My only regrets in magic have been the cards I’ve sold, they keep climbing in value. Though, once I sold a bunch and bought a tent trailer and took the kids to Yellowstone - so those memories are priceless. I didnt think the game would last this long, but now that it has I see the cards I do have as rare small art collectables. Everyone has their time where selling is a reasonable option, but all this knowledge you’ve gained about the cards may make you spot some great deals in the future and make some targeted investments that other people couldn’t have seen.
From the thought process of someone that buys & sells cards frequently: If you made "gains" on the cards - Don't worry about it. It's always better to get your money and get out when you can versus being left holding them and hoping to squeeze out more.
@@ZeroIsEven For me, the problem was the risk factor - something that made me deeply uncomfortable and I'm just a collector anyway - not an investor. Some of the cards I posted went up, some down. But trying to play that market would drive me crazy so I let it be what it is.
Not selecting APO is kind of a 'f you' to Soldiers, since they're given an APO address to use when stationed overseas. But also, can't think of many that should be buying Alpha White Knight's for cost, so maybe it's a good thing.
So at the time this video was being uploaded, i ate 2gs of shrooms, 6 hours later this is the first thing i see on reddit, meanwhile in just hour ive lived countless lives and watched entire civilizations rise and fall.....i only felt the need to post this because ive already posted it
Well, after a certain number/value of stuff sold, ebay sends you a form - a 1099 or something. Then you just account for that when you do taxes. That's the gist.
Check with a CPA - this is not legal tax advice: If you sell over $5000 you should be getting a 1099k. You have to report that as income to the IRS and pay taxes on it. Actually, you are supposed to report all income from sales to the IRS, even if it is below that $5000 threshold. A general rule of thumb for sellers/resellers is to put about 25-30% of all money you make from selling online into a savings account and hold it for taxes. Your CPA will advise if you should be paying quarterly. There are many videos out there that go over basic info you should be keeping track of, and common deductions you can take. Hope that helps.
My only regrets in magic have been the cards I’ve sold, they keep climbing in value. Though, once I sold a bunch and bought a tent trailer and took the kids to Yellowstone - so those memories are priceless. I didnt think the game would last this long, but now that it has I see the cards I do have as rare small art collectables. Everyone has their time where selling is a reasonable option, but all this knowledge you’ve gained about the cards may make you spot some great deals in the future and make some targeted investments that other people couldn’t have seen.
From the thought process of someone that buys & sells cards frequently: If you made "gains" on the cards - Don't worry about it. It's always better to get your money and get out when you can versus being left holding them and hoping to squeeze out more.
@@pailofawesome I guess I’m mostly a collector now. I actually want the cards, but if I need money again they are a potential resource.
@@ZeroIsEven For me, the problem was the risk factor - something that made me deeply uncomfortable and I'm just a collector anyway - not an investor. Some of the cards I posted went up, some down. But trying to play that market would drive me crazy so I let it be what it is.
Great video, thanks for all the details!
Happy to help :)
Not selecting APO is kind of a 'f you' to Soldiers, since they're given an APO address to use when stationed overseas. But also, can't think of many that should be buying Alpha White Knight's for cost, so maybe it's a good thing.
Those are EXCLUDED locations. When I disabled it, it ALLOWS shipping to APO :)
So at the time this video was being uploaded, i ate 2gs of shrooms, 6 hours later this is the first thing i see on reddit, meanwhile in just hour ive lived countless lives and watched entire civilizations rise and fall.....i only felt the need to post this because ive already posted it
Do you have more information about the US tax process? This has been my biggest "ill do it later" concern. thank you for rad video
Well, after a certain number/value of stuff sold, ebay sends you a form - a 1099 or something. Then you just account for that when you do taxes. That's the gist.
Check with a CPA - this is not legal tax advice:
If you sell over $5000 you should be getting a 1099k. You have to report that as income to the IRS and pay taxes on it. Actually, you are supposed to report all income from sales to the IRS, even if it is below that $5000 threshold. A general rule of thumb for sellers/resellers is to put about 25-30% of all money you make from selling online into a savings account and hold it for taxes. Your CPA will advise if you should be paying quarterly. There are many videos out there that go over basic info you should be keeping track of, and common deductions you can take. Hope that helps.
Awesome video!
Thank you! I wanted this to be the video that I wish I had when I was starting out.