Weird reverb seller

[Metalhex]

I'd act like they got the wrong number

 

[Beyond Black]

You must have your number listed somewhere in your account, (if you have one). If it was a dealer, they have access to more info than private sellers. Often times, they'll send you offers, as they know who's watching their items. It's happened to me several times, (though never through text). Legit dealers will often times lead you to their website to save tax. I've bought several items that way. Better deal, and tax free, fuck yeah, I'm in.

It's no scam, I can assure you.

This. I’d feel them out and see what kind of deal they’re talking. In the case of a purchase, use PayPal and you’re covered.

 

[Rick Lee]

I bought my Marshall Silver Jubilee outside of eBay, but that's where I found it. I can't remember how the seller and I got our emails/phone numbers to each other through eBay's messaging system, but we agreed on a cash deal in a parking lot with each of us driving about two hours to get there. Worked perfectly, but we were both on the same page from the beginning.

 

[mooncobra]

You must have your number listed somewhere in your account, (if you have one). If it was a dealer, they have access to more info than private sellers. Often times, they'll send you offers, as they know who's watching their items. It's happened to me several times, (though never through text). Legit dealers will often times lead you to their website to save tax. I've bought several items that way. Better deal, and tax free, fuck yeah, I'm in.

It's no scam, I can assure you.

My number isn’t listed on my reverb account.

 

[Meanjoegreene]

That’s why it’s so frustrating when companies, websites, even PCs want you to link every bit of info. Incentives for signing on thru other platforms and shit. I can’t stand it and try to give the least amount of info possible. These entities don’t need 90% of the info they try to get.

 

[Samhain]

I bought my Marshall Silver Jubilee outside of eBay, but that's where I found it. I can't remember how the seller and I got our emails/phone numbers to each other through eBay's messaging system, but we agreed on a cash deal in a parking lot with each of us driving about two hours to get there. Worked perfectly, but we were both on the same page from the beginning.

Ive circumvented ebay before its not hard.
We traded emails.

 

[scottosan]

I’d also expect more of this stuff. On reverb. eBay. And here. In 2022 any credit card transaction over $600 or $600 total in the account will trigger a 1099k. That goes to the irs and you will have to pay tax on that.

So you sell a les Paul for 2k. Someone uses PayPal regular with their credit card. Then you get a 1099k and the irs thinks you have 2000 in income. It’s up to you to prove you actually paid 1800 and it’s only 200 of income OR you may have paid 3k and lost money.

Remember to keep receipts and also the tax you paid and the shipping fees. This will count towards your cost in the item.

What might also get really weird and bad is now this goes to the irs but if states get involved they will track you down for collecting sales tax per the state sold and then reporting and paying it. So now personal transactions are taxed on both sides. They will tell you these have always been the rules.

So cash transactions, certified checks, or regular checks is where we are all going to end up. But don’t forget that the irs wants to track your bank account on transactions over $600 which is now changed to maybe $10,000 but that’s cumulative. Money in and out. So basically everyone.

You don’t necessarily have to pay tax on the 1099k. Sales tax is covered within reverb and taxes are only assessed on the profits, not the sale amount some people take a loss, especially if you bought new and are selling used

 

[Cap217]

You don’t necessarily have to pay tax on the 1099k. Sales tax is covered within reverb and taxes are only assessed on the profits, not the sale amount some people take a loss, especially if you bought new and are selling used

I’m talking about off reverb. It’s going to get to the point if I sell you an amp here and you used PayPal credit card, they expect you to report it and pay the state tax or me to collect and pay. Not yet but we will be there.

And a 1099k is not a tax bill but you have to prove basis in what you sold. Who here has all the documentation to prove basis? It’s turning a hobby of ours into a business and paperwork.

 

[scottosan]

I’m talking about off reverb. It’s going to get to the point if I sell you an amp here and you used PayPal credit card, they expect you to report it and pay the state tax or me to collect and pay. Not yet but we will be there.

And a 1099k is not a tax bill but you have to prove basis in what you sold. Who here has all the documentation to prove basis? It’s turning a hobby of ours into a business and paperwork.

I see it differently. You have hobbyist and flippers selling for the same prices as legitimate business yet the business has far more overhead. It’s killing small business since they can’t work the loopholes. If it is a hobby then there will likely be minimal tax implication since the tax burden is of the profit and not the sale price as Reverb collects that on your behalf

 

[Cap217]

I see it differently. You have hobbyist and flippers selling for the same prices as legitimate business yet the business has far more overhead. It’s killing small business since they can’t work the loopholes. If it is a hobby then there will likely be minimal tax implication since the tax burden is of the profit and not the sale price as Reverb collects that on your behalf

Let’s make this simple For this discussion. Ignore state taxes for now. And assume you are only selling on reverb.

I sell 100, $100 pedal for $10,000 in sales for the year. If I sell 2, 5,000 guitars for $10,000 in sales.

I get a 1099k from reverb for $10,000. That is also reported to the irs. Irs expects you to pay income tax on 10k. We all know there is a cost basis and maybe I made $10 per pedal for $1,000 profit. But how does the irs know this? You have to prove that. Lets assume nobody pays tax but one day they are audited. Now what? Irs asks for proof of purchase and all costs involved.

 

[scottosan]

Let’s make this simple For this discussion. Ignore state taxes for now. And assume you are only selling on reverb.

I sell 100, $100 pedal for $10,000 in sales for the year. If I sell 2, 5,000 guitars for $10,000 in sales.

I get a 1099k from reverb for $10,000. That is also reported to the irs. Irs expects you to pay income tax on 10k. We all know there is a cost basis and maybe I made $10 per pedal for $1,000 profit. But how does the irs know this? You have to prove that. Lets assume nobody pays tax but one day they are audited. Now what? Irs asks for proof of purchase and all costs involved.

Then you don’t have to pay anything under your scenario. It’s $20k AND 200 transactions. That is beyond any personal or hobbyist sales.

https://www.irs.gov/businesses/understanding-your-form-1099-k

 

[ZEEGLER]

F dat.
Got fast food @ new chicken place lastnite. Brand new. 1st time there.
Chick at the drive thru window had my credit card almost 5 minutes after i handed it to her.
Instead of swiping it & handing it right back she took it & disappeared for almost 5 minutes.
Then acted like nothing happened when i demanded it back.
I pulled over and went inside, got the manager & busted her ass.
Not once did the drive thru employee dispute my accusations, nor did any employees.
Also nobody in the store said anything like "she wouldn't do that".
Manager said to the scammer "im done with you".
Called my wife & reported the cards stolen.
Things are shitty all over.

My CC never leaves my hand. When using a drive thru I just use tap and pay for my purchase at the window.

 

[Samhain]

My CC never leaves my hand. When using a drive thru I just use tap and pay for my purchase at the window.

I don't know what that is lol.
Old fogey alert.

 

[Mailman1971]

I called a place that never called before for a question.
Swear to god they answered ‘hi Dan!’

I was seriously’ thinking what in the fuck?!?’
Info being slung out their like public property’

Not cool. Ready to remove myself from the GRID. cash only.
But what’s to stop them from watching cash withdrawals from a ATM?

 

[Cap217]

Then you don’t have to pay anything under your scenario. It’s $20k AND 200 transactions. That is beyond any personal or hobbyist sales.

https://www.irs.gov/businesses/understanding-your-form-1099-k

What you are showing me are the current irs rules. I am talking about what is happening in 2022.

Currently 20k and or 200 transactions generates a 1099k. In 2022 anything that Over $600 total. So 2 $301 transactions will generate a 1099k.

Are we discussing the same thing?

 

[ZEEGLER]

I don't know what that is lol.
Old fogey alert.

LOL. So, the card has a chip in it, and you just hold it close to the debit machine and it processes your payment like that.

 

[Bxlxaxkxe]

They won't be able to pull money with a debit card unless they know the PIN. But, not impossible.

My wife is working out of state for a short time...she had her card info (Debit) stolen. They used it over 3 days and charged 3 separate $600 charges to Fanduel.com.....over last weekend. So, come Monday morning we called the bank and reported this and by Wednesday all funds were returned. Plus, which I find hilarious, they won 600 in betting so that also was added to our account.
All in all we ended up making a nice profit on the deal.
But from now on until she's done her new card (old one obviously canceled) isn't to be used...cash only.

That's the best thing I've ever heard Tom. Good for you ha!

 

[Samhain]

What you are showing me are the current irs rules. I am talking about what is happening in 2022.

Currently 20k and or 200 transactions generates a 1099k. In 2022 anything that Over $600 total. So 2 $301 transactions will generate a 1099k.

Are we discussing the same thing?

If you deposit or withdrawal $10,000 or more cash or wire from any bank account the Department of Homeland Security wants to know who its from & where its going and your bank has to notify {since 911 W. Bush} HLS with paperwork you have to sign so this notion of Reverb "invading your privacy or tax status" is bogus. If anything they're behind the curve about 20 years.
And Capital gains tax has been around in some form since before the Roman Empire.

 

[Spaceboy]

There's so many ways to find someone's phone number with some basic information. He could have sleuthed it out, which is absolutely creepy. I can definitely see why he would be more wiling to work on pricing outside of Reverb and avoid all those fees though. I would definitely ask how he got your number for your knowledge. I wouldn't act turned off by it, but remain friendly and like you're interested in making the deal. It would be worth the effort for you to know how your information was found.

 

[Spaceboy]

Unrelated, but this reminded me that eBay used to give out people's personal phone numbers. I was a teenager in the early 00s and sold video game based items on eBay. These digital items disappeared if you didn't follow the instructions precisely, and some dude apparently failed to read. eBay's policy back then to resolve disputes was to give out personal contact information. This dude called my home, my mother answered who knew nothing about my eBay dealings, the dude was apparently overly rude and she loudly laughed at him for being a grown man on a video game getting "scammed" by a kid. I was banned from eBay since I was under 18, but it was totally worth it.