From: bford
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Date: 15-May-23 |
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I've got about 14 dozen arrows that I've made for for myself over the years while trying various materials and sizes...most are in the 30-31" length. Any ideas on how to go about selling them? I don't even want to think about shipping them out dozen by dozen. I am not a dealer...just a guy that enjoys using his Bitzenburger(sp?)...for over 30 years.
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From: fdp
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Date: 15-May-23 |
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Well......it probably won't be easy to sell them in bulk unless you can find a club or some such that needs a considerable number of arrows.
It will also depend on the spine range that you are talking about.
The fact is that it wouldn't be that big a deal to ship them one or 2 dozen at a time and it would likely be easier to sell them.
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From: HuumanCreed
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Date: 15-May-23 |
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Are you really looking for real money from them?
If not, I say donate them to the local clubs that have youth programs. They are always looking for arrows.
Even if you take them to a local shoot, you probably not going to get the money you put into them sentimentally.
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From: trad archer 1
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Date: 15-May-23 |
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There is also a very confusing new law if you sell over $600.00 of items using any of the electronic pay methods you will be taxed on the amount of sales. Lot of opposition to it. Watching to see the outcome.
Some archery clubs and/youth groups qualify as charities and you may be able to get get a tax write off
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From: fdp
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Date: 15-May-23 |
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You aren't taxed on anything over $600.00 and the law is NOT confusing.
You have always been required to report that type of income, people just didn't.
The new law only says that the money changers like PayPal etc. are now required to provide YOU with a 1099 that you use to report the income. That you were always supposed to report to begin with.
And the outcome has been decided, it's a law.
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From: M60gunner
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Date: 15-May-23 |
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Personally I am going to let the kids figure out what to do with the dozens I have. One way I used to move my extra arrows was at the clubs big shoots. Put the arrows out with a price tag, my name and go from there.
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From: Takedown
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Date: 15-May-23 |
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Why should you have to pay taxes on something you already paid taxes on
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From: Kelly
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Date: 15-May-23 |
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I'm confused by your comments fdp. Selling PERSONAL items purchased at one point with AFTER tax dollars, then at a much later date like retirement or such one disposes of these items at a loss usually one never has been required to report those dollars as income, like say from a garage sale or moving sale, correct?
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From: fdp
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Date: 15-May-23 |
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"Why should you have to pay taxes on something you already paid taxes on".....nobody said anything about paying taxes on the goods, and that's not what the law says.
It says you are supposed to report the income (which you were always supposed to do any way).
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From: Corax_latrans
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Date: 15-May-23 |
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“various materials and sizes...most are in the 30-31" length. ”
So depending on what those sizes are, they could be a godsend to a youth program or they might well have no use for them whatsoever. I’m going to guess that most programs these days are shooting Genesis stuff.
Q: Are the “14 dozen” in complete dozens or odd numbers, or… ?? That might be a concern for some folks (I would have a hard time caring, most likely, but everyone has their perceptions, preferences and prejudices).
If you’ve got boxes for them, it’d be easy enough to find out what the shipping costs will be, so if you’re not likely to attend a larger shoot (if you price them to sell, they probably will!) just bake the shipping into your selling price and it’s just a trip to the post office. Not a big deal (says the guy who’s been dithering over shipping a bow out for repairs for a number of years now…).
And there’s always the classifieds here, of course; just list them by shaft and color scheme and be willing to text pictures to a prospective buyer.
And WHATEVER you do, keep track of your shipping & other costs because those are deductible from the “income”; I’m not sure as to the finer points of deducting your costs on components, since it sounds like these were mostly purchased in prior years and that could get sticky… But if you drive to a shoot or two to sell them, then you should be able to write off your mileage as another cost of doing business…
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From: fdp
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Date: 15-May-23 |
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Nope......income is income. You were supposed to report it regardless If selling at a loss, no taxes were dues. If you didn't sell enough to move to another tax bracket, no taxes were/are due. The fact that you receive a 1099 from PayPal showing that you sold $1,000.00 worth of goods in no way means that you will have to pay tax on that $1000,00.
The law came in to existence because businesses were being run through 3rd party handlers and income tax (probably state as well as federal)
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From: old fudd
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Date: 15-May-23 |
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I would go a dozen at a time.I would stay away from E Bay. >>Paypal. TAXES.. on both Don't inflate the price,, Should have no problem
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From: 2 bears
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Date: 15-May-23 |
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Glenn if you can P.M. me I might be able to help you out.>>>---> Ken
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From: Popester
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Date: 15-May-23 |
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I'm in the same shape bford. I went from 2117 to 2016 last year, plus an inch longer. I figured I'd just take them to some 3d shoots this summer and hope to find some guys who can use 2117's that measure 27.5". And I'll let 'em go cheap. Better to get a little $$, than to have 'em taking up space and gathering dust.
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From: Burnsie
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Date: 15-May-23 |
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I know of another Traditional site that has an annual action to benefit St Judes children Hospital - worthy cause - just say'in?
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From: jjs
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Date: 15-May-23 |
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Take them a trad shoot and put a table/blanket out and sell them.
Have no idea what spine # you have or aluminum but you should have no problem putting a reasonable price on them.
I was just looking at my arrow storage box and some are going to go at the old price I have in them or cheap.
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From: B.T.
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Date: 15-May-23 |
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Arrows priced well sell very fast...especially 29"+
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From: MCNSC
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Date: 15-May-23 |
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How can it be income if you’re loosing money to sell something?
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From: Phil Magistro
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Date: 15-May-23 |
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It is only considered income if you sell it for more that you paid for it. If you make a profit it’s considered capital gains.
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From: Bob Rowlands
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Date: 15-May-23 |
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"I have 12 dozen arrows to sell." "You need a tax accountant for that or yo inna heap a troble boy." Meanwhile, 100s of thousands of illegals are flooding across the border. crazy CRaazy CRAZZY. lol
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From: fdp
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Date: 15-May-23 |
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The obligation to report those transactions has not changed for the seller.
The change is for the 3rd party money handlers. They have always been required to send 1099's but the threshold at which they are required to do that was decreased.
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From: fdp
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Date: 15-May-23 |
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Any money received on a regular basis is considered income. Whether it was received as a loss or a profit.
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From: felipe
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Date: 15-May-23 |
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On another note, does Jean-Luc wear an arm guard. Just asking
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From: Bob Rowlands
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Date: 15-May-23 |
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Selling a few dozen arras are yuh? Boy howdy!! Time to incorporate. You best consult an accountant, your lawyer, plus Taxes R Us... make certain you OK with IRS... Uncle Sam gonna gitcha!!!
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From: Zbone
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Date: 16-May-23 |
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Only taxed on capital gain right...8^)))
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From: JRT51
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Date: 16-May-23 |
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If you only have 14 dozen arrows then selling them a dozen at a time should be a cake walk using paypal friends & family or getting money orders. Make friendly contact with a prospective buyer and if they can't pay using f&f it is never a difficult ordeal to get a USPS money order. Use tracking on the postage and go ground to minimize the length restrictions. Let fdp and Phil ring their hands over f&f all they want but there's no need to allow that to influence you selling off what you want.
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From: fdp
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Date: 16-May-23 |
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"Let fdp and Phil ring their hands over f&f all they want"...fdp and probably Phil couldn't care less if someone were to use PP Friends and Family.
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From: Shb
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Date: 16-May-23 |
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I'd buy a bulk pile of 30/31 inch arrows if they were spined somewhere betweenb49 to 60 lbs.
How much ya asking?
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From: 4t5
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Date: 16-May-23 |
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Sell them for a bunch of money
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From: Phil Magistro
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Date: 16-May-23 |
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"Let fdp and Phil ring their hands over f&f all they want"...fdp and probably Phil couldn't care less if someone were to use PP Friends and Family."
I'm not even sure how F&F came up but I don't give a crap if others use it or not. I do know that, if I'm selling and accepting Paypal, I'm not using F&F because I want the protection Paypal offers.That saved me a few hundred dollars on one sale where a guy claimed he never received the item.
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From: George D. Stout
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Date: 17-May-23 |
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Friends and family are for.....well, friends and family, not for someone who thinks their special and wants someone else to pay their way. If someone else thinks it's okay, that's their business, and maybe their loss as well. And another thing I don't do is add 3% to cover the costs of their protection when they're selling. Bunch of prima donnas anyway.
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From: Jim
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Date: 17-May-23 |
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PHIL NAILED IT !
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From: Mike E
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Date: 17-May-23 |
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Back on point. You really haven't been too specific on what you have exactly. There are only 3 materials, wood, aluminum and carbon, unless you have some fiberglass shafts. How many spines are there? Divide them into like groups (material then spine) so you have a starting point.
There has been an offer for spine group from 49 to 60. I don't know how many arrows you can get in a box that would ship say a 62" recurve, but I would imagine at least 3-4 doz, maybe more and would weigh less than the bow. Ship them ground for cheap. Not a big deal.
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From: JRT51
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Date: 18-May-23 |
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You guys who think this whole thing is about beating paypal out of 3% simply can't seem to see the forest for the trees. As soon as you go over $600 and get a 1099k you will be required to file a schedule C form with your IRS return to show that you had either a profit or loss on those sales or not. Regardless of the net , you will now have gross sales that you have not paid the State's sales tax on and yes the State will pick up the difference from your schedule C and require you to pay that gross receipts tax. You guy's in Pa. are looking at 6% on ALL SALES even those under the 600 dollar limit regardless of whether there was a gain or loss.
If you already have a business you will not have to get a license to pay the tax but if you don't , you will also be required to go get a business license to pay the tax as well as the fees to get the license. Looking forward to dealing with those hassles for the little bit of protection 3% gets you?
Call your buyers folks and become friends enough to feel confident in the deal. Get postal insurance if you fear the buyer will say something didn't arrive , it's cheaper and less of a hassle than letting the FEDs pry further into your lives..
The limit to report used to be $20,000 now it's $600. How many lucrative businesses exist today with gross receipts under only $20,000 ?
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From: fdp
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Date: 18-May-23 |
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"You guys who think this whole thing is about beating paypal out of 3% ".....who said anything about that? JRT you are the one who brought up PayPal Friends and Family.....
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From: ahunter76
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Date: 18-May-23 |
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Bford-send me a Private message & a break down of what you have. I buy lots of archery tackle. I have 8 family members that are in archery/bowhunting + me for over 6 decades. Sometimes I share with family & other times I resell. PM me. thanks.
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From: JRT51
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Date: 18-May-23 |
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frank , YOU brought up paypal and displayed your lack of knowledge about the law in the fifth post....."You aren't taxed on anything over $600.00 and the law is NOT confusing." I excuse your lack of knowledge but assume if you sell anything that exceeds $600 using paypal , Abbot's boys will collect the 6.25% Texas sales tax from you down the road. I haven't checked to see if archery equipment is exempt.
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From: fdp
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Date: 18-May-23 |
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JRT51 this is not about you, or I. This is someone who is looking to sell some arrows. I DID use PayPal as an example of a 3rd party entity that handles money. I didn't mention friends and family at all.....that was you. I DID say that you wouldn't be taxed, in hindsight I should have said you wouldn't neccessarily be taxed, because you may or may not. And I am not the least bit worried about whether the 6.25% is or isn't collected by the state.
Just as I have displayed my lack of knowledge about the law to you, you have displayed to me your inability to comprehend written conversation.
Do carry on however.
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From: JRT51
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Date: 18-May-23 |
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bford , as I mentioned earlier , if you want to avoid the hassles of using paypal g&s , make contact with your buyers and use paypal f&f after friendly contact when you feel comfortable or use USPS money orders which can be verified as authentic after I believe 48 hours. Shipping ground USPS is probably the cheapest method and you get accurate tracking. If you are indeed in New Hampshire there is evidently no sales tax there so , good on you , but if you go over the 600 with regular paypal you will end up having to file a schedule C if you don't already. Good luck!
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