Ebay Final Value Fee - WTF!!! 1 1

[Who_am_I_D.R.I.]

Another board member told me about this place comicpriceguide.com. I have never bought from this site but I did check out a bunch of sellers on there. Looks like it could a viable option?

[LDarkseid1]

5 minutes ago, JollyComics said:

I personally sold over $25K in 2020 via eBay so I have to report on Schedule A. My father told me to use it so my taxman is doing it for me.

Yeah I believe it's over $20K in sales and over 200 items, and you have to meet both thresholds for Ebay to send you a 1099. But as another thread has explained that is seemingly going to change significantly for this year and going forward.

[xvipah]

I'm on CPG. It's a good site, the owners/admins are pretty awesome. But I don't find that I make really any sales at all there. Again could be cause I'm just selling "stuff" though.

2 minutes ago, Who_am_I_D.R.I. said:

Another board member told me about this place comicpriceguide.com. I have never bought from this site but I did check out a bunch of sellers on there. Looks like it could a viable option?

 

[JollyComics]

1 minute ago, LDarkseid1 said:

Yeah I believe it's over $20K in sales and over 200 items, and you have to meet both thresholds for Ebay to send you a 1099. But as another thread has explained that is seemingly going to change significantly for this year and going forward.

They send me the 1099 for only November and December after the transition of old PayPa/eBay partnership to full time eBay service.  It looks like that I may stay away from eBay this year.

[MGsimba77]

5 hours ago, LDarkseid1 said:

Might make me reevaluate what I sell on Ebay going forward. Auction houses (C-link and Comicconnect) at a clean 10% seem to be the better option.

The problem with listing on those non Ebay venues is unless you're auctioning something or selling for peanuts they'll sit there forever. Maybe if you list a scorching hot must have book on the exchanges you'll get some action but otherwise its like selling in Siberia. The better non Ebay option may be to sell on these boards.

This nonsense about charging fees on tax funds you never receive is underhanded snake in the grass stuff! Yeah fine today it's a nominal amount, what's it gonna be tomorrow? If you're buying a super high priced Ebay item from Florida you'd be justified in asking for a discount. 

Edited April 6, 2021 by MGsimba77

[LDarkseid1]

11 minutes ago, JollyComics said:

They send me the 1099 for only November and December after the transition of old PayPa/eBay partnership to full time eBay service.  It looks like that I may stay away from eBay this year.

Awww, interesting.

[JollyComics]

6 minutes ago, LDarkseid1 said:

Awww, interesting.

I heard from ComicLink more than 10 years ago.

They said eBay always keep charging fees while we are still doing 10% seller fees.  

Edited April 6, 2021 by JollyComics

[LDarkseid1]

31 minutes ago, MGsimba77 said:

The problem with listing on those non Ebay venues is unless you're auctioning something or selling for peanuts they'll sit there forever. Maybe if you list a scorching hot must have book on the exchanges you'll get some action but otherwise its like selling in Siberia. The better non Ebay option may be to sell on these boards.

This nonsense about charging fees on tax funds you never receive is underhanded snake in the grass stuff! Yeah fine today it's a nominal amount, what's it gonna be tomorrow? If you're buying a super high priced Ebay item from Florida you'd be justified in asking for a discount. 

Yeah I was thinking more just listing no reserve auction. I'm not a super patient guy so it's tough to wait for the right buyer selling like that no matter what site I sell on lol.

[manetteska]

1 hour ago, Lightning55 said:

"Yes, a one-size sample (you), based on where you live, where your buyers live, price of items sold, etc"

Where I live does not matter.  Sales tax is charged by where the buyer is.

Buyers from all locations have roughly the same chance of buying from me as anyone else.  It's random for me, you, and anyone.

Price does not matter.  It's the same sales tax rate for a $5 item as it is for a $5000 item.

You have no clue what you are talking about.

OK; I'll bite. Show me how a sale of a $5 item and a $5000 item to a state with 6% sales tax is equivalent when it comes to Fees paid by the seller.

Everything may have "washed out" for you (allegedly), but it will not always be the case.

Also, let's just say you are right (not on this topic, but some other one in the future); is it so hard to explain rather than degrade everyone?

Edited April 6, 2021 by manetteska
addendum

[MGsimba77]

31 minutes ago, LDarkseid1 said:

Yeah I was thinking more just listing no reserve auction. I'm not a super patient guy so it's tough to wait for the right buyer selling like that no matter what site I sell on lol.

Funny story...

I recently received on offer on a slab I had listed on Clink.....in 2018. I sold it on Ebay way back then and It didn't even last that long. I just forgot to delist it when it sold. So yeah...all it took was nearly 3 years on the exchange for that sucker to get action 🤟

[october]

53 posts in and the most shocking thing, by far, is that a 7.0 ASM 129 sold for $2500. WTF is right. 

[LDarkseid1]

15 minutes ago, october said:

53 posts in and the most shocking thing, by far, is that a 7.0 ASM 129 sold for $2500. WTF is right. 

Tell me about it! I almost sold it here on the boards a little over a month ago for $1500 but had no takers lol. But it's really everything Marvel that's crazy right now. I'm more bummed than anything that I was only able to take advantage of this single book with all this madness lol.

[NewWorldOrder]

6 hours ago, LDarkseid1 said:

So just discovered something new I didn't know about. Not sure if others knew or not, but definitely surprised me.

Just sold my ASM 129 7.0 on ebay and it went for $2,560. Super happy with the sale just to say first off. As my payment came in though, because as you all know or most know it's now through a service they call "Managed Payments" once they broke off from Paypal, the amount I lost through fees was more than I thought it would be. So when they broke off from Paypal, they said they would charge 12.35% for anything up to $7K. So as I saw my net amount, it came out to roughly 13.5%, which naturally baffled me as I expected it to be 12.35%. I called Ebay, and as I explain the situation, the Ebay rep tells me it's now 12.65%. So I mean it still says it's 12.35% online, and apparently they must have sent an email explaining this update, but I don't recall getting it. Regardless, they should change it to the correct amount now on their site, but either way I'm just thinking like, "ok that's fine, but it still doesn't add up". So I tell her, you guys still took more off my sale, to which she further proceeds to explain that it comes off the "SALES TAX" as well!

I capitalized that because it astonished me to hear it haha. I finished up the call, looked at their seller fee guidelines and right there in the fine print, I saw they take off the sales tax as well. So I mean, I guess it is what is, it's written in the fine print. I just can't help but feel how damn greedy that is to take a percentage off the freaking sales tax. I mean Ebay charges that to the buyer, I don't see a penny of that. I guess that's corporate greed for ya though haha. Unless I'm missing something and there's nothing wrong with them making money off that amount, but seems ridiculous to me. Anyway, the additional amount wasn't the end all be all of fees, maybe an additional $20 from my sale, but that adds up over time!

Might make me reevaluate what I sell on Ebay going forward. Auction houses (C-link and Comicconnect) at a clean 10% seem to be the better option.

Did you hear about this new virus coming out from China?  I heard it could come to USA any day now!  

Since we talking about 2020 stuff here .  

eBay whether I like it or not is saying to you all, since we are collecting and remitting the sales tax for you they want a fee.  Alternative is they dont and we all register with all the states in the USA that charge sales tax and go through that nightmare on our own.   Selling in a state with no sales tax with yield you a lower FVF, and vice versa with a state that has a high state sales tax like my state of CA.  

Ultimately it comes down to this:

1. create your own website, open up a comic book store, Instagram store, or travel the country as a dealer and set-up at shows

2. eBay = 10-14% FVF and get paid weekly

3. Other comic book auctions sites and wait a month to get paid with usually 10% commission.

4. Complain 

I would say #4 isnt a good option. 

[LDarkseid1]

3 minutes ago, NewWorldOrder said:

Did you hear about this new virus coming out from China?  I heard it could come to USA any day now!  

Since we talking about 2020 stuff here .  

eBay whether I like it or not is saying to you all, since we are collecting and remitting the sales tax for you they want a fee.  Alternative is they dont and we all register with all the states in the USA that charge sales tax and go through that nightmare on our own.   Selling in a state with no sales tax with yield you a lower FVF, and vice versa with a state that has a high state sales tax like my state of CA.  

Ultimately it comes down to this:

1. create your own website, open up a comic book store, Instagram store, or travel the country as a dealer and set-up at shows

2. eBay = 10-14% FVF and get paid weekly

3. Other comic book auctions sites and wait a month to get paid with usually 10% commission.

4. Complain 

I would say #4 isnt a good option. 

Based off your reply, I prefer option 4.

[Math Teacher]

2 hours ago, LDarkseid1 said:

Yeah I believe it's over $20K in sales and over 200 items, and you have to meet both thresholds for Ebay to send you a 1099. But as another thread has explained that is seemingly going to change significantly for this year and going forward.

I have read elsewhere that these upcoming tax changes don't go into effect until 2022. But, of course, I could be wrong.

[LDarkseid1]

1 minute ago, Math Teacher said:

I have read elsewhere that these upcoming tax changes don't go into effect until 2022. But, of course, I could be wrong.

Hmm, ok because I thought the implication was that it would apply to the 2021 calendar year, but when you report in 2022. Maybe you're right though and it's meant to start with the 2022 calendar year and reporting during tax season in 2023 . Well I'm perplexed!

[Math Teacher]

Just now, LDarkseid1 said:

Hmm, ok because I thought the implication was that it would apply to the 2021 calendar year, but when you report in 2022. Maybe you're right though and it's meant to start with the 2022 calendar year and reporting during tax season in 2023 . Well I'm perplexed!

As I often say, "Color me confused."

[Lightning55]

"OK; I'll bite. Show me how a sale of a $5 item and a $5000 item to a state with 6% sales tax is equivalent when it comes to Fees paid by the seller. "

It won't, but that's not what we are talking about. 

You said my "sample", comparing the old FVF method vs. the discounted FVF method plus Sales Tax factored in, depended on the PRICE of the item.  It is the Sales Tax rate that rules in this situation, not the price.

Regarding price: A high ticket item to a zero or low sales tax state saves you FVF money, in contrast to a high ticket item to a high sales tax state costing you more FVF money.

It's true that if you sell most stuff at $50, and then 1 item for $4,000 to a high sales tax state, you could take a hit on that.  But it would also be true that if you sell things are usually NOT taxable, you would benefit repeatedly from the lower FVF rate.  I wish eBay hadn't blended the fee, but that genie is out of the bottle.

Any item with a sales tax over 5%, you pay more.  And any under 5% you pay less.  It averaged out for me to be zero difference over a 3 month period, roughly 500 transactions, $40,000. 

You could track it to see if it matters for your own knowledge, if you want to put in the effort. Or go back a few month's sales on a spreadsheet to see if it made any difference on YOUR numbers.

What I see is people ranting about this effect in general, joining in with a mob mentality, without really knowing if it is impacting them at all.  What do you say when you found out it had no real effect??  My bad?

And there are some specific situations, large sale to a high sales tax state, that can be a hit.  But you still have to look at the entire picture.

 

[ADAMANTIUM]

29 minutes ago, Math Teacher said:

30 minutes ago, LDarkseid1 said:

Hmm, ok because I thought the implication was that it would apply to the 2021 calendar year, but when you report in 2022. Maybe you're right though and it's meant to start with the 2022 calendar year and reporting during tax season in 2023 . Well I'm perplexed!

As I often say, "Color me confused."

I was under the impression that the law passed this year, so it will go into effect 2022 but the taxes due will be in 2023

 

[LDarkseid1]

20 minutes ago, ADAMANTIUM said:

I was under the impression that the law passed this year, so it will go into effect 2022 but the taxes due will be in 2023

 

Good to know!