unknown pleasures

1 hour ago, chiefwahoo said:

That's the rub...you're not allowed to take any expenses for a hobby. And virtually nobody posting here is going to qualify under IRS regulations as a legit business as opposed to hobby loss/income criteria. We are stuck putting the whole damn amount as income and paying the taxes on it.  As someone mentioned, that's always been the rule anyway, we're now just being held accountable. Same thing with internet purchases. Before it was automatically taxes, who out there admitted on their state tax returns that they had made untaxed internet purchases and then ponied up the state tax due? Same concept.

 

 

 

This is a super important fact that I'm surprised no one else has brought up - there are two ways to report this income: as either hobby expenses or business expenses.

If it's hobby expenses it's super simple: you just add the 1099 to your Schedule A and you're done. It's income, you're not allowed to write anything off and that's that.

If it's business income, it goes on Schedule C and that's when you can start writing off cost of goods, fees, mailing supplies etc.

BUT if you ever get audited, the IRS is going to want proof that this is a legitimate, for-profit business and not just a "hobby" where you're selling off some extra records on eBay. If push came to shove, I think a lot of the casual sellers on VC would have trouble justifying their write-offs if online sales aren't their day job.

16 minutes ago, Derek™ said:

Congrats on doing what so many of us often daydream of.  $19K through PayPal is quite a summer hustle.

Q: What's the easiest way to make $19k selling records on eBay?

A: List $38k worth of records for half price.

1 hour ago, Derek™ said:

Holy shit.  Is the IRS just getting desperate to pinch pennies or what?  What a leap.

$600 has always been the threshold you were supposed to report income, it’s just now they’re enforcing it.

Like, legally you were even supposed to report a garage sale if it cleared $600 in the past but I’m sure almost no one did. 

16 minutes ago, Derek™ said:

I guess there's value in now logging / monitoring the cost of every record I buy, but... man, what an unnecessary headache.  And even if an audit occurs – slim as that chance may be – simply referring to a spreadsheet won't be enough.  I'm pretty good about saving e-mail receipts these days, but shit from 10+ years ago that I won on eBay?  Not so much.

Honestly, for a some people - especially those who are only selling close to the $600 limit - it will be easier to just not write off the costs and pay taxes on the full amount rather than trying to keep up with recording costs and risk getting in trouble with penalty interest, etc. on the rare chance you’re audited.

They do do random audits, still, and I don’t see the government paying less attention to income taxes going forward. Quite the opposite, as the very fact this change was made shows.

35 minutes ago, Tidal Wave said:

selling records is stressful

Seriously!

And don’t even get me started on the buyers from New Zealand…

2 hours ago, V3XED said:

Easy, you overlooked the main and obvious reason why it could never be the beatles.
Nobody is going to do serious answers

I was referencing the post literally just above mine which gave serious answers.

If we’re doing serious answers, how can it be anything but a Beatles album?

2 hours ago, TheWindBlower said:

I swear there was a guy on this messaging board years ago who said he bought 3 copies of every record: 1 to play, 1 to keep sealed and sell at the top of market value for himself, and 1 to keep sealed and sell at the top of market value to put toward his kids' college tuitions. It was almost definitely a troll account, but the concept of that is still hilarious to me.

I remember him and honestly didn’t think he was joking.

On 11/23/2021 at 2:06 PM, Jim Steele said:

Hi all.

 

I’ve recently moved into a new apartment, which has floor heating. I store my vinyl in IKEA Kallax shelves/cubes. I’ve noticed the records on the bottom row feel slightly warm to the touch. Definitely not hot, but still. Do you think this could actually damage the records?

 

I’ve tried to do some online research but all I found was a six-year-old discussion on Discogs, which basically came down to: don’t worry about it too much. 
 

Any ideas/insights are appreciated, so thanks in advance. 
 

 

If my records were stored somewhere that made them feel warm to the touch, I'd have moved them in less time than it took you to type this.

You don't mess with heat and vinyl, period.

1 hour ago, youspinmeround said:

Autobiographical 

Would make more sense than the way Other Music used to do it…

Yes sir: a semi-anonymous collective of crypto currency buyers wishing to transform ownership of this album into an NFT was obviously the next logical step in this record's journey...

https://www.rollingstone.com/music/music-features/wu-tang-nft-album-once-upon-time-shaolin-1244859/

1 hour ago, stl_ben said:

Vinyl is only a small fraction of Mondos branding.  It may be the focus in here, but overall its at best 10-15% of their revenue.

When you charge $300 for an action figure, it probably distorts the revenue breakout a little…

On 10/5/2021 at 11:33 AM, museummouth said:

Cool that they’ll use Eco vinyl and still charge $35-40 a release and $9 media mail shipping. How these guys have fell. 

The craziest thing is how these guys used to do vinyl as a fun little niche side project when they were releasing Maniac and stuff but now they’re pretty much a record shop that sells some expensive merch like tiki mugs and silk-screened posters on the side…

My guess is they had the best intentions to start but at some point in the project, they could see this wasn't going to turn out how they envisioned and instead of trying to make it right - or even just own up to their mistakes - they decided to just go with the subpar effort and hope no one would notice...

...but they obviously did.

9 hours ago, bgdesign said:

Now that's an exaggeration. The Stones milk more money from their fans than anyone.

At least in that case it’s actually the band and not their “estates”…

Still can’t believe how much material gets milked out of Nirvana, Sex Pistols and Joy Division when they were each around for so short a time.

Feel like there’s more box sets around for these bands than the Stones…

Ladies and Gentlemen… our shipping rates are floating in space.

13 minutes ago, ZeroNowhere said:

https://www.shoxop.com/products/melvins-live-stream-obscene-v-1-3-lp-set-bloodn-bone-edition

This one’s been up a while, these are usually instant sellouts.

Maybe that AmRep/Melvins magic is wearing off?!

14 hours ago, MyEnemy said:

How the fuck am I supposed to buy this. Idiot speak only, thanks.

Because these were only available in a box set, I doubt they came individually shrinkwrapped.

It also looks like they were only available in Europe where records are very rarely shrinkwrapped so it makes it even less likely they came this way “from the factory.”

Edit: There is one scenario where they could be brand new - sometimes record shops in the 70s/80s would special order imports and those would sometimes be put in shrink by the distro or even the shop themselves but in either case it wouldn’t be the factory or label applying it, it would be after the fact… but technically, they’d be “brand new in shrink.”

6 hours ago, Wasda Deelwifkramer said:

This was announced with all the other variants back in June.

Hadn’t noticed that - I just saw 20+ in stock so figured it was new. Maybe it was copies they held back…

Banquet's getting in on the action:

https://www.banquetrecords.com/angels-%26-airwaves/lifeforms/Rise485-7

17 minutes ago, morfiend said:

Still up, apparently fans aren’t as into acoustic Melvins.

Probably doesn’t help that they’re 10”s, the most hated of vinyl formats. 

5 hours ago, timsimmons said:

He does look swollen

Maybe his face is starting to match his ego?