I'm a little perplexed/surprised by TMR and who sells to them.....

What about avoiding the 1099 that now is issued by Paypal for every item you sell where payment was handled by them from the buyer? Do you still see a 1099?  It's not fun when you are selling gear via Paypal that you paid for in the first place but for which you have no proof of purchase price.

You just need to know your basis cost (including transaction costs) and approximate purchase date. I don't know how others do this hobby, but I'm in the red for every component I turnover so it's simple matter of recording the lines for your "loss, no net profit" on your taxes. Had to finally deal with a PayPal 1099K from last year, and will again this year. A little hassle, but not too hard, and impacted my return 0 dollars. What was hard was deadling with crypto trades for 3 or 4 tax years. Even just a few trades can generate a LOT of transactions at slightly different basis costs. Then you have to do the accounting consistently from year to year (FIFO, LIFO etc). Short term versus long-term cap gains. Ugh, never again. Some people also got into very ugly scenarios specifically on coin trades - liable to a huge tax bill that you never harvested the paper gains for, then the market crashes and you're screwed. Anyways, the Paypal 1099 is easy. I kind of wince when a seller says "no PayaPal G&S because of taxes". I don't do that. 

OK, what's their idea of top dollar? It's 25% to 30% of MSRP minus more $ for blemishes that lower value. I know. I called them. 

Depending on item, that's not toooo far off market prices sometimes. Sometimes it's really hard to sell an item for more than that - especially once it's 10 - 15+ years old and superseded by newer versions. The "at least 50% MSRP on anything used" days are long gone, if they ever existed. For a new "hot" item, yes 25-30% is an awful lowball (very low). And sure, TMR does turn around and charge on the very top end of market, and then some. I was wondering if you might get a better "deal" on trades, but never tried. 

Ummm... So, Mulveling, you have a CPA who accepts your word for the fact that you lost money on a sale the proceeds from which were reported as a 1099K via Paypal? Yes, that is the case for me too, that I sell for less than I paid, but unless I can prove it with receipts my accountant won't report it that way.

Can someone divulge the translation of the acronym, TMR?  Or is that Too Much Response? I never heard of that business, whatever it is.

TMR

The Music Room

@lewm - The Music Room 

I was the first H&R Block client who claimed eBay income (1997 or 1998) per H&R Block.

They made numerous calls while I was there checking out the specifics of my spread sheets showing costs of goods, S/H and selling prices (I did not charge sales tax for in-state sales as that was not a requirement @ the time). 

I pointed out to them that I had not taken out a DBA, which I assumed  was required to itemize profit/loss, but they said that it was not needed (it was, IMO but as they were willing to sign off on it I went forward with them).

This is the only time I have ever fudged anything in my life and it still haunts me.

DeKay