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Careful... Reverb is watching.

#41
Grahams Groove said:
That’s a retailer though. When selling personal property/items, you should only pay a tax (capital gains) if you made a profit on the item relative to the original price you paid + any cost of maintenance/improvements on the item.

ETA: For example, if I have a bass I buy for $1200 and I later sell it for $1000, I'm not paying taxes on that since I took a loss. If I buy a bass for $1200, put a $300 set of pickups in (total $1500 invested) and sell the thing for $2000, then I am responsible for CGT on the $500 profit I made.
Click to expand...
Tax on net profits are income taxes and are a different thing than sales taxes.
 
#42
TheArchitect said:
Sales tax is sales tax. Being a retailer or not is irrelevant
Click to expand...

TheArchitect said:
Tax on net profits are income taxes and are a different thing than sales taxes.
Click to expand...

Just realizing that I misunderstood the taxes being discussed. I don't like paying taxes for used gear purchases, but that's an expectation I've just come to accept if I'm buying anything online ever. Paying income taxes on gear sales - I will avoid wherever I can...
 
#43
Grahams Groove said:
Just realizing that I misunderstood the taxes being discussed. I don't like paying taxes for used gear purchases, but that's an expectation I've just come to accept if I'm buying anything online ever. Paying income taxes on gear sales - I will avoid wherever I can...
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Reverb sends me a 1099-K every year because i buy and sell a lot, mostly through their site.
When doing taxes, yes, i have to claim what i sold the item for but it also asks and accounts for what you PAID for the item.
I paid no extra taxes from Reverb last year, and my 1099-k said something like 30k in sales.
 
#45
Sonoma Bass said:
Just this morning I received the following email from Reverb. It feels like the "know your customer" thing is starting to get too picky.

Hi Reverber,​
To keep our marketplace secure, we need you to verify your identity. Please complete the following steps within 30 days of receiving this email so that you can continue selling on Reverb without disruption:​
​
  1. Log in to your Reverb account.
  2. Go to https://reverb.com/my/selling/identity_verification.
  3. Follow a few easy steps to verify your identity.
​

Why do I need to verify my identity?​

New laws aimed at keeping buyers and sellers safe require marketplaces like Reverb to verify sellers’ identities. Verifying your identity helps protect our entire community and shows buyers that you’re trustworthy. To securely verify your info, Reverb partners with Trulioo—a leading identity verification platform.​
Thanks for being part of the Reverb seller community,
The Reverb team​
Click to expand...

That's what I had in December. No way I'm doing it so I guess sooner or later I will be blocked from selling.
 
#46
I'm not understanding the pushback with Reverb asking to verify identity, especially using a 3rd party platform to do this. Wouldn't that help to reduce fraud and help protect sellers? I'm always nervous when selling on Reverb or eBay and will always check out the profile and feedback of a buyer prior to shipping, but I would think this helps.

What am I missing?
 
#48
AK3000 said:
I don’t have to charge or pay sales tax on used goods being sold privately unless it is a house or a car or via reverb. Private sales of used goods except those exceptions are exempt.
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there is totally fees and sales tax on facebook marketplace when you purchase or sell THROUGH facebook. i.e. press the "buy it now" button.

If you message someone, and meet up to do a local sale, of course there isnt fees, unless you tell Facebook that you did that.
When you mark an item as sold it asks you if you sold it on facebook, or elsewhere. if you select facebook, it takes a cut - even for local.

But, thinking facebook doesnt collect taxes or take out a cut for using their service, is nonsense.
 
#49
porterbass said:
I'm not understanding the pushback with Reverb asking to verify identity, especially using a 3rd party platform to do this. Wouldn't that help to reduce fraud and help protect sellers? I'm always nervous when selling on Reverb or eBay and will always check out the profile and feedback of a buyer prior to shipping, but I would think this helps.

What am I missing?
Click to expand...

It's not for buyers, just sellers. Buyers don't have to verify.
 
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#50
I’m close enough to Birmingham and Nashville to do in person exchange with folks from those areas if they are willing to meet me somewhere between so I tend to stick to marketplace when I’ve got bass gear to sell. So far it’s worked out pretty good.
 
#51
Not_Shane said:
there is totally fees and sales tax on facebook marketplace when you purchase or sell THROUGH facebook. i.e. press the "buy it now" button.

If you message someone, and meet up to do a local sale, of course there isnt fees, unless you tell Facebook that you did that.
When you mark an item as sold it asks you if you sold it on facebook, or elsewhere. if you select facebook, it takes a cut - even for local.

But, thinking facebook doesnt collect taxes or take out a cut for using their service, is nonsense.
Click to expand...

I have never seen a buy it now button in Facebook. I have often sold stuff on Facebook and marked it as sold through Facebook. Maybe the rules you mention apply if you are merchant?
 
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#52
AK3000 said:
I have never seen a buy it now button in Facebook. I have often sold stuff on Facebook and marked it as sold through Facebook. Maybe the rules you mention apply if you are merchant?
Click to expand...
1736391144682.png
1736391113029.png

here's a screen cap of one of my orders i have sold on facebook. notice the sales tax and selling fee.

And here's a listing that i can buy now, and see it adds tax (and will take a fee from the seller)
1736391450009.png
1736391471986.png

Just because you've never seen it or don't use it doesn't mean it doesn't exist.
If you use their payment system, there are tax and fees.
 
#53
Not_Shane said:
View attachment 7119948View attachment 7119947
here's a screen cap of one of my orders i have sold on facebook. notice the sales tax and selling fee.

And here's a listing that i can buy now, and see it adds tax (and will take a fee from the seller)
View attachment 7119949View attachment 7119951
Just because you've never seen it or don't use it doesn't mean it doesn't exist.
If you use their payment system, there are tax and fees.
Click to expand...
it might not be in my region.
 
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#55
AK3000 said:
I have never seen a buy it now button in Facebook. I have often sold stuff on Facebook and marked it as sold through Facebook. Maybe the rules you mention apply if you are merchant?
Click to expand...
Never seen that on FB and I just went to look right now and couldn't see anything with any kind of buy it function.

This would be the final nail in the coffin for FB Marketplace.
 
#56
For Facebook Marketplace, I believe the e-commerce and fees being referred to here is for listings that have shipping, not listings that are only for local pickup. If you don't have your Marketplace account set up for shipping, this option won't show in your listings. (I've never had anything set up on Marketplace for shipping, only sell local there, and there are no fees at all.
 
#57
Question on Reverb.com. Not directly related to this subject, but I can't seem to find the answer anywhere.

What does the "C" in front of the price mean?

An example: ( I'm not buying this particular item)

Warwick RockBass Left Handed Alien Deluxe 5 String Fretless Acoustic Electric Bass​

Price: C $1,729.11
+ C $173.06 Shipping


Thanks in advance.
 
#58
roccobass said:
Question on Reverb.com. Not directly related to this subject, but I can't seem to find the answer anywhere.

What does the "C" in front of the price mean?

An example: ( I'm not buying this particular item)

Warwick RockBass Left Handed Alien Deluxe 5 String Fretless Acoustic Electric Bass​

Price: C $1,729.11
+ C $173.06 Shipping


Thanks in advance.
Click to expand...

Canadian $?
 
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#60
roccobass said:
Odd. Could be.

But I'm wondering if Reverb.com thinks I'm a Canadian buyer. There are a preponderance of Canadian sellers on my list even for non-musical items. I wonder if my filters are screwed up. Think I'll pitch this to the Reverb powers that be. Thanks for trying. :thumbsup:
Click to expand...

I just tried it - scroll down to the bottom of any page and you can change currency, switch to Canadian and prices appear as C$.
 
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