Reverb leads the charge! How you can help
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- Опубликовано: 3 авг 2024
- Reverb is leading the charge to help fight getting taxed for your guitar sales! Hear all about it and what you can do to lend your voice with signing the petition to raise the threshold of the $600 1099 tax.
Sign the petition below and help out reverb!
reverb.com/page/1099advocacy 
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When Etsy bought Reverb, it’s fate was sealed.
I quit selling on Reverb because of this.
I’m sure the government will totally listen to reverb and allow the people to not pay taxes.
We are the government! Made up of US citizens. Elected by US citizens. And laws voted on by US citizens. You are not born into government
There’s a point where it’s just easier to sell it to a friend at a great deal. You get cash, your friend gets a deal and you didn’t waste a crapload of money on the seller fees, shipping, taxes and hassle.
We all don't have friends who want to buy our gear...
Exactly... i can still go pickup my very first decent bass cuz i sold it to a friends little cousin for damn near nothing years ago... kids a beast these days and still has that bass. Win win win as far as i ca. See.
Reverb can keep their high fees. I’ll just sell regionally.
When you're terrible, you're terrible. Hello, Reverb. To put it in context, Reverb is to guitars what GunBroker is to firearms. Its great as long as your pockets are deep.
Yeap GB has taken a major dive because of this too.
Reverb isn’t doing this out of the goodness of their heart, they’re suffering from a decline in listings.
It’s not reverb it’s eBay and every place that sells things. We’ve already payed tax on it several times. There’s no profit being made in my situation. I’m a hobbyist as many of us are. Ridiculous situation. I’ll sit it out til they start begging us to come back. There’s always a garage sale…in the city. Not.
I’ve filled out the form and have even gone as far as contacting my local congress-folk; there’s actually about 6 resolutions out there to amend this 1099 issue; remains t be seen if it’ll get traction; thanks for putting it out there!!
I have never made money on my used gear. It’s either break even or a loss. I shouldn’t have to be bothered with the IRS.
Signed! Thanks for making a video about this and linking the petition. This is a much needed change.
the scariest words you'll ever here are I'm from the government and I'm here to help. the government is way to involved in our lives
Funny how the person that made that statement did more to destroy the US than any other elected official since Jefferson Davis.
The bubble has burst. Hard times coming for the ancillary industries. It may turn back around after a few years. May not.
Eliminate Federal income tax and charge a Federal sales tax. That way everyone pays, including tourists and no paperwork for individuals.
I’ve been saying that for at least 30 years. That is absolutely what needs to happen.
I have sold my babies on reverb, but never again, their policies and fees are punitive for sellers.
5% to 8% is a 60% increase!! That's crazy! Stores don't eat that, its consumers! Then the 1099 thing on top of it!! 8(
Reverb is terrible...Etsy bought a platform that they knew nothing about, simply looked at the balance sheet and commenced screwing every user. Done with them...dead to me...never again.
They were bad before Etsy got them. Just worse now.
About time, thanks for the great news!
One of the reasons for having an inflationary environment is to be able to raise taxes without "raising taxes."
"I just want to have new shinny things with strings" personally I just want to be able to buy new strings!!
Lol. Just call the store and order them. Ask for a discount. If you buy a bunch like 10 packs you may get one. Otherwise, hand over that $6 and tax plus well some don’t charge shipping and treat yourself to a 2nd pack in case you mess up one of the strings during changes.
Thanks Brandon
You don't automatically owe taxes on everything you receive a 1099 for. You just have to be prepared to document what you paid for the item originally versus what you sold it for. If you sold it for less, there is no tax owed.
Just keep every receipt and proof of purchase for everything you ever bought. Easy lol
Never has the tax man gotten his hands in your pocket and then removed them. Once it's there it's there forever. This is the new norm. May the odds be ever in your favor.
No,.not if that lost Tax revenue comes from some other source. The problem is most US Citizens lack the intelligence or the balls to actually tax the super wealthy fairly! You sell your Epiphany Casino on reverb for $900 and take a 15% tax hit while billionaire with their own print space programs pay what int Taxes???? Who votes 4 these people?
Really? Look at corporate tax before and after raegan.
Not a fan of stupid tax increases, but tax cuts are a real thing…
I remember someone saying it's only a few percent. Sure, OK, but 5% to 8% is a 60% increase. How many things would you do without if the price went up that much? Even 5 to 6 is a 20% increase in fees.
I'm in Canada so the IRS can't tax me, and I wouldn't use Reverb in the first place.
Wow glad someone with a bigger voice is bringing this up. I often sell a guitar to help buy a new one. Even facebook marketplace notified me they are reporting sales to the irs
Oh no. That was my last resort. Oh well.
@@Utubewrk123 well its been a while. Ive turned to upgrades on guitars i have instead of buy and sell
I relaly hope Reverb is able to sort this out. Self employment tax is 15.3% and getting 1099'd for under $1000 is plain wrong
Especially with inflation. It's wild that certain MIM Fenders puts you in cross hairs of the IRS
@@thesmellycatjazz #defundtheIRS
Nobody audits the IRS.
That's probably why made in Mexico Fender stratocasters are going for like $1,600 when they're worth about $850
@@friedrudibega6384 Nor the Fed Reserve.
Having only purchased on Reverb, I have thought to list gear several times, but their policies for sellers give me pause for concern, so I don't.
Nobody’s protecting sellers or buyers on reverb or eBay. You’re on your own.
I like things like schools, parks, garbage collection, law enforcement, fire departments, sewage treatment, water, etc, etc, so yes, I like paying taxes.
It's back to Craigslist
Reverb needs to look at its self first for get the government for now. How dare reverb take 8%. Hope reverb goes under!
They have improved their assisted shipping peogram, i just seen that fedex and usps have been added. They saved me a bundle when shipping an old amp. They can sure work on the fedex rates, but that will take time.
Reverb is just a free online billboard for under the table local pick up
The fact anyone has to pay taxes on a used item that taxes were already paid for at initial purchase is asinine. You never own anything when that's the case. If Reverb wants to help they should lower their ridiculous fees. If you see something for sale on reverb just take a second to see if it's listed on the gear page- better transaction for all parties. Reverb rates and taxes have made their platform worthless for anything other than seeing what's available so you can buy it elsewhere. They're becoming Borders and TGP is Amazon.
Land of the free.... oh wait.
Why are used items taxed at all? Why why why? Thanks for the informative video.
If you get a 1099 from Reverb don't forget that you are technically a reseller. Meaning you can deduct the cost of the piece that you sold. This should eliminate any liability that you have.
He said the “ITIS”!! :D Its that great Gretsch sound!
Thank You REVERB! @#!%$&# the Government!
Makes sense since all the commercial sellers on Reverb will be having to pay income tax, sales tax, State tax, etc, on their overall profits or turnover anyway. They won't be getting off "paying taxes" they'll just be paying different taxes.
My the time you print the shipping label and pay the fees… eBay and reverb gets your profit. To hell with selling online. It used to be cool, but just like everything else, after it became cool the government and corporations price us out of the mix and only businesses can afford to do business.
Come for the information, stay for the foot tapping action 🤣
I can't submit the form on Reverb unless I list a shop URL. What's up with that? I don't have a shop, I'm just a musical hobbyist with a 30 - 40 year collection of gear. BTW, you guys are AWESOME! Keep it up!!!
Amen! 6% would be great! I always try to sell locally before resorting to Reverb. However, in my experience FB Marketplace and CL are painfully slow to get people to respond. Are you listening Reverb? Thanks guys for leading the charge.
The guy above said Facebook is doing the same. And I can tell you so is eBay. It’s everyone not just crappy reverb.
Done.
Baxter's "Lower Upper-Class" is showing.
I hope people reaize that you only need to pay taxes on the income you made. Also consider, did you clean the instruments, did you replace any parts, did you replace strings, did you have it set up, do you keep them in a climate conditioned room in the house, all these things can be deducted from the income on the items as well.
Looks like you have to already be a seller on reverb with account & Shop URL to sign their petition.
I love taxis and Uber too ..😎🎸
signed
Some good ole face fighting behind the gas station
Just for everyone's information if you sell any gear for less than you paid for it, it is non-taxable. Technically, the sales price is reduced by the cost of the gear, so if you paid more for the gear, you actually had a loss even if Reverb or any other platform sends you a 1099 for the sale price.
If you sell your gear for more than you paid for it you should only be taxed on the sales price in excess of your cost on the item.
Betcha the IRS won’t let you claim a loss to reduce your taxes but they’re happy to take your money if you make a profit.
Great info but they also REQUIRE PROOF which means you need a verifiable receipt for what you paid for that used 20-year-old item. Do you have receipts for every piece of gear you own? Yeah me neither!
Once I was about to buy a guitar on Reverb that I could not afford and don't need. Made a registration and few days later they told me that due to security reasons, they wont sell me anything. No explanation. So yea, that's my Reverb experience and I will not support anything related to them. Still think about that Tele sometimes tho...
Yeah...the EXACT reason I won't sell anymore until this gets resolved...
Just curious, does this new reporting of sales income mean that if I have to claim the $600 I made selling an old piece of equipment I can write off the $5000 I spent on new equipment?
In a logical world yes, but pretty sure this is a one way deal 😅
Wait. The government taxes you for selling your property that you used money already taxed to buy? As a heavily taxed brit this is madness, at least youre not paying $9 gallons
Uncle Sam needs money to pay the politicians and the private interests. Whatcha gonna do :(
@@sirlost94 as I said, even the quasi socialist lazy brots don't tax you for selling stuff second hand unless you're a business
This doesn’t matter. The law is in place because the government wants a piece of any “income.” There are way more people selling a few things on Etsy, or eBay or whatever than there is on reverb. They want those taxes. To me this just looks like a PR move by reverb so that they can inevitably raise their % rates again. 10% here we come
The problem isn't getting a 1099. The problem are Reverbs fees and Protection fees - both of which they have unreasonably increased to impress Etsy shareholders and board members. Receiving a 1099 for your Reverb sales means you can deduct all your related expenses. It's not a bad thing.
Reverbs website lists the selling fee as 5% and I did a search online and didn't find any mention of it going to 8%. Where is this info coming from?
It's not that now you are being taxed on it. You were always responsible for paying taxes on that profit because, under the Tax Code, all income, unless otherwise excluded, is income.
If you have a record of when you bought it, you use that to say, "I didn't make $1000 from selling it; I only made $100 because of what I bought it for."
I'm reminded of when our county first rolled out speed cameras and people complained about tickets for being 5 mph over the speed limit. The complaint was about not being able to get away with noncompliance with the law.
What a joke, selling your property second hand after paying a sales tax and income tax is double book keeping
@@pads-zr9ln again, you pay the tax on the profit.
Are you against a capital gains tax too? Same concept. Sale price minus basis equals taxable profit.
@@MatthewBaron I'm a brit, if youre a private seller, selling second hand gear you pay zero tax, I can sell a vintage guitar given to me for thousands and not have to pay anything
@@pads-zr9ln Mazel tov.
I love me some great clustomer service! ;)
Changing the limit for 1099 filing is a good idea, but Reverb isn't promoting it for our benefit. They're just trying to lessen seller pressure on them to reduce their jacked up commission rates.
REVERB set the precedent by treating their online sellers like storefronts, and they are only too happy to let it carry on as long as they are profiting, only when they beginn to suffer do they try to correct THEIR error(they NEVER should have represented simple gear heads exchanging gear as stores selling and making profit, and where it IS stores selling should make the distinction)
Custom color Two Rock you say? 🙏🤟🏻🤟🏻
for me-self employment tax, sales tax on building materials, property tax, sales tax,
Knife fight breaks out behind gas station over......over amp/guitar sale? Yowza!
For safety reasons many communities, even many small ones, have established designated transaction spots for individuals doing online transactions to meet and do the exchange. I’ve found this is not as widely known as it should be. Many times the designated spot is a police station, as it is in my small Wisconsin city of 10,000. Anyone uncertain about whether there’s such a designated place where they live could find out by calling their local city hall.
where are you getting that reverb are raising their rate to 8%? They're still at 5%. Do you mean 5% plus 2.5% transaction fee? If so, that's been their rate for awhile now
Two words: good luck.
I don’t have a reverb shop so I can’t sign it. 😢
6-6 1/2% as Fees from reverb and drop the 1099 if have to tax, and 1099 for Over 10K is more realistic as Government will never give up money it has, but might consider dropping the 1099 requirement since more paperwork and headaches for IRS than its worth for lower priced Gear, But Biden wont give up any tax money for the little Guy
Reverb is awful. They are not doing this for the little guy. They will make more money somehow. Every business can say less taxes and try to fool their customers. I reported fakes listings to reverb to help protect the customers. Probably $1,000,000.00 worth of fakes. When I complained about a fake $300,000.00+ listing they kicked me off reverb… wtf…they are horrible people.
how can you get away without paying taxes ... is that possible?
Between gas, groceries, and utilities being so high you’d think a service that makes money off two independent people using their site to make transactions would be laying low hoping people just kept on paying them that 5 percent convenience tax , quiet as a church mouse but nope everybody pile on remember higher prices are a good thing because uh uh hmm
I wouldn't mind paying income taxes on gear that I sold...if I had been able to deduct the original purchase from my annual income. I used to report 1099 income and expenses from paid gigging but those days are over for me so everything I buy now is for a hobby. It seems strange to tax me on selling something that I used my post-tax income to buy in the first place. However, if someone is making it a viable business it should be taxed. Therefore the $20k threshold. Hopefully we will see progress here.
Exactly! If I buy a $10,000 guitar and it gets run over by a truck after I own it and it’s now worthless and I sell it for 2000 on Reverb for an $8000 loss and they’re going to withhold taxes?
It doesn’t make sense for a nonvendor. I guess I’m not going to be selling any guitars on Reverb.
@@MarcStanton1 That's not how 1099 works. IRS doesn't tax you just because you lack a receipt proving a loss (or sale of equal amount). You can claim a sales prices without a receipt. They do investigate whether or not the market value you claim you paid was "reasonable" or not. But they don't deny a claim of value paid just because you lack a receipt.
Ask yourself two question. Who did you vote for last time? And, who are you going to vote for next time?
Blue and Blue
Reverb is doing this to try to cut their overhead. It costs them a lot of money for the accounting and paperwork.
I stopped using the site because of this.
Death, taxes and high reverb commissions!
Government waste aswell
I sent my story. This whole scheme is ridiculous and it must be stopped.
The fees on Reverb are way too high now.
I thought the $600 was referring to profit. I mean most individuals will lose money when selling their old gear unless you have like a 60 y/o old Strat
Reverb doing something right?????
Yeah idk about that
Anything that fucks reverb is fantastic. Tax away.
I'm all for this but getting the government to take their hands out of your pockets is gonna be tough. Doubtful this will happen. FJB.
...or the government could just leave us alone.
Reverb leads the way in collecting taxes. If I’m selling something privately or on this website, the government has no business collecting or charging taxes. But the people supposedly voted for these idiots. Community guidelines prevents me from saying what I really think.
There’s a Two-Rock Owners group?!
It’s better known by its other name, The John Mayer Fan Club.
I'm a new RUclipsr. I do a new video with a new original song every week from my Homestudio. I watch every casino guitars video and Jonathan's too. Very interested in any tips you have, especially on ways to get my traffic up..thank you...🎸🤘
Just sent my petition too
Hey buddy would you like to buy a watch real cheap? Here on the street. I got six on each arm and two more round my feet.
Form your own llc.. this country is set up to reward people having a business.
The tax code is free knowledge. Get smart on it, and take advantage of it.
Vinnie Jones?
You want to know about higher Taxes, move to Connecticut and then you have a reason to complain. I pay property taxes on my home and my car and my truck and pay a special fire tax on all property taxes and income tax and 2 different sales taxes and all other federal taxes and all kind of crazy fees. 😫😫 I Love Connecticut but really hate their taxes!
Do Not Go To E Bay Prices.
Reverb definitely isn't looking out for its users, it's looking out for itself. Users are leaving because of their insane fees which go up consistently, your listing goes NOWHERE unless you "Bump" it, and you pay outrageous fees for protection which they don't provide if you get scammed, "Sorry, you'll have to take that up with PayPal". Reverb is trash and I look forward to a new platform to help out the average musician.
This will go nowhere. They want all of our money. They consider it theirs and they let us have some of it. 🤣
Been waiting for this news! Be careful though any P2P (person to person) platforms (Facebook, Venmo, PayPal) all use the $600 threshold. Cash is King
yes,.but the vast majority of stuff on Facebook , and Amazon or Venmo etc etc etc cost far less than the average pice of musical gear.
Just important to note that, working right, you would not have been able to drive to work today or have clean water without taxes. I understand the idea, but we’d have nothing of importance without taxes, including helping those with disabilities and those that come back from war or military service and need assistance.
oKCrowell
The government is not your parent or friend. It’s made up of a bunch of overweight Karens. A 50% reduction would be a good start.
Nonsense. We had everything you named in this list before the Federal government implemented thel income tax. Look it up.
Clearly not understanding the topic.
This is a very specific predatory tax practice in which the IRS is counting on most users not understanding or not caring to archive, organize, and produce records showing they are NOT a business. They’ll simply let go of it and be taxed on hobby sales losses out of fear.
@@bryantwalley I did look it up. It doesn't look like we had any of these things in earnest before taxes, especially a strong military. I strongly agree that taxes should be evenly spread out (maybe we should not have them on smaller guitar purchases and actually tax corporations). I just can't imagine that magical funding would be found for schools, roads, the military, electricity, and everything else that is shared without taxes or government help. The internet connection we are using was publicly funded, it's just sad that it is then sold back to us by private companies.
Reverb isn't Reverb any more. It is a Chinese company now.
Bought a product with missing items and reverb Didn’t back me up. I will never Buy or sell anything on reverb anymore. Reverb sucks!!!
stop people like trogly from scalping the market on reverb
Reverb leads the way in collecting taxes. They suck