ฝัง
- เผยแพร่เมื่อ 17 ก.ย. 2024
- On this episode Supreme Reseller, Andre, pays us a visit to talk about the most recent Supreme drop as well as things you need to know in regards to paying taxes on after market products. Racks also joins the discuss when it comes to upcoming releases.
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COMPLEX is a community of creators and curators, armed with the Internet, committed to surfacing and sharing the voices and conversations that define our new America. Our videos exemplify convergence culture, exploring topics that include music, sneakers, style, sports and pop culture through original shows and Complex News segments. Featuring your favorite celebrities, authoritative commentary, and a unique voice, our videos make culture pop.
Racks is the 🐐. Andre and racks need a podcast.
Taylor2828 they sure do
Facts
For the 3% reading this, i hope you become successful in everything you dream of and accomplish more than you had imagined. My dream is to become a successful African artiste
link ur work my girl one love (unconftional and romantic) one God th-cam.com/video/zXIc__WabwE/w-d-xo.html heres my ting anon music one love pacifism spread love n values my woman
bro i agree
thanks dawg you too
*flashback*
Racks to Emily: "My condo $4200 a month"
IRS: "interesting"
Real reason why he left😆
12:31 is when they actually start talking about what this video says.
oscar garcia thank u my guy
Always diversify the investments.
e!
That part
This guy should get audited pronto
Warren Buffet says otherwise.
"spend thousands of dollars to sit on a shelf" cmon bro you know collecting sneakers is a big part of the game as well
Hands down one of the best resellers in ny
This show keeps the rest of complex media channel honest
Lol you know first we feast is under complex media too, as well as other prominent channels with way more viewers than the flagship channel
@@splashyvandross5166 Who said anything about views?
😂😂 racks went ghost on the tax talk
Let face it Reseller lie on their tax... Just wait couple year, IRS is come on your ass and check on their bank account...
Great fucking life right?
Give this man a webseries !!
I bought dre frags when they came out for like $750 he is the goat!!
idk if ya know this, but as a Puerto Rican raised in NYC the N word is apart of our culture. Plus we Puerto Ricans recognize our African roots.
Facts, Hispanics are valid to say it.. we share the same struggle anyway.
For anyone in nyc it’s part of their culture
Cringe Lord not anyone.. a whiteboy will get slapped up for saying it
Dmoore914 damn what if ur Hispanic but ur skin color white
James Cipollone then no.. most likely they’re a spaniard which is white.. but sometimes its hard to tell
The IRS won't charge "sales tax" on the difference. They treat the amount PayPal reports an INCOME on a 1099. You have to treat it as a business and report deductions with a P/L and schedule C.
Correct. All of his profit counts as taxable gains. Whether he wants to report it as self-employed business income or personal income may vary but idk if he qualifies as "self-employed"
Lol. When someone comes along with life experience and knowledge and crushes the opinion
he qualifies as self employed if he has a high volume. Just be honest on taxes and you will be ok. Being self employed and being single is rough when it comes to taxes sadly.
It depends how much time you dedicate to reselling. If its your full time job its schedule C. If its something you do every now and then the net income is capital gains. The major difference is that Schedule C the tax rates are higher but you could deduct more expenses and if you take a loss (resell less that what you paid for it) you can take a loss on that. If its a cap gain you can't take a loss and you may not be able to deduct some expenses.
These two are my favorite. We need more of them!
15:10 Racks drops the goofy persona for 10 seconds and has a serious talk.
Andre is the best! I really enjoy these weekly chats
Copped those air max (mars) last week for retail, really feeling them yo, my first pair of air max ever.
Love these guys....more more more more more
Give this man a job already. He’s one of the OGz in the community and you can tell he’s a good dude. 🙏
one of the best series on complex
Are resllers really that bad? I mean people still buy streetwear at resell price so they can't be that bad
Resellers are just an economic byproduct of companies who release less product than people are willing to pay for said product. Same shit happens in watches, cars, art, even bottles of whiskey - literally anything that people collect. Streetwear is the only scene where these people cop shit, because nothing else is as popular, and people who were there before the boom now resent what was once their little-known (and more affordable) passion.
I'm a very casual streetwear observer and sneaker fan - but cars and watches are more my thing. I write about classic/collectible cars for a living, and have been into vintage steel sport watches since high school - just old enough to witness the boom in vintage rolex, just too young to be in the market before it went nuts. If you think streetwear resellers are bad: look into the aircooled Porsches, how R-chassis GT-Rs have tripled in value over the past five years (Thanks America) or the entire swiss watch industry.
Lil Gio - I don’t mind resellers in the general sense, but resellers who create a demand by limiting supply through copping as many pairs as they can via bots have a spot in hell. There’s no type of work ethic or decency in robbing people of a fair chance at limited releases by having bots scoop them all up for you while anyone trying to cop manually gets fucked over.
@@WutangFM truth! I don't mind resellers until they bring bots out. By all means if someone wins/buy fairly and they decide to resell i can respect that
@@GoodfellaNell !!!!! this right here it should be fair game
Lil Gio the problem is they try to buy the entire inventory and then re sell it all. If someone flips a few items who cares really.
Clicked instantly my favorite series to watch on TH-cam
I love these!!
Bro 9:03 is soooooo facts solestreet
Nike doing Air Max day as give back day because there shipments were late for the creator Air Maxes.
Best trio on complex no cap!
Don’t see why people hate resellers they just trying to eat also if their was no resellers and everyone had bought for personal then if you took a L no way you can get a pair don’t @ me tho
It's simple, people don't like to see other people eat. It's crazy, but it's true 😔
!!We all gotta eat
🍜🍜🍜🍜
If you Latino from NY you get a pass. 😆
I wish I had a backdoor plug...
GIVE HIM HIS OWN SHOW!!!
I love that even after Racks left, you can still see him through the glass lol
As a tax accountant I will tell you that what this dude is saying is wrong. He's confusing sales tax with income tax. The IRS doesn't care about sales tax that is not their concern. You are technically supposed to report any money you make reselling even if you get a 1099 or not. If you buy something for $5 and sell it for $6 you are technically supposed to report that $1 of income on your tax return. Basically any thing you sell above what you paid for it is taxable.
In the UK you have a tax free allowance of £10k, so surely in the US isnt there a limit of what you can make tax free?
@@DesertEagle101 Yes there is something similar in the US that subtracts your income by $12,000. However this income is subject to FICA tax as well (similar to national insurance in the UK) that you cannot subtract from and that is taxed at 15%.
Why Racks leave for the tax talk?
D WiLL state don’t needa ask for any money back
Polo bear gang
When racks is so confused with the Tom sachs overshoe
Love these kinda vids!
The threshold for Massachusetts and Vermont is $600 on p=PayPal
Bruh they NEVER thought us anything about starting your own company in school. 99% of the stuff I learned I don't need.
the total stock of the statue was either 50 or 500 cant remember which of the two.
IRS pays a visit to these dudes tomorrow for sure.
This edit is terrible..
Raks keeps coming and going ...
Damn nice video!!!
The Supreme Cupid is hot afff
LOL, Racks leaving on Taxes, lol. smart man.
Hes a personal shopper and collecter 😭😭
I would like to ask do I still need to declare tax even if I sell like 1-2 pairs of sneakers on stockx or in instagram per release? I'm using bank deposit cash out method. Thanks
Racks on top of Racks!
how much do "bodies" get paid to stand in line?
My fav reseller!!!
Complex
More like this
Dank
I'd rock the sneaker as a high top
Thanks for the tax info, been wondering that for a while because i need to sell my inventory and buy car for 13-15k cash but every dealer makes you sign form 8300.. so I don’t gotta pay taxes unless i reach the 20k mark.. cool. Thanks for the info!
That's not true. He is saying that paypal won't report you unless you make $20k. You are still technically supposed to report what you make above what you bought it for. If your inventory is worth $10k and you sell it for $15k you technically are suppposed to report $5k as income. The IRS probably won't find about it but you are still taking a risk.
OTL Volcanic- the car is deductible
Brian hmm alright. So i if dont have any deductibles or nothing, would they my whole 5k? My whole profit? Been wanting to ask these questions from anybody knowledgeable
OTL Volcanic- lol u always have
Deductibles. The box u used the tape used the gas u used , the self u bought to store the shoes etc lil thing add up
What if you dont have a Paypal business account, just a regular paypal to sell on ebay.
200 invoices and 20,000 is this combined on all platforms or individually??
Interesting to see how people define there life based off a company’s marketing strategy
Mr S it’s how they make a living
Can you deduct the cost of bribing store managers and security guards?
STRAIGHT UP i thought that horrible looking sneaker was a sneaker in a white plastic bag that you could faintly see through the white plastic bag and that he was going to pull it out at some point and show us what sneaker it was UNTIL my eyes tuned in to that god forsaken piece of shit sneaker that i cant even believe nike co signed, JESUS CHRIST the nike sneaker designers need to be tortured for all there fuck ups especially THAT ONE!!! WHAT WAS THEY ALL THINKING OR NOT THINKING WHEN THEY ALL LOOKED AT THAT SNEAKER WHEN IT WAS COMPLETED AND SAID "THATS DOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOPE!!!"
yo complex bring him back
They even let you take pictures and record at the Bowery location, I was surprised af lmfaoo
That airmax lite aint that bad
Yes yes yes more more more !!!!
People get so mad that rich people use tax shelters and yet here we are listening to this reseller talk about cheating the IRS as well.
Yo tony what’s this song at the end
So PayPal will send you a W2 if you sell 20,000 or 200 transactions(sales) is that yearly.? What if I sold 16,000 and did 180 transactions in one year what happens the next year does it pass over or does my account start from zero again.?
It should. Each w2 is only for 1 tax year.
Probably not a good idea getting tax advice from random ppl on TH-cam
Also wondering his as well as if this applies the same if you dont have paypal linked and your bank account instead
You already know I’m commuting tax fraud no cap 😤
diegogetsdinero as you should 🔥👌🏼👌🏼
yeezys sure as hell aint dead
That’s the guy who got beat up😂
He paid $1000 for fragment that’s a fucking deal
Ralph Outlet
Hi
I'll check him frfr
Get sole steaks on complex every week
Steals*
Racks took both shoes for his own collection
1
frozone got me like EEEEEEEEEEEEE
Sneaker plug!!
Complex plug lol
dre..holla i need a pair of fregs!!
Now this got changed because of Covid
I would never
Them mars boot are garbage
I feel the Asian dude be trying to downplay Dre and racks when talking about sneaKers. I feel it would be awkward if racks wasn’t there
Nike Air Max month is April lol 😂
No disrespect but racks is super obnoxious. couldn't watch more than 1min of him talking....
DB8 CLUB his dreads look like they smell like rotten seaweed
This show is interesting, but it needs to be edited better it's all over the place.
You don't even make videos... how do you know what good editing is?
@@MrTonyMui stupid ass response.
What’s Andres instagram
Thomas Suarez @solestreetsneakerco
I mean just because you're puerto rican doesn't mean you can use the N word
🗣💀
why Racks bully’s Tony like that? i’d be so heated if he was constantly talking over me or if they homie then fasho
Racks was baked AF in this episode.
what thgde
If you’re making any kind of decent money, just hire an accountant
These 3 just AINT it no 🧢
1st
I buy shoes like normal people...clearance
Lay off the n word 🤨 geesh
First
👎👎
1
First