12-21-2021 06:39 AM
Looks like the small seller on ebay is now going to have that last nail in the coffin to stop selling on ebay. It used to be a great place to make some extra money, but I have been finally priced out. Overhead like, cost of item, fees, and the ultra high USPS postage changes over the last few years (price by area of the country, and the biggest scam of Christmas surcharge that starts OCT 1st of each year now, retired mailman here, NEVER have I delivered xmas mail in Oct or Nov!), makes a profit margin of only 10% not worth it,,,,even more so only to be taxed over 600.00 grass sales. zero money to be had anymore. Yes, just increase your price, most would say,,,,well after 22 years on ebay I know what prices people are willing to pay,,,,,an increased price is not part of the fix....
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12-23-2021 01:43 PM
so how do you roll the cost into the price of the item? If I sell an item for 10.00 and it is going to cost 12.50 priority mail to mail it, I can't up my selling cost when there are other sellers with the same item for 10.00. would you pay me 22.50 when you could easily get it for 10 bucks? I think not.
12-23-2021 01:46 PM
@glasqueene wrote:so how do you roll the cost into the price of the item? If I sell an item for 10.00 and it is going to cost 12.50 priority mail to mail it, I can't up my selling cost when there are other sellers with the same item for 10.00. would you pay me 22.50 when you could easily get it for 10 bucks? I think not.
It wouldn’t make sense to sell it anywhere, except in person.
12-23-2021 01:52 PM
@glasqueene wrote:so how do you roll the cost into the price of the item? If I sell an item for 10.00 and it is going to cost 12.50 priority mail to mail it, I can't up my selling cost when there are other sellers with the same item for 10.00. would you pay me 22.50 when you could easily get it for 10 bucks? I think not.
Are those other sellers selling that item for $10 shipped or is it $10 plus shipping?
I've run across that in my ebay biz. Individual computer keyboards and computer power supplies. Other sellers have let's say $10 shipped for a keyboard or a power supply. I can't compete with that. I don't know how they do it...
Stuff like that either gets grouped in one lot with multiples of the same item or it gets tore down and recycled. I haven't found any other way to handle that. Sounds like you are in the same predicament.
Mike
Firesteel Surplus
12-23-2021 01:53 PM
@glasqueene wrote:so how do you roll the cost into the price of the item? If I sell an item for 10.00 and it is going to cost 12.50 priority mail to mail it, I can't up my selling cost when there are other sellers with the same item for 10.00. would you pay me 22.50 when you could easily get it for 10 bucks? I think not.
If you're selling something for $10 and it is costing you $12.50 to ship it, your options are limited having the buyer pay S&H or upping you price to cover the S&H if you offer free shipping. Your business cannot survive long otherwise.
You need to take in all factors when pricing your goods. That includes all costs and even your profit margin. If the item cannot support being priced that way, you should probably find a different product to sell.
12-23-2021 02:01 PM
@wildpitchsports wrote:For example right now there are marketplaces for NFT's that work solely on wallet to wallet crypto transactions, with the web host taking a % of the sale. Basically like an eBay fee.
Difference is there's no SSN or as they call it KYC (Know Your Customer) verification, the only transaction log is on the blockchain that shows wallet to wallet. And someone can have an infinite amount of wallets, each with their own unique address unlike currently where everything is tied to a SSN or ITIN. If it's taken them 20 + years to catch up to online sales and 1099's linked to our SSN or ITIN - then odds are none of us will be alive when they figure out how to match a wallet ID to a person.
Any type of payment system other than cash under the table will leave a paper or electronic trail that the IRS could use. Even if using cash any type of receipt given would be a problem.
With regard to crypto currency being used, I'm pretty sure that the IRS would demand that taxes be paid with real money.
12-23-2021 05:06 PM
@farmalljr wrote:Bye! Good luck!
You have had over 100 sales a month for the last three months. This isn't a hobby, this isn't cleaning your closet. It's a business. People like you are the reason that congress passed the law. You are most likely not reporting the sales from eBay and where ever else you are selling. In turn not paying taxes on whatever would be due.
At the same time, you are suppressing market prices, because you are not accounting for overheads and expenses a regular, law abiding, business has to pay. Yes, change is coming. Yes there are a few crying about it like all internet commerce is going to suddenly stop or markets will crash. What WILL happen is markets will correct, and tax evaders will get pinched. It may be a little rocky at first, but this too shall pass. This will make a law abiding seller's business, BETTER.
Yes, it's going to get a LOT more complicated for criminals. I hope all of the people who have been evading taxes ILLEGALLY get pinched. I hope they all remove themselves from online selling. I say get a JOB if you need extra money and can't be bothered doing things legally. Everyone and their brother is hiring. Why the need to commit a criminal act (evading taxes), if you are just looking for some extra spending money?! Why is a person's first inclination to commit an illegal act, if they want to "earn" some extra money? Why take the bread out of the mouths of others who do what's right and proper, so YOU can make a few bucks?
"Oh! But the retirees, the single mom's, the disabled!". Don't care. My field of "F" 's is barren. If you want to earn money, do it legally and above board. "But they fund their hobbies by buying and selling!" Don't care. Do it legally.
I support ANYONE to start their own business. But do it right and above board. Doing anything shady, I hope they get slammed into a cell. Giving pity to anyone evading taxes, is to give pity to criminals. I don't care about their status, gender, religion, age, etc. A criminal is a criminal, and they should be treated to blind justice.
So when do you think the top 1% and the politicians in DC will do time for their evasion? When do you think people will wake up and realize they have been duped by DC? I want to know. A criminal is not a criminal when they have money. Not in this country.
12-23-2021 08:51 PM
I don’t know how long you have been selling sports cards but in the 1990’s it was common for dealers to sell boxes at shows for $10.00 per box below cost. The manufacturers and distributors allocated every product. Dealers in order to get the hot products also had to buy the duds. If they didn’t buy the duds they wouldn’t get the hot ones. The money they made on the hot products was more than they would lose on the duds.
Just because a dealer sells something below cost doesn’t mean it is stolen.
12-23-2021 09:17 PM
What the difference?
Item price is $10.00 and seller charges $12.50 for shipping for total cost $22.50 for the buyer or the seller offering the same item for $22.50 with free shipping?
Is the glass half full or half empty?
12-23-2021 09:19 PM
@dot341 wrote:
@farmalljr wrote:Bye! Good luck!
You have had over 100 sales a month for the last three months. This isn't a hobby, this isn't cleaning your closet. It's a business. People like you are the reason that congress passed the law. You are most likely not reporting the sales from eBay and where ever else you are selling. In turn not paying taxes on whatever would be due.
At the same time, you are suppressing market prices, because you are not accounting for overheads and expenses a regular, law abiding, business has to pay. Yes, change is coming. Yes there are a few crying about it like all internet commerce is going to suddenly stop or markets will crash. What WILL happen is markets will correct, and tax evaders will get pinched. It may be a little rocky at first, but this too shall pass. This will make a law abiding seller's business, BETTER.
Yes, it's going to get a LOT more complicated for criminals. I hope all of the people who have been evading taxes ILLEGALLY get pinched. I hope they all remove themselves from online selling. I say get a JOB if you need extra money and can't be bothered doing things legally. Everyone and their brother is hiring. Why the need to commit a criminal act (evading taxes), if you are just looking for some extra spending money?! Why is a person's first inclination to commit an illegal act, if they want to "earn" some extra money? Why take the bread out of the mouths of others who do what's right and proper, so YOU can make a few bucks?
"Oh! But the retirees, the single mom's, the disabled!". Don't care. My field of "F" 's is barren. If you want to earn money, do it legally and above board. "But they fund their hobbies by buying and selling!" Don't care. Do it legally.
I support ANYONE to start their own business. But do it right and above board. Doing anything shady, I hope they get slammed into a cell. Giving pity to anyone evading taxes, is to give pity to criminals. I don't care about their status, gender, religion, age, etc. A criminal is a criminal, and they should be treated to blind justice.
So when do you think the top 1% and the politicians in DC will do time for their evasion? When do you think people will wake up and realize they have been duped by DC? I want to know. A criminal is not a criminal when they have money. Not in this country.
When using the "quote" feature, make sure you make it clear which part is the quote and which part is your comment. On your post, I can't tell where the quote leaves off and your comments begin.
12-23-2021 10:44 PM
@wildpitchsports wrote:For example right now there are marketplaces for NFT's that work solely on wallet to wallet crypto transactions, with the web host taking a % of the sale. Basically like an eBay fee.
Difference is there's no SSN or as they call it KYC (Know Your Customer) verification, the only transaction log is on the blockchain that shows wallet to wallet. And someone can have an infinite amount of wallets, each with their own unique address unlike currently where everything is tied to a SSN or ITIN. If it's taken them 20 + years to catch up to online sales and 1099's linked to our SSN or ITIN - then odds are none of us will be alive when they figure out how to match a wallet ID to a person.
NFT's are a completely different thing and a rather newer marketplace to be sure. I have no answers as to what IRS will be doing with this specific industry, but likely they will catch up to them in short order.
12-23-2021 10:47 PM
@glasqueene wrote:so how do you roll the cost into the price of the item? If I sell an item for 10.00 and it is going to cost 12.50 priority mail to mail it, I can't up my selling cost when there are other sellers with the same item for 10.00. would you pay me 22.50 when you could easily get it for 10 bucks? I think not.
Why not? Or if you don't like how that looks, then sell it for $10 with a stated shipping of $15.00.
You aren't upping your selling costs, your selling costs ARE WHAT THEY ARE. If this is what you are facing, a bunch of $10 items that you can't even sell at a break even, it is likely you would be better off donating them to a charity and taking the write off on your taxes.
No seller is required to pay the buyer to buy their items or to give them away to anyone at cost. If what you sell isn't working for you, find something else.
12-23-2021 10:51 PM
Blanket statements are rarely true.
12-23-2021 10:55 PM
@theteamsetguy wrote:What the difference?
Item price is $10.00 and seller charges $12.50 for shipping for total cost $22.50 for the buyer or the seller offering the same item for $22.50 with free shipping?
Is the glass half full or half empty?
glasqueene appears to be picking up the shipping cost themselves when offering ''free shiping''.
Online selling is, in my opinion, not a viable business model for any item under $50.00 + Shipping
I sold for 15 years here on eBay and never listed an item under $59.95 [9.95 built in Free Ship] anything less as a business is not worth the effort JMHO
12-23-2021 10:58 PM
Read this eBay link for the 1099K $600 that so many keep posting about:
https://community.ebay.com/t5/Announcements/New-1099-K-tax-reporting-requirements/ba-p/32556521
Credit to stuff4divas for this link, very helpful and clears up some misconceptions and misunderstandings.
12-23-2021 11:00 PM
@downunder-61 wrote:
@theteamsetguy wrote:What the difference?
Item price is $10.00 and seller charges $12.50 for shipping for total cost $22.50 for the buyer or the seller offering the same item for $22.50 with free shipping?
Is the glass half full or half empty?
glasqueene appears to be picking up the shipping cost themselves when offering ''free shiping''.
Online selling is, in my opinion, not a viable business model for any item under $50.00 + Shipping
I sold for 15 years here on eBay and never listed an item under $59.95 [9.95 built in Free Ship] anything less as a business is not worth the effort JMHO
OH NO I'm in trouble. I've sold all kinds of things over the past 20+ years under $50. I am a profitable business and have been since my first maybe second year. I also never has used a flat shipping rate as my fluctuate by the weight of what I'm selling.