Stamp Community Family of Web Sites
Thousands of stamps, consistently graded, competitively priced and hundreds of in-depth blog posts to read
Stamp Community Forum
 
Username:
Password:
Save Password
Forgot your Password?

Welcome Guest! Need help? Got a question? Inherit some stamps?
Our stamp forum is completely free! Register Now!

Hipstamp And The American Philatelic Society Announce Strategic Partnership

Previous Page | Next Page    
 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 199 / Views: 10,272Next Topic
Page: of 14
Pillar Of The Community
United States
1621 Posts
Posted 12/03/2022   3:19 pm  Show Profile Bookmark this reply Add Parcelpostguy to your friends list  Get a Link to this Reply

Quote:
Historically, I don't believe the APS has issued Forms 1099 to its sellers (at least I never received one, although my sales may never have been high enough to trigger one)


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.
Send note to Staff  Go to Top of Page
Edited by Parcelpostguy - 12/03/2022 3:27 pm
Pillar Of The Community
United States
539 Posts
Posted 12/03/2022   3:25 pm  Show Profile Bookmark this reply Add Cephus to your friends list  Get a Link to this Reply

Quote:
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.


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.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
United States
5634 Posts
Posted 12/03/2022   3:28 pm  Show Profile Check revenuecollector's eBay Listings Bookmark this reply Add revenuecollector to your friends list  Get a Link to this Reply

Quote:
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.


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.
Send note to Staff  Go to Top of Page
Edited by revenuecollector - 12/03/2022 3:29 pm
Valued Member
United States
277 Posts
Posted 12/03/2022   3:31 pm  Show Profile Check jamesg's eBay Listings Bookmark this reply Add jamesg to your friends list  Get a Link to this Reply
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.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
1621 Posts
Posted 12/03/2022   3:35 pm  Show Profile Bookmark this reply Add Parcelpostguy to your friends list  Get a Link to this Reply
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...


Quote:
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.


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.
Send note to Staff  Go to Top of Page
Edited by Parcelpostguy - 12/03/2022 3:55 pm
Pillar Of The Community
Learn More...
9482 Posts
Posted 12/03/2022   4:39 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply

Quote:
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.


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.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
3157 Posts
Posted 12/03/2022   7:14 pm  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
Dealers buying from auctions and flipping to collectors has been going on since far before eBay.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
9482 Posts
Posted 12/03/2022   7:45 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply

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


And?
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
599 Posts
Posted 12/04/2022   09:50 am  Show Profile Bookmark this reply Add hoosierboy to your friends list  Get a Link to this Reply
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.


Send note to Staff  Go to Top of Page
Edited by hoosierboy - 12/04/2022 09:53 am
Pillar Of The Community
United States
3157 Posts
Posted 12/04/2022   9:23 pm  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
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.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
9482 Posts
Posted 12/04/2022   9:30 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
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 .
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
3157 Posts
Posted 12/04/2022   10:38 pm  Show Profile Check eyeonwall's eBay Listings Bookmark this reply Add eyeonwall to your friends list  Get a Link to this Reply
Some people aren't willing to put in the time/effort to search like you do.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Australia
2021 Posts
Posted 12/04/2022   11:02 pm  Show Profile Check jubilee's eBay Listings Bookmark this reply Add jubilee to your friends list  Get a Link to this Reply
My search shows no listings at all.


Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
Australia
560 Posts
Posted 12/05/2022   11:35 pm  Show Profile Bookmark this reply Add Plateflaw to your friends list  Get a Link to this Reply

Quote:
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.

Send note to Staff  Go to Top of Page
Pillar Of The Community
Australia
2021 Posts
Posted 12/06/2022   08:39 am  Show Profile Check jubilee's eBay Listings Bookmark this reply Add jubilee to your friends list  Get a Link to this Reply
Going well isn't it? Still in test mode. No more membership fees from me APS.
Send note to Staff  Go to Top of Page
Page: of 14 Previous TopicReplies: 199 / Views: 10,272Next Topic  
Previous Page | Next Page
 
To participate in the forum you must log in or register.


Go to Top of Page
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Stamp Community assumes no liability for errors. Copyright 2005 - 2023 Stamp Community Family - All rights reserved worldwide. Use of any images or content on this website without prior written permission of Stamp Community or the original lender is strictly prohibited.
Privacy Policy / Terms of Use    Advertise Here
Stamp Community Forum © 2007 - 2023 Stamp Community Forums
It took 0.27 seconds to lick this stamp. Powered By: Snitz Forums 2000 Version 3.4.05