Do you sell used bikes to these facebook flippers?

a.s. said:
That’s why you try and sell it here first. But yes, if that were the situation, I’d probably sell to the dad. Even if I made a little less.
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Did you come to my house for something once? I can't remember if it was you.

In any event, someone came and i sold something, then ended up giving something else for free because it was a dad-son situation.

In general, you can say, "Well it's not worth selling local because they may be annoying later." But we, as humans, need human interaction. If you just see other human beings as transactional entities I am not sure you'll get much out of life in a lot of respects.

We live 1/2 mile from the municipal building/police station. I put in the FB ad that I will meet you in front of the police station. Nobody makes shitty offers. I have ended up giving stuff away cheaper, or even for free, once I meet them. But if they show up and lowball me, I drive 2 minutes home. No sweat.
 
I had a kid (so he claims) offer me $1500 for a bike I'm selling for $2800. He gave me a story of how he's just a kid and has been saving up for a bike and all he has is $1500. I congratulated him on being a good saver and reassured him that there are plenty of bikes out there for $1500. He said he really wanted my bike and I said he can have it for $2800. He said he's been saving really hard and he deserves a nice bike. I said yes, I agree that he deserves a nice bike, just not this bike. Not sure if the kid was telling the truth but the lowball offer and sob story wreaked of a flipper.
 
I’ve sold 2 bikes off FB marketplace with zero hassle. Both times I got exactly my price after sifting through a few low ballers.

One guy told me he had the same bike when he was younger and regretted selling it. It was a 2010ish Rockhopper elite 26r that I had bought off a friend 6 years prior for $300. I did zero maintenance to it aside from a broken cable getting replaced and putting on new tires I got for free from someone. I sold
It for $350 pre COVID.

Last year I sold my 2016 allez elite aluminum road bike for asking price. Lady got it for her college age son he drove 2 hours from Philly to come get it. He clearly had zero road bike experience as I had to show him how to shift it. I got my exact price and probably could have sold it for more in hindsight but in the end I got my price. So even if he planned to use it for a college commuter bike (cringe) I got my money so doesn’t matter to me what they use it for once it’s sold.
 
tonyride said:
I had a kid (so he claims) offer me $1500 for a bike I'm selling for $2800. He gave me a story of how he's just a kid and has been saving up for a bike and all he has is $1500. I congratulated him on being a good saver and reassured him that there are plenty of bikes out there for $1500. He said he really wanted my bike and I said he can have it for $2800. He said he's been saving really hard and he deserves a nice bike. I said yes, I agree that he deserves a nice bike, just not this bike. Not sure if the kid was telling the truth but the lowball offer and sob story wreaked of a flipper.
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“Agree just not this bike..”. Perfect response.
 
tonyride said:
I had a kid (so he claims) offer me $1500 for a bike I'm selling for $2800. He gave me a story of how he's just a kid and has been saving up for a bike and all he has is $1500. I congratulated him on being a good saver and reassured him that there are plenty of bikes out there for $1500. He said he really wanted my bike and I said he can have it for $2800. He said he's been saving really hard and he deserves a nice bike. I said yes, I agree that he deserves a nice bike, just not this bike. Not sure if the kid was telling the truth but the lowball offer and sob story wreaked of a flipper.
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I'll give you $1501
 
Bike N Gear said:
I've never used FB marketplace. Can you add contingencies to sales?

"Buyer must bring young boy when picking up bike."
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THATmanMANNY said:
Are payments from pros closet now needed to be reported to IRS?
They pay PayPal right? PayPal suck Any fees?
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I can't say anything about your first question but I'm pretty sure I got PayPal and had no fees.

Was relatively quick and zero hassle. Money just showed up.
 
one piece crank said:
Yes, once you hit the $600 threshold PP will send you a 1099k.
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Sure, but it is offset by the cost of the bike. Pro's closet offers less than market.

Same with the ticket sales sites now. I took a beating on my final 4 tix.
 
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Patrick said:
Sure, but it is offset by the cost of the bike. Pro's closet offers less than market.

Same with the ticket sales sites now. I took a beating on my final 4 tix.
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Debatable actually. It's one of the reasons to sell to Pro's Closet as the pricing can be above "market" as the price on the market for an individual seller in NJ may be less than than Pro's Closet's price on their website selling nationally.

The bike I sold them was a quirky bike and easier sold to them than locally. Probably end-purchased by a flatlander as it was a SS.
 
Santapez said:
Debatable actually. It's one of the reasons to sell to Pro's Closet as the pricing can be above "market" as the price on the market for an individual seller in NJ may be less than than Pro's Closet's price on their website selling nationally.

The bike I sold them was a quirky bike and easier sold to them than locally. Probably end-purchased by a flatlander as it was a SS.
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What are you going to tell the IRS?

As you are not in the business of selling bikes, the value is exactly what they paid you for it. What the 1099 says.
Consider that you never depreciated it on a return, its basis is what you paid for it. Personal use property.
Might be able to do some interesting things across multiple 1099ks (appreciating tix, depreciating bikes ?)

@clarkenstein check-in please.
 
Patrick said:
What are you going to tell the IRS?

As you are not in the business of selling bikes, the value is exactly what they paid you for it. What the 1099 says.
Consider that you never depreciated it on a return, its basis is what you paid for it. Personal use property.
Might be able to do some interesting things across multiple 1099ks (appreciating tix, depreciating bikes ?)

@clarkenstein check-in please.
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I haven't thought that far, as I never thought I'd get a 1099...

It's a bike, I'm sure the frame/fork cost me more $$ than what I sold the complete bike for, so I can write the IRS a nice note to that affect?

IRS has audited me every year for the past few years and I have to pay extra taxes and interest. What's another year? :)
 
Patrick said:
What are you going to tell the IRS?

As you are not in the business of selling bikes, the value is exactly what they paid you for it. What the 1099 says.
Consider that you never depreciated it on a return, its basis is what you paid for it. Personal use property.
Might be able to do some interesting things across multiple 1099ks (appreciating tix, depreciating bikes ?)

@clarkenstein check-in please.
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Someone give me the Cliff’s here. Why are we reporting sales to the IRS? PayPal? What a crappy move.

If you sell something and get 1099’d just adjust the basis to a wash. You’ll need back up to support it, but the chances of getting asked anyway are stupid low. Like probably less than 1%. So adjust your basis when filing your taxes so there’s no tax no gain.
 
Santapez said:
I haven't thought that far, as I never thought I'd get a 1099...

It's a bike, I'm sure the frame/fork cost me more $$ than what I sold the complete bike for, so I can write the IRS a nice note to that affect?

IRS has audited me every year for the past few years and I have to pay extra taxes and interest. What's another year? :)
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There is form 8949 form for non sched c stuff (or it is a line on sched c?) and not 1099-B - rather simple - "income" + "basis" - pay tax on gain, get nothing for loss. (might be a carry forward in NJ?)

clarkenstein said:
Someone give me the Cliff’s here. Why are we reporting sales to the IRS? PayPal? What a crappy move.

If you sell something and get 1099’d just adjust the basis to a wash. You’ll need back up to support it, but the chances of getting asked anyway are stupid low. Like probably less than 1%. So adjust your basis when filing your taxes so there’s no tax no gain.
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they lowered the threshold for 3rd party payment processors reporting to $600 -

---

It was easy to put the reporting requirement on the payment processors - vs the individuals (which it always was)
I don't think crypto falls into brokerage - so that also gets a 1099k now.

Just like they make amazon and ebay collect sales tax for each state - think about ebay, if i casually sell something to another person
not in the business of what I am selling, the state collects sales tax. our flying group purchased a plane, and didn't have to pay sales tax
because it was a casual/private transaction
 
Santapez said:
Debatable actually. It's one of the reasons to sell to Pro's Closet as the pricing can be above "market" as the price on the market for an individual seller in NJ may be less than than Pro's Closet's price on their website selling nationally.

The bike I sold them was a quirky bike and easier sold to them than locally. Probably end-purchased by a flatlander as it was a SS.
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We used to do Pro's Closet at the shop but stopped because the offers were so laughably low every Customer ended up turning it down.
 
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