The number of backers was 5,499. Now it has shrunk down to 5,497. What's going on?
Can I also suggest communicating with your SO? You may find them more accommodating if you're transparent about what you're buying and why.
As far as selling stuff goes, aside from eBay's insane fees (they take like, a third of what you make now), I've only had two major issues. (Knocking on wood, of course.) 1) I pre-ordered a Mezco figure through an eBay store. The item didn't release for another eight months and the seller never sent it to me. PayPal wouldn't do anything because it was beyond their refund window. 2) Before USPS provided tracking numbers on everything, I sold an ML figure for like $100. The guy claimed he never received it, but I'm like 95% sure he did. I refunded him and lost the figure.
Playing those sorts of games with my SO about our finances sounds less than ideal. Much prefer the version where we just talk to each other about stuff.
I fell off selling this year a bit, and I've felt it in my buying budget. Sold about $3200 worth of stuff last year (post fees and shipping) and this year so far only about $1200. Part of it is that I sold through the bulk of my backlog last year and just have less to get through, but also I just haven't prioritized it as much. It definitely helps to have that extra income that can go to the toy budget relatively guilt-free though.
I appreciate the insights some of you are expressing here about selling on eBay, and I definitely need to follow that advice. Big city apartment dwelling and figure collecting do not go well together. I am definitely out of space and there are certainly some figures I can do without.
What always frustrates me most - more than the low returns - is figuring out the shipping pricing. I assume there's a simple way to this that I'm just unaware of, but as someone with very little experience selling on eBay, it's a real pain in the ass.
Having a separate hobby account doesn't equal not being honest with your significant other. Please don't assume that's what this subject is about.
In my case, my wife fully knows I blow lots of money on this stuff. There's no deception there. It's been like that for our entire 22 year relationship. A separate account just makes balancing "fun money" with "life money" easier. I'm willing to bet that's the case for others here who do the same, but who knows!
You have to remove the low return portion out of the equation. Most of us aren't buying these things for resell. We bought them b/c we wanted them and now no longer do. Its a sunk cost; nothing can be done about that. If you paid $20 for it 10 years ago and sell it for $10 now; well its cost to you was $10 to enjoy it for the 10 years you did. Nothing will ever change that.
As far as paying taxes you will only get a 1099 if you sell over $600 in a year. You pay taxes on the profit and since most of us will be selling at a loss it isn't really an issue. I run a running tally with a spreadsheet on cost of shipping, cost of goods etc. As long as you aren't doing 10s of thousands in sales and are claiming modest and accurate costs for the items in the 1st place it is very unlikely IRS is going to try to get receipts from you for $9.99 items bought 20 years ago.
@ben I've got a Black Widow I am planning on returning that I got on sale (but not at the clearance price), that I could sell to you for cost plus shipping. Let me know if you're interested.
So if you sell for a loss you can report it as negative income? Aside from the other pains folks have mentioned navigating tax season seems painful. Also, is the time value of money factored in?
As far as paying taxes you will only get a 1099 if you sell over $600 in a year. You pay taxes on the profit and since most of us will be selling at a loss it isn't really an issue. I run a running tally with a spreadsheet on cost of shipping, cost of goods etc. As long as you aren't doing 10s of thousands in sales and are claiming modest and accurate costs for the items in the 1st place it is very unlikely IRS is going to try to get receipts from you for $9.99 items bought 20 years ago.
I also run a spreadsheet tracking sales amount and my shipping charges vs ebay fees, shipping costs, and taxes and then include the original retail price in a column. Usually by the end of the year it shows as a loss or very modest profit so I'm not overly worried about the tax man.
Just to reopen an old wound.........
I found 2 Bratz "Rock Angelz" 20th anniversary car today at my local Marshall's (Canada). Anyone want one? You can definitely use it for ML figures, especially the larger molds. You don't need to overspend on some fancy-schmancy muscle car. 🤣
What? Too soon?
In Canada you also have a 900, 000 ish dollar lifetime tax exemption amount so this kind of thing is never a consideration or care, people fearing eBay or PayPal reporting in sales are never going to be in a position to worry about it
What always frustrates me most - more than the low returns - is figuring out the shipping pricing. I assume there's a simple way to this that I'm just unaware of, but as someone with very little experience selling on eBay, it's a real pain in the ass.
I hate paying shipping, so I try very hard to keep it as low as possible. A single ML shipped in bubble wrap can ship for $4.25 (unless it's a Hulk). Anything in a box is likely the 8oz minimum - a carded SW TVC figure can go for $5 that way. For any ML in a box I charge $6. This has worked out pretty well for standard items across Hasbro lines. And always buy labels through Ebay - saves even more!
@schizm Is there a reason to charge separately for shipping as opposed to bundling it into the price?
@panthercult Yep. Exactly what I do. Took 10 min to make the formulas then just drag them down. Takes 30 secs to enter the data as each item sells. I usually lose a little each year or make $25 or so.
If you don't make $600 you won't get a 1099 from eBay. I personally wouldn't show a loss or much of one. No point. There's no way you'll have receipts so best to not push it. Congress should change the $600 cap but they are about as useful as you know what. Been in place decades.
I mean time spent is time spent. Go throw it in the trash or donate it to a thrift store if you want to get that technical. A hobby isn't a business. That's the whole point. Nothing about it is profitable; it just cuts a bit into your expenditure and keeps some plastic out of the landfill.
@schizm Is there a reason to charge separately for shipping as opposed to bundling it into the price?
Personal preference. Most things with free shipping have the shipping price included in the flat fee, so it's not really saving anything. Also, it helps my mind keep things straight - shipping isn't free. Whenever I've sold something with free shipping, there's always that disappointment when I go to ship it and realize I made way less than I thought. 🙁
Having a separate hobby account doesn't equal not being honest with your significant other. Please don't assume that's what this subject is about.
In my case, my wife fully knows I blow lots of money on this stuff. There's no deception there. It's been like that for our entire 22 year relationship. A separate account just makes balancing "fun money" with "life money" easier. I'm willing to bet that's the case for others here who do the same, but who knows!
My comment wasn't in response to having separate bank accounts. Hell, I wouldn't have it any other way. I think hiding purchases can be a bit shady and get you into more trouble than explaining yourself upfront.
This is how things usually go for me:
Me: I have a package coming today.
SO: Okay, I will look out for it. What is it?
Me: It's X item.
SO: Cool. I have heard/not heard of that character.
She trusts me to make good decisions for our household/my collection/our finances. I usually talk to her about items I'm unsure about, too. It's good to have a sounding board.
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