Is the inflated Bike market finally crashing?

If only there were a superhero out there to defeat these tax collecting villains..
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a.s. said:
Back on topic... I remember when you'd search the 'For Sale' section of this site and could find a 3 year old bike in good shape for under $2K. Now people are trying to sell outdated hardtails for more.
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I was hoping the market would fall on cheap hard tails. I need a bike to ride around town and was hoping for used, but everyone does seem to be asking a lot.

Need all those people who bought Covid bikes that don't ride to start selling. 🙁
 
Santapez said:
I was hoping the market would fall on cheap hard tails. I need a bike to ride around town and was hoping for used, but everyone does seem to be asking a lot.

Need all those people who bought Covid bikes that don't ride to start selling. 🙁
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There have been some manufacturer sales on entry level stuff and I've seen a lot of entry level stuff on FB. People selling now may have bought at a premium and aren't yet willing to sell at bargain prices. I'd say I have seen more inventory at fairer prices lately tho.
 
I'd say yes. Lots of great sales this past Black Friday- Cyber Monday. I picked up a brand New DiamondBack Sync'r for 50% off. Lists for 1500, got it for 750 with free shipping.

REI is clearing out a lot of bikes and LBS in my area are willing to negotiate. So imho a big heck yea to prices dropping.
 
JonF said:
Isn't the 1099 only to track and tax gains mainly for people in business who sell for profit? If you take a loss on selling something like a used bike/part, it doesn't apply?
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I've read that it's not going to be good. The law looks to give you a 1099 but not deductions for the cost of goods or to take a loss unless you are a business. I was advised to see an accountant. I have a resale business so I'm not worried. There are politicians on both sides ( but mainly one side ) that want this fixed. We'll see.
 
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RockNRoller said:
I've read that it's not going to be good. The law looks to give you a 1099 but not deductions for the cost of goods or to take a loss unless you are a business. I was advised to see an accountant. I have a resale business so I'm not worried. Thete are politicians on both sides ( but mainly one side ) that want this fixed. We'll see.
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You heard wrong.
There is a simple reconciliation form for any 1099. I have approx $5,000 in ticket sales with a net loss because of covid. I can't take the loss, but I can use it against the something where I had a gain.
I may have 50 transactions to reconcile for my accountant. It will be work, but it will be accurate and close to zero.
Ie, selling an old computer on ebay. It was worth what it sold for. And that equals your cost - depreciation. no gain.
 
Patrick said:
You heard wrong.
There is a simple reconciliation form for any 1099. I have approx $5,000 in ticket sales with a net loss because of covid. I can't take the loss, but I can use it against the something where I had a gain.
I may have 50 transactions to reconcile for my accountant. It will be work, but it will be accurate and close to zero.
Ie, selling an old computer on ebay. It was worth what it sold for. And that equals your cost - depreciation. no gain.
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With all due respect what I heard was correct and you proved it. Most people ( including me ) would have had to consult with an accountant to understand how to do what you said.. And I'll add that it's a lot of hoopla for your average Joe. The threshold of 600 is ridiculous.

My advise came from a Senator so I'll run with that but hey, if you know the waters and can navigate them then awsome. If not you'd better learn.

Nice hearing from you.

 
 
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RockNRoller said:
With all due respect what I heard was correct and you proved it. Most people ( including me ) would have had to consult with an accountant to understand how to do that.
And I'll add that it's a lot of hoopla for your average Joe. The threshold of 600 is ridiculous.

My advise came from a Senator so I'll run with that but hey, if you know the waters and can navigate them then awsome. If not you'd better learn.

Nice hearing from you.

 
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TurboTax or others will guide the user through.

Apologies for the unnecessarily strong wording. I reread that. Yuck.

They are really trying to catch the service industry where there is no cost against the gain. Consider someone giving piano lessons getting paid via PayPal. They have travel costs, but most of the money is untracked gains. Shouldn't that person pay taxes on the thousands of dollars they are making?

As an aside, i think there is more tax revenue to be made on frequent flier miles gained when a co pays, but since politicians are a primary recipent of that benefit, it won't happen.
 
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THATmanMANNY said:
This is stupid. Going all cash. Start using cash again before that gets taken away in the next century
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it really isn't stupid - people are hiding income.
they are cheating everyone that claims their income.

interesting thing here - it includes sellers that use square, and other third party devices.
So all those flea market sellers. They saw a bump in sales by taking cc. so they'll either have to claim it,
or lose out on transactions. or use Zelle.

Paypal and others should make it easy to create the tax form for reconciliation.
It would be much easier at the time of sale than a year or more later.
 
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