tremoloman2006 Posted September 12, 2012 Share Posted September 12, 2012 The auction is creating some buzz: http://www.toonaripost.com/2012/09/entertainment/rare-atari-2600-game-worth-10400-at-auction/?utm_source=rss&utm_medium=rss&utm_campaign=rare-atari-2600-game-worth-10400-at-auction Quote Link to comment Share on other sites More sharing options...
icemanxp300 Posted September 12, 2012 Share Posted September 12, 2012 (edited) Isn't that the winner of the Game Gavel one? yes, sorry I was confused, these topics are all staring to blurr into one lol. edit: unless buyer reveals themselves or leaves feedback we wont know who it was on ebay. Edited September 12, 2012 by icemanxp300 Quote Link to comment Share on other sites More sharing options...
Parrothead Posted September 12, 2012 Share Posted September 12, 2012 http://www.ign.com/articles/2012/09/10/holy-grail-of-atari-games-sells-for-10000 http://kotaku.com/red-sea-crossing/ The auction is creating some buzz: http://www.toonaripo...0400-at-auction 1 Quote Link to comment Share on other sites More sharing options...
+Random Terrain Posted September 12, 2012 Share Posted September 12, 2012 http://www.ign.com/a...sells-for-10000 http://kotaku.com/red-sea-crossing/ That's so 2 days ago. What the public is interested in now are joystick earrings: technabob.com/blog/2012/09/10/atari-2600-joystick-earrings/ 1 Quote Link to comment Share on other sites More sharing options...
bennybingo Posted September 13, 2012 Share Posted September 13, 2012 http://www.nj.com/cu...t_river_default QUOTE: " Travis Kerestesy and Roey Lebkowitz, Vineland natives and owners of Medium Bob’s Curiosity Shop in Philadelphia, stumbled upon the Red Sea Crossings when a friend of theirs gave them a box of Atari games. Little did they suspect that Red Sea Crossings is considered a Holy Grail of Atari games, having not thought to previously exist until the first copy was found at a garage sale in 2007..." When asked for any advice he may have for anybody curious about making money off of selling rare items, he kept it simple. “Look up stuff before you sell it.” So, I am curious...did they give their "friend" a cut of the profits? Quote Link to comment Share on other sites More sharing options...
Zwackery Posted September 13, 2012 Share Posted September 13, 2012 With all these links, I wonder if some IRS agent will be clicking around... Quote Link to comment Share on other sites More sharing options...
Galeforcerm Posted September 13, 2012 Share Posted September 13, 2012 (edited) Ebay will notify the irs over a certain amount so uncle sam will be getting his cut. Edited September 13, 2012 by Galeforcerm Quote Link to comment Share on other sites More sharing options...
Galeforcerm Posted September 13, 2012 Share Posted September 13, 2012 Ebay will notify the irs over a certain amount so uncle sam will be getting his cut Quote Link to comment Share on other sites More sharing options...
DreamTR Posted September 13, 2012 Share Posted September 13, 2012 eBay doesn't notify about the IRS, that is PayPal. And it would have to be 20K in payments in one year....and 200 transactions Quote Link to comment Share on other sites More sharing options...
icemanxp300 Posted September 13, 2012 Share Posted September 13, 2012 eBay doesn't notify about the IRS, that is PayPal. And it would have to be 20K in payments in one year....and 200 transactions This is correct, I looked into this back at tax season. Quote Link to comment Share on other sites More sharing options...
bennybingo Posted September 13, 2012 Share Posted September 13, 2012 This is correct, I looked into this back at tax season. Technically, PayPal is owned by eBay. Quote Link to comment Share on other sites More sharing options...
icemanxp300 Posted September 13, 2012 Share Posted September 13, 2012 My comment was related to needing to reach 20k and over 200 transactions in same year before irs is notified by whomever. Quote Link to comment Share on other sites More sharing options...
Crazy Climber Posted September 13, 2012 Share Posted September 13, 2012 eBay doesn't notify about the IRS, that is PayPal. And it would have to be 20K in payments in one year....and 200 transactions I worry about this...I easily hit 200 transactions a year and with my compulsive console/arcade/pinball machine habit I'm sure I'll hit 20k since I swap stuff out quite often and accept paypal on many of the transactions...does anyone have a link explaining how this works a little better, am I going to get hit with a large tax bill? Kind of lame since I don't really turn a profit, if anything I lose money...Grrrrr...... Quote Link to comment Share on other sites More sharing options...
AtariLeaf Posted September 13, 2012 Share Posted September 13, 2012 I worry about this...I easily hit 200 transactions a year and with my compulsive console/arcade/pinball machine habit I'm sure I'll hit 20k since I swap stuff out quite often and accept paypal on many of the transactions...does anyone have a link explaining how this works a little better, am I going to get hit with a large tax bill? Kind of lame since I don't really turn a profit, if anything I lose money...Grrrrr...... That's because your name is not "ebay" Quote Link to comment Share on other sites More sharing options...
atari181 Posted September 13, 2012 Share Posted September 13, 2012 eBay doesn't notify about the IRS, that is PayPal. And it would have to be 20K in payments in one year....and 200 transactions PayPal is owned by Ebay, so they are really the same Quote Link to comment Share on other sites More sharing options...
DeusExMachina Posted September 13, 2012 Share Posted September 13, 2012 eBay doesn't notify about the IRS, that is PayPal. And it would have to be 20K in payments in one year....and 200 transactions Don't worry, the bank is required by law to notify the IRS of any transaction over $10,000.00. It is called a Currency Transaction Report (CTR). So, the government will know about both of these sales and the sellers need to keep records and expect to pay taxes on the profits. Medium Bob's has the advantage of rolling the profit into their business and they can offset the value with any losses or other business expenses. Quote Link to comment Share on other sites More sharing options...
DeusExMachina Posted September 13, 2012 Share Posted September 13, 2012 I worry about this...I easily hit 200 transactions a year and with my compulsive console/arcade/pinball machine habit I'm sure I'll hit 20k since I swap stuff out quite often and accept paypal on many of the transactions...does anyone have a link explaining how this works a little better, am I going to get hit with a large tax bill? Kind of lame since I don't really turn a profit, if anything I lose money...Grrrrr...... The key to this is to keep accurate records. Make sure you know your costs. You only have to pay taxes on the profit...if there is one. Quote Link to comment Share on other sites More sharing options...
Crazy Climber Posted September 13, 2012 Share Posted September 13, 2012 The key to this is to keep accurate records. Make sure you know your costs. You only have to pay taxes on the profit...if there is one. Okay, thats a huge relief No, definetily not hitting 20k in profit If anything due to my impatience and must have it now purge attitude I have lost 20k, lol Quote Link to comment Share on other sites More sharing options...
Dino Posted September 13, 2012 Share Posted September 13, 2012 Don't worry, the bank is required by law to notify the IRS of any transaction over $10,000.00. It is called a Currency Transaction Report (CTR). So, the government will know about both of these sales and the sellers need to keep records and expect to pay taxes on the profits. Medium Bob's has the advantage of rolling the profit into their business and they can offset the value with any losses or other business expenses. yep, that's why if either of the sellers were smart, they would have sold privately, on a direct deposit instalment basis, avoiding paypal fees and the IRS. Preferrably over multiple financial years or using a non-working spouse or friend to receive the payments. Depending on their tax bracket, they may end up losing a fair chunk in tax. Or they could have moved to Australia where sale of personal use assets are exempt from tax and where computer games still dont classify as taxable "collectables". Quote Link to comment Share on other sites More sharing options...
Dino Posted September 13, 2012 Share Posted September 13, 2012 Okay, thats a huge relief No, definetily not hitting 20k in profit If anything due to my impatience and must have it now purge attitude I have lost 20k, lol 20k in revenue puts you under the microscope. Its then that you have to pay tax on the profit, whatever that is. Quote Link to comment Share on other sites More sharing options...
+Random Terrain Posted September 13, 2012 Share Posted September 13, 2012 20k in revenue puts you under the microscope. Its then that you have to pay tax on the profit, whatever that is. I think it's 75 percent in the USA. Quote Link to comment Share on other sites More sharing options...
Dino Posted September 13, 2012 Share Posted September 13, 2012 I think it's 75 percent in the USA. Quote Link to comment Share on other sites More sharing options...
icemanxp300 Posted September 13, 2012 Share Posted September 13, 2012 Starting in 2011, PayPal is required by the IRS to report the sales of goods and services for customers who, in a single year receive: More than $20,000, AND 200 or more payments. The new IRS 6050W changes apply to all payment providers, including PayPal. This includes payments received after January 1, 2011, with the first reports sent to the IRS in early 2012. You can find more information and FAQs about the new IRS 6050W requirements on the PayPal IRS 6050W website. Quote Link to comment Share on other sites More sharing options...
marillion Posted September 13, 2012 Share Posted September 13, 2012 Just an FYI, that $20,000 does NOT include payments received as "Gift" or "Personal." Peace, Chip Quote Link to comment Share on other sites More sharing options...
Miss 2600 Posted September 13, 2012 Share Posted September 13, 2012 (edited) On Medium Bob's Facebook page: Looks like they'll be getting the publicity they wanted. I was thinking it would've been better before the auction ended, but it may cause another cartridge to surface, who knows? And nearly 14K is pretty sweet. Edited September 13, 2012 by Miss 2600 Quote Link to comment Share on other sites More sharing options...
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