it's really none of my business but Spelunk if you are reporting the sales how does that work? say it's 50k but you do consignment it's not really all YOUR income
Did any strutteurs actually win anything. I got one thing. Not that expensive either.
7 wins. not big ticket but all of them at a better price than I would have paid elsewhere. I think some things got overlooked in the excitement over some of the bigger ticket items. that and my collection is still in the growing stage so I may not have had a lot of things the rest of you have had for awhile
The 35 "cheapo" records I had been watching went for an average of $110, ranging from a $10.50 Baya jazz LP to $219 for Bill Mason. I'd be surprised if this auction generated under $50k.
What's nuts is that 1/5th of that was based on just the top two LPs alone.
In regards to the taxation: it's not that complicated because his ledger would keep track of what profit he's keeping for himself and what he's paying out to his consignee (who in turn, would be required to report that income). It's pretty straightforward (even if the paperwork, I'm sure, is a pain in the ass).
That "Panama" 45 by Roy Porter is an early (and MUCH harder version) of the best track from the LP. Shit is rare as all hell here in LA. Roy had no real distribution on these at the time and was kind of a wreck.
Stuff like Roy Porter 7", Nathan Davis If album, and one could argue even Verocai sold for double what they would normally sell for!!!
People just got caught up in the frenzy of a mega sale of rare shit I guess. Well presented and put together sale though, always helps raise the price to top dollar.
Maybe I need to out all my records and retire to Spain, or the South Of France in the next few years....LOL!
how much did puff,funkenstein,rayhiscourt and verocai end at exactly
Verocai - $5,100
Funkenstein - $4,060
Captain Puff - $1,575
Ray and His Court - $1,075
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Also:
Roy Porter Panama 7" - $622
Reflection in The Sea of Nurnen - $547
Many records on the $50 - $100 path that I still think are bargains. That Larry Douglas Alltet for starters...that will be a $300 record in the upcoming years. Carlos Garnett still quiet...I can't decide between watching these auctions or the Chicago game :D
Havent listened to that larry douglas for ages but i remember thinking it was pretty tacky jazz funk, what makes this so special? That rare?
i know right.....its like watching the nba draft but so much better.
get that dough gentlemen!!!
Thanks, T**y!
I watched about half of the auctions end and it felt like the first day of March Madness would if every game was staggered to end two minutes apart and likely to include a ridiculous buzzer beater. Big shout to snipers for keeping it interesting.
I wonder if Mr. Africa can estimate what he might have paid for all the records in the purge BITD?
I think I'm going to have to figure that out, as well as how to document it, for tax purposes.
I don't regularly sell records and I owned everything for at least five years, so my instinct is that the proceeds from the sale should be treated as capital gains rather than ordinary income. Unfortunately, for most of the records I don't think I have any records to support what I paid for them or when.
It might not matter what you paid - especially if there's no paper trail. Get an appraisal done based on title/condition and anything over that treat as capital gains.*
*I reserve the right to be totally wrong about this.
It absolutely matters what he paid. All an appraisal will tell you is what they are worth now..which is likely pretty close to what they sold for! Not useful for income purposes.
Although the lack of paper trail is problematic. You're probably just as well off to use your best guess about what you paid for them. I am not familiar enough with US tax law to say what qualifies as a capital gain, but it sounds like that may be an option as far as how to characterize the profits.
So after ebay/paypal fees and commission you looking at something like 30k? those are some real world moves right there. congrats.
HarveyCanal"a distraction from my main thesis." 13,234 Posts
That may very well be the Nathan Davis If Lp I found in a free bin at Waterloo Records here in Austin. I can't remember what I sold it to the seller for, but it wasn't $600+, that's for sure. Way to flip it like that!
It absolutely matters what he paid. All an appraisal will tell you is what they are worth now..which is likely pretty close to what they sold for! Not useful for income purposes.
Right - but knowing Matthew, some of these might well have been purchased for $3 in 1994 or some such. Whereas if he could have it appraised at, say, $150 - and it sold for $228 - that's much less liability.
Edit: I'm not sure how the time element figures into this. I know I can't write off last year's purchases as this year's, even if I only got around to selling them this year, but my situation is obviously different.
It absolutely matters what he paid. All an appraisal will tell you is what they are worth now..which is likely pretty close to what they sold for! Not useful for income purposes.
Right - but knowing Matthew, some of these might well have been purchased for $3 in 1994 or some such. Whereas if he could have it appraised at, say, $150 - and it sold for $228 - that's much less liability.
Edit: I'm not sure how the time element figures into this. I know I can't write off last year's purchases as this year's, even if I only got around to selling them this year, but my situation is obviously different.
I think the reason for that is that the money you paid for them will have already been reflected on last year's filing in your case, but Matt will never have previously reported these purchases as an expenditure. I think capital gains is the right treatment but, as has been pointed out, the lack of documentation is a problem.
Just have the cost of listing fees, commission, and that 18th century diamond encrusted treasure box you used for shipping Verocai offset any gains. Taxable ebay income = $0. I can also get you a legit invoice showing you paid $50,000 for that NBA jam record in 1998. It's my invoice, but I'll give it to you since I don't plan on letting go of my copy.
Comments
is there like a special form for that?
7 wins. not big ticket but all of them at a better price than I would have paid elsewhere. I think some things got overlooked in the excitement over some of the bigger ticket items. that and my collection is still in the growing stage so I may not have had a lot of things the rest of you have had for awhile
UNDERACHIEVING!
What's nuts is that 1/5th of that was based on just the top two LPs alone.
In regards to the taxation: it's not that complicated because his ledger would keep track of what profit he's keeping for himself and what he's paying out to his consignee (who in turn, would be required to report that income). It's pretty straightforward (even if the paperwork, I'm sure, is a pain in the ass).
:face_melt:
I got one 45... grossly overpaid, but it's perfect for a mix I'm working on right now :shit_yeah:
Please purge soul and funk.
spelunk is a PRO
I may be mistaken, but I'm positive that Idem from Oz had one of these on teh bay not too long ago...
Somebody tell me that wasn't the LP with Cookie Crumbs on it.
Traded-a-few-years-back-for-a-tenth-of-that-R.
People just got caught up in the frenzy of a mega sale of rare shit I guess. Well presented and put together sale though, always helps raise the price to top dollar.
Maybe I need to out all my records and retire to Spain, or the South Of France in the next few years....LOL!
love the drum break on that record!
Havent listened to that larry douglas for ages but i remember thinking it was pretty tacky jazz funk, what makes this so special? That rare?
The Roy porter (amongst other things) was mine, and I expected 600-700$ for it. That's what it's sold for in the past.
B/W have more copies for sale. $650 a piece. HOLLER!
The Willis Jackson might have gone for more if he had mentioned that it was Harlem Underground.
Thanks, T**y!
I watched about half of the auctions end and it felt like the first day of March Madness would if every game was staggered to end two minutes apart and likely to include a ridiculous buzzer beater. Big shout to snipers for keeping it interesting.
I think I'm going to have to figure that out, as well as how to document it, for tax purposes.
I don't regularly sell records and I owned everything for at least five years, so my instinct is that the proceeds from the sale should be treated as capital gains rather than ordinary income. Unfortunately, for most of the records I don't think I have any records to support what I paid for them or when.
Anybody deal with this situation before?
*I reserve the right to be totally wrong about this.
Although the lack of paper trail is problematic. You're probably just as well off to use your best guess about what you paid for them. I am not familiar enough with US tax law to say what qualifies as a capital gain, but it sounds like that may be an option as far as how to characterize the profits.
Right - but knowing Matthew, some of these might well have been purchased for $3 in 1994 or some such. Whereas if he could have it appraised at, say, $150 - and it sold for $228 - that's much less liability.
Edit: I'm not sure how the time element figures into this. I know I can't write off last year's purchases as this year's, even if I only got around to selling them this year, but my situation is obviously different.
I think the reason for that is that the money you paid for them will have already been reflected on last year's filing in your case, but Matt will never have previously reported these purchases as an expenditure. I think capital gains is the right treatment but, as has been pointed out, the lack of documentation is a problem.
Shihhtt, thinking bout how wierd it would be...foolin around with her while playing his record..
woooot!
it would be weirder for her though.
You creeps have reminded of why I stopped checking for this board
Weird that 'ain't no sunshine' wasn't one of the audio clips on the auction...
i'd like to be able to post the 'real heads know the deal' gif here but... I don't think it even applies.
Shit is COMMON KNOWLEDGE