The $600 / 200 transaction trigger for a 1099-K was delayed two years in a row, and was delayed again-- for 2025 it's $2500, then it's $600 for 2026 and beyond unless changed again. The transaction trigger was removed so it's just the dollar amount. https://www.journalofaccountancy.co...-600-threshold-for-form-1099-k-reporting.html https://www.irs.gov/pub/irs-drop/n-24-85.pdf In theory you can offset the purchase price of an item against the selling price. But also in theory you would have to document that purchase price if you're audited... with, say, receipts. Otherwise it's presumed that the cost of the item you sold was "zero" and it's all income to you. This is only if you're audited. But it's still paperwork and hassle. Schedule C, anyone? As for my preference on where to focus taxation... [censored] .
This is good to know. $2500 is still better than the $600 BS. I get it for those who sell things as a business, but for others who are just clearing out odds and ends as a garage sale, it blows.
No worries, I wasn't either. I had it in the back of my mind to check for another delay... Christopher Lee's post reminded me that I hadn't yet!
It's not just that Internet Auction Community that can be a source of humor. Somehow a notification got into my e-mail (darn, I thought I had unsubscribed from all of them!) concerning an auction that while being held by a local business is still Online Only, with a "soft close" (which means any bid near the closing time automatically extends that closing time, i.e., no opportunity to "snipe"). I couldn't resist... ...and found that nearly every auction listing contained one of the words "vintage", "antique", or "rare".
This actually a pretty accurate rendition of the bnsf paint scheme : https://www.ebay.com/itm/1164686930...1RJkJY4tbcKCTKOcUEn0WfHw==|tkp:Bk9SR8Tip-idZQ
I hope they won't forget to also abuse "unique", "one-of-a-kind", "scarce", "choice", "high quality", "must have", "treasure", and.....
As Hardcoaler stated here #10474 in his post Lots of leftovers out there, untested and some just need some TLC . and the seller has WISH FULL THINKING! 1- Vintage Lot Of 15 N Scale Train Cars and engines | eBay at $150.00 2- Collectable Plastic Trains Lot A | eBay at $125.00 3- H972 large train set collection minitrix etc. 20 trains | eBay at $124.99 Tom
It was amazing I was contacted by a liquidator about a large train collection. Most of the collection was atlas first generation and minitrix stuff half of the collection of N scale locomotives had no motors in them again first generation none of what we see now. Multi items with the same road number They had the impression they had a gold mine. They had multiple steam engines in HO but nobody knew if they ran. It was a large collection of 1960 to 1970's stuff detail was of vintage age and I think they was wanting todays prices. Some of the cars had stickers for 75 cents and they thought they would be worth 15 to 20 dollars. They locomotive had 4.99 stickers on them and they was asking 50 to60 dollars each as is. Crazy people are out there I guess.
Wow. I think you've hit on the root cause of much of the eBay nonsense, where volume liquidators and estate sellers post up hundreds of items at unrealistic prices that endure years of disinterest without ever selling. To think that eBay invites this kind of thing is puzzling. It sure makes for a boring walk through listings.
@rockysgn , how much did you charge the liquidator to review that "fabulous collection"? No need to disclose that here, but I hope it was a reasonable non-zero positive number...
(With apologies to Jean Shepherd) "I know a guy, who knew a guy, who told me that he knew a guy, whose cousin had a friend, who knew a guy, who found a toy train and got told by a guy, who knew a guy, whose brother-in-law went to school with a guy, who said that he read in the paper that a toy train was worth big bucks!"
You are SO right. I've lost count of the number of people that have invited me to appraise their Lionel, often found in dusty boxes. I make clear that I'm not an expert and that they may want to seek a second opinion, but most often I find common stuff from the '70s which is "old" to the owner. I try to be kind and usually offer that their trains are not valuable in terms of money, but have their value in memories and are therefore something they may want to keep.
