to change the rules on the drop of a hat. But reading that anyone that makes over $600 on the site is it's going to be turned in to the IRS and you'll be getting or have to fill out a tax form and that sort of things can be reported income. And so for those that

<span;>It gets reported income and then you don't file, you know, you don't disclose it on your taxes. You could be in for a rude awakening and you know, those that are coming around to shows with those cases and selling their stuff without a sales. Tax number. They're probably in the best position if you're trying to make sales and again, I'm not condoning this. I'm just talking. About someone who has paid taxes actually. Since 1987. I didn't pay, you know, employment taxes because I didn't have a full-time job, but I paid it a sales tax from the age of 15. So all these new rules and regulations are fine. As far as I'm concerned, but some folks are not going to like it because they're going to be, you know,

<span;>Called on the carpet for what they're doing. You know, how does the, you know, if you think the IRS is not watching the news and seeing the card Market explode, in these things going from millions of dollars and they're not taking notice. You're fooling yourself. Believe me. I actually have a friend who works. Let's just say in the IRS and some capacity and he says that That it's it's something they're really, really focused on and so they're going to start looking at, you know, I want to make this political episode, but I was reading, you know, Biden wants to anyone that has more than six hundred dollars in a bank account. They're going to start looking at that. What that means. I don't again, I don't know the details some so much of this stuff is so fluid it.

<span;>Changes from one week to the next. So, you know, I guess the guys that go around from table to table with their cases selling on the non dealer side of the table, you know, they probably in the best position, but again don't think the IRS doesn't realize what they're doing to and I'm hearing that some of them are even trying to track that or You know, Crackdown if you will on that stuff, how I'm not sure. But, you know, they're going to try to look into that stuff. So I'll share a little story from a recent show. I did, I like to buy a cards obviously to boost up by inventory. People come around as most know, with their cases and you know, hey are you buying and so I usually say yes and take a look.

<span;>This one gentleman had a little small. No case. But you know, 40 cards in there. And I tell you what, he had some nice stuff. Truth be told, I've picked a couple things out. We kind of went to the first card and I said, what do you got to have for this and, you know, he said, $300 and it was a card. I was willing to pay $300 for and you know, I said well, we take PayPal. PayPal. And I had the cash on me from at the show, but I wanted to pay PayPal because I had a decent amount in that account and I even had a few sales from the show where I was paid via PayPal. So I want to use some of that show money to pay. It also is trackable. So in other words, if I pay via Paypal, I can claim that on taxes that I spent.

<span;>Ours are my business. Well, when I asked him, you know, we take Paypal. He was actually very snooty and he said, no not taking PayPal. And that was really, the funny thing is, I'm not, you know, he doesn't know this. Let's see what this is in the show, which I don't know is, you know, if you probably wouldn't have been so snooty about it, and the way he said, no and his body language. I could have still paid the cash but his the Very snobby, the way he said, no and the body language and I handed him a case back and said, okay, all set. Thanks for thanks for letting me book. And again, like I said, I could have bought it but it was the principle of just the way he was and I figured you know, it's not rocket science. Why he didn't want to take PayPal PayPal is good. I would have paid friends and family and they wouldn't have to pay any fees. But the root. Why do you think

<span;>Didn't want to take Paypal because it's traceable right for the same reason. I wanted as a tax write-off, you know, doesn't want to claim the income. So I get it. But you wouldn't do it. And just because the way he was, I wasn't going to pay the cash now and so didn't get the card, but that's okay, you know, not a big deal life goes on but you know things things are going to change. We're seeing a lot lower numbers when It comes to, you know, the IRS and eBay is selling platforms, reporting income and that sort of thing, and that's not by accident. This is, you know, powers that be are seeing these. These record sales on the news. They're seeing the hobby be as mainstream as it ever was before. They're seeing athletes and celebrities, get in the space. They they

<span;>You can smell the money. So and so they want to they want to get their caught right Uncle Sam W it share. There's you know, there's gonna be people that skirt, the system that will always happen, but they want to get as much of that by as they can't. So the landscape, you know, was changing, and so, you know, people going to have to, you know, either play by the rules or try to outsmart. The IRS and, you know, we're going to see how to go there. You know, again, I got asked by a friend of mine. If the show came up to me and wish we were chatting and, you know, knows listens to the show, knows about the show and he's like, John, I know you buy from these guys that are going around table table selling. What does it bother you that they're, you know, they're selling their stuff.

<span;>10:37 PM
<span;>You gotta pay for your tables spots. You gotta pay taxes. Does it bother you? That somebody can go around with a little case sell their stuff and maybe not clean taxes, not pay the table fee. It doesn't bother. I might but not losing sleep over but I'm not excited about it either. I like buying cards, you know truth be told I tried to buy cards, but I mean, I guess I guess the answer to that is and And I told this to my friend there, I could do that too. You know, I could sell that way to. I just don't want to do, you know, I'm a little bit lazy. I guess. I rather just be behind the table. Put my showcases out, put the cards in it, put my boxes out. My player boxes. Bargain boxes game, used boxes all that stuff out and just make sales that way, you know, I have a lot of stuff so

<span;>You know, I don't really want to go around with just one box and sell that way, but, you know, it's free enterprise. It's America. You can, you know, sell your stuff. If someone there's a buyer for your stuff. You can be a seller of your stuff. So I don't, you know, do I wish they pay taxes and they gather built-in Advantage. Yeah, you know, but again, that's that's not for me. I'm not Not to say, you know, I'm not the IRS not, do I know they're doing it. Do I know where the curse your I'm not naive, but, you know, it is what it is, until I work for the IRS. I can't not, I can do about it. Right? So you make the best of it. And if that means I can buy something, you know, from, for, you know, whatever. And then turn around and whether it, you know, either I keep it as a PC item or a turnaround.

<span;>And make a little money at it. Then I guess you know it is what it is. This pull believe me. You can't. It's is a lot of people doing that. So, you know, it's not it's not for me to do be the IRS police. You know, they want to crack down on that. Don't find a way to do it. I have nothing to do with anything I say or do so, but that's so there's some of the Things for for you if you are seller out there, especially if you're not doing it about board, if you will for doing it kind of underground and untracked an done. Unpaid if you will, you know, I think that the landscape is going to change or the powers-that-be release attempt to try to change it and get there. They're just do. So. It's going to be a little, you know, it's a little cat and mouse game truth be told.

<span;>So we'll see how both sides respond with that. So we're going to wrap it up right there. And so once again, thank you for listening hobby. Quick hits. And we'll see you very soon. All right, that's going to do it for another episode of hobby quick. It's thank you out there who joined us and downloading listen to the shop. And just in closing. I just want to say, you know, as far as the main topic. Of the show selling paying your taxes selling not I just wanted to come at it from a perspective of someone who did if you're a store owner who's paying taxes or show dealer, who's paying taxes, you know, and you heard this episode, give me feedback on what you thought, you know, the agree disagree, your thoughts, your concerns, you know, as someone on that side.

<span;>The table if you will, so what will keep this closing short and sweet. But yeah, and you know, even if you want of those that I talked about, that isn't paying taxes, you know, whether you agree or disagree with what I said, I appreciate your feedback as well. You know, we're all in this together as I've said on other shows and just a reminder Wando. Wander, Maine. That has started be be safe out there, but have fun. It's interesting to see just people, you know, going nuts over the flagship or lease. And I haven't opened any yet at the time of this recording, but I will, I will, I'm not not going to not open it, but I just, I'm not, you know, not in a rush. It's going to be around and it's not gonna be short printed by any Me. So I'll get it kind of when I run into it, if you are. I do. Wish, we could chat. </span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;></span;>