Hipstamp And The American Philatelic Society Announce Strategic Partnership

Historically, the dollar threshold was much higher but in the Democrat only (meaning zero Republicans voted for it) passed March 2021's American Rescue Plan the threshold was lowered to $600.00 for 1099-Ks beginning with the 2022 (1-1 through 12-31) tax year.

Now there is a bipartisan discussion to see if that amount can be altered or implementation delayed. I will not be holding my breath.

This change alone can utilize many of the proposed new 87,000 IRS enforcement agents for enforcement and auditing.

Now since HIP doesn't bother to comply with sales tax collection, will they care about 1099ks? I think not.

Edit: As always it will be the sellers, not HIP or the APS, holding the bag if there is an issue. Luckily HIP is so small it is not worth the IRS or various states' tax boards to bother with, YET. When that happens as I said in several threads, include one I started, it will no longer be cost effective for many, many sellers to bother record keeping and paying for accounting services for the listed 1099-K income. They will just add it in to the overall taxable income and overpay the taxes as it will be cheaper.

It has always been the responsibility of the seller to properly report and pay taxes on their income. It isn't anyone else's job.

The $600 1099-K reporting threshold is for third-party payment processors, e.g., PayPal, Venmo, Visa, Mastercard, etc. Wouldn't the APS have fallen under the auspices of 1099-MISC issuance requirements instead rather than 1099-K?

I don't believe the requiments and thresholds are the same.

As for prices, at least eBay auctions, there are now 1 or 2 bidders who don't seem to care how much they pay, just as long as they win the auction. I'm seeing some really crazy prices paid for things that I wouldn't even bid on, let alone for the prices they're getting. I've actually gotten a few good prices at aps store and on hipstamp stores at fixed prices, and even some ebay buyitnow items look ok, compared with some of these crazy auction outcomes.

For the APS sales circuits, the APS collected (and collects) the payments from buyers and sent (sends) total consolidated final payments to circuit sellers. They, the APS is the (a) third party processor.

Edit: This was written as a planned post directly following revenuecollector; but jamesg and his fine post scrambled that plan...




While I do not disagree in general with the theme of your post, lack of detail really hinders the point. One needs to see the items as you describe to see if there is a rational reason for the item to sell at a price you describe. There are many aspects which can drive the price up with specialists, reason that may escape your observation. Also there are other than philatelic reasons price maybe run up as many items have interest not restricted to philately.

There were four items I was following in the last two day which went into three figures for relatively common post card or tag usages. I would post them but don't wish to distract the thread. Remember it takes to crazies to run up the price. One crazy I can understand as crazy, but two crazies causes me, at least, to take a closer look.

I have even started threads asking why an item sold for some price unimaginable to me. I have yet to be not school in the reason and justification in the price at which it sold, for example the picture post card as a post card was quite valuable, far beyond any postal history value justification.

IMO shill bidding is alive and well. When I was collecting Russia, I participated in many an auction where the bidding quickly exceeded the full retail price at which you could acquire an identical or very similar item from Loral or similar.

However, I suppose that there are a number of buyers now that acquire exclusively on Ebay and are blissfully unaware of the fact that they are throwing their money away. If Ebay is your world and reference, it may all seem normal?

I found that bidding with firms on SAN like Old Louis who ships (shipped?) from Ukraine got me what I wanted at half the cost and with far more assurance of quality and accuracy in describing.

The irony is that one particular large Ebay seller of Russian material who is an APS dealer member was very open with me that he acquired his material from traditional auction houses such as Raritan and Cherrystone and simply flipped it to the Ebay rubes. There were items that I was interested in at Cherrystone that I saw on Ebay a month or so after the auction and they went for double the Cherrystone money. Pretty comical actually.

Dealers buying from auctions and flipping to collectors has been going on since far before eBay.

And?

Morning John and all,

No, I do not have a plan for APS to work with big E. Any plan for the APS working with any third party ecommerce site has to come from the APS.

However, the tax man is a factor to be considered whether one sells for themselves or uses an ecommerce site or auction house or dealer. Remember, the taxable amount of any sales proceeds is the amount of money received over and above the sellers cost of sales including what was originally paid for the item. The hidden issue is all the record keeping any seller is required to keep documenting these costs.

and

"The irony is that one particular large eBay seller of Russian material who is an APS dealer member was very open with me that he acquired his material from traditional auction houses such as Raritan and Cherrystone and simply flipped it to the eBay rubes."

I was just saying there is nothing new about this.

Eye - Yes, nothing new. It surprises me still because times have changed, and everybody is able to participate in the same auctions if they so choose and research sales to their hearts content. In other words, in the "new" world of information overload (internet) if you want a certain stamp, you are not restricted to Ebay and paying double. Unless of course, Ebay is the only pool you play in which is ironic since you will be swimming pre-internet style. For me this is a .

Some people aren't willing to put in the time/effort to search like you do.

My search shows no listings at all.

That is a 100% clearance rate so far. Way to go APS!

There are 5 items there now.

Going well isn't it? Still in test mode. No more membership fees from me APS.