General Forum

Found a page by going into my sellers profile on sportlots.  
Looks like they have an updated look almost ready to roll out.  Still not very smooth, but i think it will be better. 

Also noticed this little nugget that they are only paying out to $599 a year in sales... "Sellers can only receive check payments for up to $599/year. If you prefer check payment, you should set your payment option to "Credit" and manually request "Check" payment from the "My Account/Account Profile" after monthly payments have been calculated. Once your $599 limit for the year has been reached, you must either leave the credit in your account or request payment via PayPal until the next calendar year. Checks are being limited to under $600/year to prevent Sportlots from having to submit 1099-MISC forms out at the end of each year. PayPal sends out 1099-K forms. Each state can have different threshold amounts for 1099-K submissions, so you should verify with your state on this threshold."

They'll only send you up to $599 via check per calendar year. An unlimited amount can be sent through PayPal. Huge time/cost/documentation undertaking to send out 1099's, so they avoid it.

Is it true when you sell on sites like this or COMC you don't have to pay taxes in the year the sale was made, you only have to pay in the year you withdraw  funds.  So, if I made sales in 2022 but didn't withdraw anything in 2022 I don't have to report anything on 2022 taxes? 

In my opinion, yes, it’s not really income until you receive the money. Kind of like unrealized gains from a stock. Although I’m sure you can find an accountant that disagrees.

I am not a big fan of the new look.  It loses its charm and really looks like a page from 1998 or something.  It's not enough to turn me off of the site or anything, but I prefer the old look.

Makes sense.  Thanks for the reply!

Re income: Any sales are considered income when both parties agree to the sale and method of payment (which can be cash, credit, debt, etc.).  Cash does not have to be received to incur income.

Re the updated sportlots website:  I was hoping for a big overhaul of the website, albeit in stages.  So far it's very disappointing.  It just seems like a change in colours and fonts with no change in functinality.

The new look hurts my eyes. It is too blue. I like the old design colors. Easy on the eyes.