@invalid Did you read my post? Nobody wants to deal with the IRS. People don't want to have to show that they didn't make a profit on it. Many of them don't have a receipt for the original purchase and are afraid to be put on the spot, etc.
Has buying and/or selling audio gear changed?
Hi Everyone, I've been a longtime observer on Audiogon but this is my first post. I recently ran into a situation that was new to me as I've recently sold some of my gear and I'm in the process of replacing it. I've used the normal websites (Audiogon, US Audiomart, TMR, etc) and those transactions have been smooth without any issues. I normally use PP Goods and Services as well as insurance with shipping. However, I recently was on a website of a well-known individual in the industry who has a piece of equipment that was reasonable priced. No, it wasn't a "too good to be true" price but was in the ballpark of what one would expect. As we were ready to finalize the sale, he informed me that he only does PayPal F&F and he won't insure the product for shipping stating this is now the industry standard and it was non-negotiable. Is this the new standard and all my other recent transactions were non-typical because I used PP Goods & Services and made sure the shipping had insurance to try and provide some protection? I don't live close enough to buy the gear in person and I've bought and sold across the US and never had a problem but always used Goods and Services for peace of mind for the unexpected issue or problem. For the record, I'm only interested in conversation that is related to what the industry standard is, not the individual involved here. Let me know your thoughts.
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@carlsbad2 you always had to deal with them, there has always been a capital gains tax for this stuff, the only difference is a paper trail now. What is the difference? You would still have trouble if you put the money in the bank from a sale previously if audited. |
@invalid You’re right, it doesn’t make ANY difference - and many audiophiles are showing how poorly they understand the tax code. I’ll probably be over the 20K limit this year, but none of these transactions turned a profit, so at worst I’ll just be filling in a basis cost for all my sales. The crypto was much harder to work out (on the accounting side), when that hit. I don’t personally agree with railroading buyers into F&F payments. If I want something bad enough, sure I’ll take the risk and do it, but as a seller I do not require F&F payments. I always insure my shipments anyways. It’s bad seller etiquette to do otherwise. |
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