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Everything posted by ntslash
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PO: Mark Lanegan - Straight Songs of Sorrow
ntslash replied to axisrecapital's topic in Vinyl Collective Message Board
Very sad news. "What about Mark Lanegan?" has always been my go-to response when someone says that Eddie Vedder is the only one left from the glory days of grunge. Now I don't know what I'll say. -
PO: Rip Room - Alight and Resound
ntslash replied to spartanrecords's topic in Vinyl Collective Message Board
This song really rips. I pre-ordered the Heat Death variant. Thanks for posting! -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
$50 sale price = $50 in revenue $31 original purchase price + $10.50 seller fees + $5 shipping costs + $2 packaging + $4.50 mileage write-off for trip to post office = $53 expense Looks like a $3 loss to me! -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
I don't know. Just change your handle to Derek's Record Shop and call it all business income! -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
That's a great question and one that's probably open to interpretation. My answer would be: what's your primary motivation for most of your sales? If it's profit, then it's business income. If it isn't for profit, then it's not business income. -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
Simple answer: You can't deduct expenses associated with your hobby. But you don't have to pay self-employment tax on the income, so that's a plus. -
PO: Jerry Cantrell - Brighten
ntslash replied to ZeroNowhere's topic in Vinyl Collective Message Board
Yup, waiting for your preorder sucks. I have to wait 5 months for a new couch and 7 months for a new car right now. And I have to wait another month or so for a Jerry Cantrell record. Fortunately, I have another place to sit, another car to drive, and tons of other records to listen to. Not to mention I can stream this album as much as I want for $10 a month. Meanwhile, there are millions of kids who have no idea when they are getting their next meal. But not knowing when my Jerry Cantrell album is going to ship is brutal. -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
Here is a simple test: if you are selling to make a profit, report as business income. If you are selling to clear shelf space for more new records, report as personal income. If you wait in line for 6 hours at RSD and buy 25 titles to flip for a 50% profit, you can make a clear business case. If you sold a copy of Rumors that you listened to 75 times over the years for $20 so you could buy something else for your collection, then that's not business income and you probably shouldn't write off the $8 you spent on the record. -
PO: Stabbing Westward - Chasing Ghosts (03/18/22)
ntslash replied to keoki's topic in Vinyl Collective Message Board
A bit pricey, but an insta-order for me! -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
The IRS is everywhere! -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
You should probably delete this post. If the IRS sees this, you will owe the government money. You can't sell 10k worth of stuff without paying any taxes on it. At least not legally. The new law doesn't mean you now have to pay taxes on these sales. This has always been the case. The new law just changes the requirements for companies like PayPal and Venmo in terms of who gets a 1099 and how they have to report things. -
PO: The Weeknd - Dawn FM (ships April 29th)
ntslash replied to vasdenyas's topic in Vinyl Collective Message Board
According to the Target app, these are the items similar to this product: Bounty Paper Towels Bananas Charmin Ultra Soft Toilet Paper -
Selling records and the new tax law
ntslash replied to LIGMA_BALLZ's topic in Vinyl Collective Message Board
Yes, they will put the net amount they paid to you on the 1099 form.