One thing that I’ve seen is a lot of sales in the BST and fewer trades. Maybe it has been this way for a long time now. I was super active in the yoyonation days in the BST where we were practically trading our underwear. Wish those archives were still around, many of us having trade counts in the hundreds, some in the thousands.
The beauty of trading is getting to try out a ton of throws for basically the cost of shipping, it’s like the library of yoyos and we all have a membership. The problem lately is that all the books are checked out and very few people are swapping them out.
Not trying to change people’s minds, you got bills or a lack of interest and need to sell, go for it. I’ve done the same, but things are about to get tricky.
The new 1099k law will make you file taxes on anything over $600. They’ll be monitoring your PayPal, Venmo, cash app, etc …
Will we see a resurgence in trading? I hope so, because that is the only silver lining I can see here.
I’m right there with you re: YYN trading. Oh to be 16 and have a well-stocked trade thread on the BST. Once I’d invested in a few metals, I got to try out so many wacky yoyos while I was working just one or two days a week and going to school. I think most people (myself included, depending on the day) are too impatient to wait for the right trade to come along nowadays.
Under the American Rescue Plan Act, people who sell goods or services on platforms like Etsy, eBay and other sites that use third-party transaction networks – like PayPal, Cash App and Venmo – will be issued a tax form called a 1099-K for online sales totaling $600 or more starting next year.
Currently, online sellers only received these forms if they had at least 200 transactions worth a combined $20,000 or more.
I got into yoyo too late to ever see trading as a common thing, but thinking back to some yoyos I’ve just included for free with other stuff or just sold for stupidly cheap, it might’ve been a lot more fun to just trade them for anything that looked even remotely interesting.
About the tax thing if we’re being honest I think yoyo sales in general are going to be such a negligible amount of money overall that nobody will report. Even if you’ve got 1000-2000 dollars worth of sales, that’s just such a negligible amount of money. It’s going to just be an honor system thing that won’t be enforced except through extreme exceptions of people who actually do sales over PayPal as a career and are hitting that old 20k+ mark.
According to this article, it only applies to profits being made? Tax law is Greek to me though and I don’t know anything about anything.
Also, if you receive money from selling a personal item at a loss, you are not required to report the amount on your tax return. For example, if you purchased a dress for $100 and sold it for $50, the amount is not taxable.
Sounds like we will be sent forms by PayPal if more than $600 comes our way. I’ll likely just go the unsafe route of PayPal friends and family as a loophole, I’m not advocating it, but if that truly is a loophole I’m going that route. If they want to toss me in jail over yoyos, I’ll go, but I’m sure as hell not telling the inmates I’m their for yoyo fraud, lol.
You’re still going to get a 1099. Paypal doesn’t know or care if you are selling at a loss, and you will have to prove that to the IRS if that is what you claim.
I think we will see more F&F transactions than ever before - but this is where seller reputation is strongly going to come into play. But as of 1/1/2022 I will only accept F&F - I am not going to turn in income for selling a Hinemosu and 888, just sayin….
i was a drumbeating advocate for G&S until this nonsense. i still strongly recommend G&S where you don’t have a relationship, but there’s a good amount of people on here and elsewhere that have developed some very tight circles that trading and G&S prevalence will be more at the forefront… if they were not before.
Yeah you best believe I am not sending a PayPal payment to someone who drops in 8 years later and just happens to have some rare 888’s or Monkeys asking for F&F payments. But there have been many folks that I have dealt with that I feel comfortable completely sending a F&F payment to keep them from having a ridiculous 1099K they have to show as income on a tax return. People need to be cautious and Rep check much more frequently now. Then again some folks may not care about a 1099k - I for one do lol
