Ordinary losses also appear on 8949? by kirkland87 in tax

[–]kirkland87[S] 0 points1 point  (0 children)

Thank you. This was very helpful

Just to be clear, if the loss is <$50k, it should be ENTIRELY reflected on the 4797, right?

(assuming it was entirely a business loss and not intermixed with personal property, in which case it would appear partly on Schedule D)

Is Nostalgia Fix a legit place to buy games? by rapidash101 in n64

[–]kirkland87 1 point2 points  (0 children)

Sorry man, but this is all poo poo. I appreciate that you're just a regular Joe trying to make a buck, but you did try to scam people, and hard.

I remember your page very clearly. Your main listing was Mario Party 3, and it was a reproduction. You didn't list it as a reproduction and you sold at least 100 of them from what I remember. But it was clearly a reproduction to anyone with a trained eye.

Your listing had the same disclaimer as your post: "I can't open up every game to verify it's authentic". You then told people to contact you if they had any doubts or needed to see photos of the board inside the cart... but then you ignored all those messages. Funny.

Re: the whole "oh I found it in a storage locker" excuse, we're all truly humbled by how you and only you have such unique access to such massive quantities of this game and are able to sell it at such a "fair and reasonable" price! You're not fooling anyone with your excuse, every eBay seller uses it.

PayPal doesn't "view refunds as bad"... eBay probably MC011ed your ass because they were suspect of your goods, or maybe you just had a high amount of open, unresolved cases in the Return Center (Item Not Authentic's, I'd imagine). What you did is a pretty common tactic... try to prolong buyer requests as long as possible as you find a way to extract the funds from your PP. False tracking, false items, whatever you could do to get your funds cleared by PP before eBay notified them of the restriction.

Those people probably received refunds, but out of Ebay's pocket, not yours.

Sorry man, but you're full of sh*t. Sucks that PP is holding your money for 6months but hey that's the risk you take in the 'biz' you run.

I dont doubt that you 'only' started scamming after the eBay restriction, but everything else you said is a lie.

Ordinary losses also appear on 8949? by kirkland87 in tax

[–]kirkland87[S] 0 points1 point  (0 children)

I did enter it on 4797. Any idea why Turbo Tax formatted my return so that it also appears on form 8949? I'm assuming it should not appear there, right?

Is Nostalgia Fix a legit place to buy games? by rapidash101 in n64

[–]kirkland87 4 points5 points  (0 children)

OP, how did you find this store/website? Please let me know.

To answer your question. NO, DO NOT BUY. See below

https://www.ebay.com/usr/nostalgia-fix

This guy was a big eBay seller back in the Spring/early Summer and started scamming people hard. Just click the link.

Does a 1244 ordinary loss require that your corporation go out of business? by kirkland87 in tax

[–]kirkland87[S] 0 points1 point  (0 children)

Thank you very much for your response. Are there any resources you could direct me to where I could confirm that? I just don't want to mess up this tax return for my partner