StockX and GOAT will die out for sellers due to Biden's American Rescue Plan Act

[206to813]

It could still work to some degree using a system to track who is reputable.

True…. Bring back signatures, we can put our shoe size and get an idea who wears our same size lol

 

[cragmatic]

Speaking of NT marketplace ,

I remember someone offering me two pairs of spacejams for a Dreamcast, had to be a scam I was considering it too. Never did do the trade.

 

[jewseejay]

I have some blk/metallic V's I bought from an Nter with money order in like 04

 

[KanyIZZY]

Anyone figure out what the best step is? I want to speak with my tax guy but I know we know a lot about this in terms of kicks and trying to get background info to help. I've heard of starting the LLC to off set costs and help itemize or something like that.

I'm not privy to tax info so I'm not sure about schedule forms and gains or whatever..

This is SUCH a headache over such a ****ing small threshold. This country gives me another reason to hate it every year. For the folks that keep talking about profit is profit.. you don't make any sense when again the threshold is a measly 600 bucks. I understood when it was like 20k.. that's not really liveable income but it's sizeable. This 600 crap is a target. NO clue how this is acceptable and they put this into a stimulus bill made to HELP people????

FOH.

 

[oh you mad]

Speaking of NT marketplace ,

I remember someone offering me two pairs of spacejams for a Dreamcast, had to be a scam I was considering it too. Never did do the trade.

I traded some pharell dunks for an iphone back in 2008.. dude gave me a fake tracking number and he got the dunks.. posted on NT and some NT goons offered their services to go check dude and get my dunks back. Goons ended up keeping the dunks

 

[cedric ceballos]

I traded some pharell dunks for an iphone back in 2008.. dude gave me a fake tracking number and he got the dunks.. posted on NT and some NT goons offered their services to go check dude and get my dunks back. Goons ended up keeping the dunks

I remember that. The scammers name was Akash and dude lived in Queens if I recall correctly. And there was a pic of what looked like him barely opening the door looking scared or something like that. That had to have been 2008 or 2009 or so.

 

[sharpshooter718]

Once dweebs infiltrated the shoe game in abundance , the game lost it's luster .. buy what you like not what's popular and you'll be ok...

 

[WASHED KING]

Once dweebs infiltrated the shoe game in abundance , the game lost it's luster .. buy what you like not what's popular and you'll be ok...

My issue is for me a lot of the time when I sell a shoe. That money is being used for other shoes.

For example. I just sold Obsidian 1’s for 480. I turned around and spent that on the patent Breds and a pair of NB 992’s.

I do this multiple times a year especially when I feel like I can swap something for another pair I will get more use out of. I’m not making any profit the money is instantly being spent.

Sounds like a pain in the a** of a paper trail to keep up with. Going to have to make sure I do all my purchasing on places I can keep records of the transactions.

 

[KanyIZZY]

I traded some pharell dunks for an iphone back in 2008.. dude gave me a fake tracking number and he got the dunks.. posted on NT and some NT goons offered their services to go check dude and get my dunks back. Goons ended up keeping the dunks

Wow.. I remember this too and didn't know dudes got the Dunks back AND kept them.. sheesh. Guy above says it was in NYC.. that would actually make sense. lol

 

[sneakaprince]

That Pharells Dunk story is funny but at least Akash took an L too.

I guess u gotta put in your own work if u want it done right. Glad NT half way came through tho.

I still ain't get my CDP back from bum *** Face82 so NT market might be a pass for me. Although I did do a ton of legit biz on there.

 

[Public Enemy]

Something needs to pop up to facilitate selling locally

 

[Public Enemy]

Nike cries foul over virtual shoes, suing retailer that sells sneaker NFTs

Sneaker giant Nike sued online reseller StockX in New York federal court on Thursday for selling unauthorized images of Nike shoes, marking the latest lawsuit over digital assets known as non-fungible tokens.

www.reuters.com

 

[TDski]

Nike cries foul over virtual shoes, suing retailer that sells sneaker NFTs

Sneaker giant Nike sued online reseller StockX in New York federal court on Thursday for selling unauthorized images of Nike shoes, marking the latest lawsuit over digital assets known as non-fungible tokens.

www.reuters.com

Somewhat of a reprieve

 

[SlamShut]

Delete

 

[Public Enemy]

Somewhat of a reprieve

It's a Christmas miracle!

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

www.irs.gov

"The transition period described in Notice 2023-10PDF, delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022."

YESSS

TDski thank you!!

 

[tomdiginson]

It's a Christmas miracle!

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

www.irs.gov

"The transition period described in Notice 2023-10PDF, delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022."

YESSS

TDski thank you!!

Thank God. Did some good business in the last year and was dreading the tax bill.

 

[shawndavinci]

Delete

 

[2 RAWW]

Hol' up...so we don't have to report our $600+ in transactions this year...even if Paypal, Ebay, etc sends us a 1099?

 

[TDski]

Hol' up...so we don't have to report our $600+ in transactions this year...even if Paypal, Ebay, etc sends us a 1099?

They shouldn't, from the sounds of it. Now does anyone trust StockX, PayPal, etc to not issue them? Seems like a lot of unnecessary work and hassle to actually report. I would ride it out as long as possible and hopefully they are working with IRS on clarification.

"Additional details on the delay will be available in the near future along with additional information to help taxpayers and the industry. For taxpayers who may have already received a 1099-K as a result of the statutory changes, the IRS is working rapidly to provide instructions and clarity so that taxpayers understand what to do.

The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect."

 

[SlamShut]

I received a request to sign a W9 for a 1099 from what appears to be Dwolla the 3rd party that GOAT uses a few days ago before this was announced. I hadn’t signed the W9 yet I wonder if this negates the need?

 

[concordflightxi]

So any money made in 2022 <$20000 doesn’t have to be reported… or will it have to Eventually.

The words delay and reprieve makes it seem like we have to report eventually.

 

[superblytrife]

HELL YEAH.

I kept a spreadsheet of all my transactions up until a few months ago in anticipation of having to have receipts for every sale. I was dreading having to go back and complete the past few months in order to file this year. Guess I’ll go ham these last few days and off as much as possible.

They really need to permanently get rid of this **** though.

 

[mplsdunk]

Yeah throw this bs in the

 

[superblytrife]

So any money made in 2022 <$20000 doesn’t have to be reported… or will it have to Eventually.

The words delay and reprieve makes it seem like we have to report eventually.

The implementation of the $600 threshold is delayed until tax year 2023, meaning that any transactions AFTER Jan 1, 2023 will fall under the $600 threshold. All of your 2022 transactions will fall under the 200 transactions/20k guidelines that we’re used to.

Some more details here.

edit: technically you’re supposed to report all of your transactions, even if they’re under 20k. But we know how that goes. You could get away without reporting b/c no 1099 was triggered unless you met the 200/20k thresholds.

 

[concordflightxi]

The implementation of the $600 threshold is delayed until tax year 2023, meaning that any transactions AFTER Jan 1, 2023 will fall under the $600 threshold. All of your 2022 transactions will fall under the 200 transactions/20k guidelines that we’re used to.

Some more details here.

edit: technically you’re supposed to report all of your transactions, even if they’re under 20k. But we know how that goes. You could get away without reporting b/c no 1099 was triggered unless you met the 200/20k thresholds.

Ugh I barely sold this year because of it. I was hoping for a last minute amendment/change in policy. Hopefully congress does something in 2023