"Net To Me" Price?

[cardia10]

This is the only forum I've been on that doesn't do "net to me" pricing. The seller paid sales tax when buying the item and now will pay income tax on sales over $600 combined in a year. It would be nice to not give fees away on top of all that sometimes.

[brew4eagle]

It's semantics to me.  If I like the item and the final cost is good then I'm in.

[Pudgelewis]

1 hour ago, brew4eagle said:

It's semantics to me.  If I like the item and the final cost is good then I'm in.

 

I agree. I doubt anyone saying it's a deal breaker would scoff at it if it were a set of ZX7s for "$400 net to me" (or anything else they're currently looking for at a huge deal) if there aren't any other red flags.

[nsxguy]

4 hours ago, cardia10 said:

This is the only forum I've been on that doesn't do "net to me" pricing. The seller paid sales tax when buying the item and now will pay income tax on sales over $600 combined in a year. It would be nice to not give fees away on top of all that sometimes.

 

Not familiar with other forums and I don't do a whole lot of BST either but why would/should a buyer be concerned with what the seller paid ?

 

And the 2nd part is simply not accurate. a) that's not how income tax works and b) I doubt there  a reporting vehicle for WRX to report sales here.

[nsxguy]

On 5/16/2023 at 2:54 PM, dfeldss said:

I generally can estimate shipping/fees so i try to just price accordingly. Definitely seems a bit slimy to try and "hook" people into buying.

 

However i will say, I just had a situation where i listed something $x Shipped and it turned out potential buyer was in Canada, so it was like $30 more bucks. Felt bad but i had to ask to meet in the middle on shipping or something in that suituation

 

I learned quickly to add "CONUS" (Continental US) to my (few) for sale ads. But if I'd gotten surprised as you did by selling to Canada, I'd re-negotiate the deal as well. I'm guessing international buyers and sellers are used to this sort of thing.

 

I generally post a shipped price as there's about $10 difference between my shipping to a nearby city and across the country.

 

And for a pricey item, say over $200 or so, the $10 isn't going to make a difference in my life.

[cardia10]

47 minutes ago, nsxguy said:

 

Not familiar with other forums and I don't do a whole lot of BST either but why would/should a buyer be concerned with what the seller paid ?

 

And the 2nd part is simply not accurate. a) that's not how income tax works and b) I doubt there  a reporting vehicle for WRX to report sales here.

As a buyer, you wouldn't care, but the seller does and they are the ones requesting the money. Also, that is now how income tax works on any online sales going through paypal, venmo or other online service for a combined $600. You can likely show a loss, but for high dollar items you may have gotten a deal on, if audited, you will need to show proof of purchase price as well as any other costs associated with the transfer of the goods. Golfwrx reports nothing but paypal has to.

[Pudgelewis]

56 minutes ago, nsxguy said:

 

Not familiar with other forums and I don't do a whole lot of BST either but why would/should a buyer be concerned with what the seller paid ?

 

And the 2nd part is simply not accurate. a) that's not how income tax works and b) I doubt there  a reporting vehicle for WRX to report sales here.

 

Paypal reports to the IRS once you reach the $600 threshold. It was previously $20k.

 

https://www.paypal.com/us/cshelp/article/will-paypal-report-my-sales-to-the-irs-help543

[nsxguy]

3 hours ago, Pudgelewis said:

 

Paypal reports to the IRS once you reach the $600 threshold. It was previously $20k.

 

https://www.paypal.com/us/cshelp/article/will-paypal-report-my-sales-to-the-irs-help543

 

Paypal. Good point. I could've phrased that better.

 

It's the "pay income tax" part that is not accurate. Having sales "income" reported on a 1099-K does not mean any taxes will be owed.

 

As I understand it, casual/personal sales won't be a problem, business sales will. Then again, business sales were always subject to reporting requirements vis-a-vis profits and losses.

 

The hobbyist golfer casually selling his used equipment won't be required to pay income tax on it. Exactly where the line is between personal and "running a business", I couldn't tell you.

 

But when doing one's income tax, one would report the personal sale(s) of item(s) on one line and then, on another line, declare the cost of the item(s) to be the same as the sale(s) netting a zero adjustment to gross annual income. i.e. no effect.

 

I supposed I should bring up that if one sells something, even a personal item, at a PROFIT, it needs to be reported and taxes paid on the profit.

 

And actually, having nothing to do with golf, that's brings up a point that I hadn't thought about before.

 

Right after covid hit and "nobody" was even venturing out of their homes if they didn't have to, the car dealers, bless their crooked hearts, were starving for business.

 

I used that to my advantage and bought a high powered sports sedan for well under sticker. And, as many of us know, the used car market has been NUTZ over the past 3 years and some very desirable cars are selling for crazy prices; mine included.

 

Now, I don't think I'll get more than I paid but it could be close, and IF I got more than I paid I would have to report it and possibly owe income tax on the profit.

 

And 2020 & up Corvette C8 owners ? Yikes. Some of them got their cars at sticker and turned right around and sold them for as much as $20K OVER sticker. Haven't heard a single word about it on the Corvette forums. I wonder if they some/many/all of them know ?