What. Just. Happened???

Sam, It is probably a combination of the need to downsize, covid and those passing on.

The good news is that people like you and me will have tons of fun refurbishing and playing with treasures like these. I am sure Peter from the Modular Group is green with envy at your score!!

WOW, what a haul. Congratulations!

Holy. Cow. 😁

Mark in Oregon

Jeepers creepers. Wow

I think a lot of factors and adding up and finally its getting through to folks that even if you only get a few dollars an item that is far better than looking at them all on your shelves. I've got a bunch of stuff I don't need and I'm waiting for the local show in East Rutherford. Its going to be "what will you give me? I don't want to take it home" time for me also.

Dude, what a score! I think you just lived out all of our train show fantasies. It’s like the priest in caddy shack playing the perfect round of golf in the rain. Your luck was so good, watch out for the lighting! Lol!

HOLY POOP!!!

Wanna double your money??????

That's quite a pile for not a big pile of money!

Did you check for any battery leakage?

I was also at the show today and yes a lot of emptying out of collections(extras) was going on. The sales were as hot as the weather. I saw plenty of people walking with armloads.

I agree with Scotie and take what you can get, no sense in letting boxes of stuff sit in storage when there's going to be more.

@Lionelski posted:

HOLY POOP!!!

Wanna double your money??????

Another yard sale????

@Sam Jumper- nice haul. I'd call it the post-covid hangover.

That's amazing! Glad for you. Hopefully this is a trend in postwar and mpc Lionel. My favorite era's.

I was at the show also.  Spent $50 on a large prewar Flyer bridge, which was a bargain in my opinion.  There was a lot of stuff there, but nothing I really needed.  Had the price of the bridge been more in the range of what it was worth, I probably would have passed on it. 

It was nice to see all of the friends that I have not seen in a year and a half.

NWL

I was going to go today but had other plans. I hope to hit up the September show. Any deals on modern scale stuff (i.e. MTH Premier or scale Lionel) or were most of the deals Postwar/MPC?

Cabin fever, downsizing, aging out, passing away of owners and tight cash situations for many combine into deals at train shows.

I myself will need to list some nice trains cheap soon.

PS.....ebay selling rules, cost and payment system have changed and are hurting many sellers....so back to shows!!!

Great haul Sam!, fully expected a full house with the past year we've had. Enjoy them! Seems like Post War is in a free fall.😱😉

As mentioned, the big question is were any recent scale Atlas, Lionel, or MTH for sale?

@AMCDave

When they made the cutoff for total sales too low for tax filing was when I quit selling on the bay

I just had this conversation with a close friend in TCA Desert Division who is very active nationally.  Train prices for less than stellar product has bottomed out for the time being.  People are dumping collections for 20 cents on the dollar out of fear they won't get anything out of them.  It seems I have a warehouse full of trains to unload, but at this rate I'll sell what I can, dispose of what truly has no value, and use the rest for target practice.

Funny thing is I have boxes and boxes of HO that when priced well sells incredibly well at shows.  When you sell 20-40 cars at $5 a car it at least pays for the table.

It’s great that deals like this exist, and it makes me happy to see it get a second (or third) life instead of ending up in a land fill.  However for me it begs the question why do people still want more traditional sized stuff to be made?  There is so much of it out there.

@Ron_S posted:

When they made the cutoff for total sales too low for tax filing was when I quit selling on the bay

In terms of your actual tax liability, nothing has changed.

I bought way to much like many, I should sell but don't need the money and son't want to bother.

While technically the tax liability has not changed for selling on eBay, they have lowered the threshold of reporting to the IRS at the income limit of $600.00.  The site includes their fee in your total cost so you are paying taxes on eBay's fees.  I will not be selling there.

@GG1 4877 posted:

While technically the tax liability has not changed for selling on eBay, they have lowered the threshold of reporting to the IRS at the income limit of $600.00.  The site includes their fee in your total cost so you are paying taxes on eBay's fees.  I will not be selling there.

Why would their fee be included? You don’t receive that money.  You definitely do not owe taxes on money you don’t receive.

If they’re including the fee in the cost basis this works in your favor.

If you buy a train for $500 and sell it a year later for $500, your tax liability is $0.

If you sell it for more than you paid you might owe taxes on the difference.  This is dependent on the taxpayers situation. (selling price - cost) * rate = liability

I'll bet the Wife was overjoyed!

@rplst8 posted:

Why would their fee be included? You don’t receive that money.  You definitely do not owe taxes on money you don’t receive.

If they’re including the fee in the cost basis this works in your favor.

If you buy a train for $500 and sell it a year later for $500, your tax liability is $0.

If you sell it for more than you paid you might owe taxes on the difference.  This is dependent on the taxpayers situation. (selling price - cost) * rate = liability

Question: do I have to have my original receipt to show what I paid?

@rplst8

They use the fees you pay to the bay as a seller to report total on the 1099 you receive, as a seller you won't have anything to sell at a loss or profit.

As mentioned, the threshold is now $600 so just a few sales causes a 1099.

@MikeH posted:

Question: do I have to have my original receipt to show what I paid?

If you got audited it would be best to have it.  But it’s not essential.  A credit card statement showing the purchase price and date would suffice.  Or even a log in a book.  I keep a list in a spreadsheet with what I paid and when I bought it for everything I collect.  This sort of thing can be used as evidence in any future audit which is very unlikely to happen.  What you don’t want to do is claim losses on your taxes from sales that offsets other income from a W-2 etc..  That can be seen as a tax shelter, and will raise eyebrows.

You definitely don’t have to send the receipt in when you file taxes.

@Ron_S posted:

@rplst8

They use the fees you pay to the bay as a seller to report total on the 1099 you receive, as a seller you won't have anything to sell at a loss or profit.

I sell something at least once a year on the Bay, but my sales rarely if ever have totaled $600, so forgive me…

Your saying that if you sell a train for $1000, and pay them say, a $100 final value fee, you’ll get a 1099 with $1100 on it?

The fee comes from your total, and that total is reported. You might sell for $300 but only get the remainder once their fee is deducted. The 1099 reflects the sale price once $600 is reached which started this past spring but goes back to January 1 sales.

Having not kept receipts for many of the train items I sold previously, there is no way to show a profit or loss.

OK, I just looked up the form, it’s 1099-K if anyone is wondering.

So I see what everyone is talking about, sort of.  Box 1a is the gross amount of CC or third party payment network transactions.  But the key word is GROSS.  You don’t owe taxes on all that.  You can expense the cost of the item when you bought it, the amount you paid the auction site, and any shipping you paid for to send it.  There are other forms for filling out the expenses. You definitely do not owe tax on that amount.

If you have receipts to show what you spent.

@Ron_S posted:

Having not kept receipts for many of the train items I sold previously, there is no way to show a profit or loss.

This is not true.  You can use old catalogs or advertisements, or even current market prices when it comes down to it.

As long as you are being honest about what you paid and critically, not claiming a loss, you do not owe taxes on selling used goods, unless you’ve made a profit.

Ok, we have hijacked Sam's thread enough, back to the OP thread.

As for the honesty, that has kept me from audits for 3 decades.

@Sam Jumper posted:

Is that B unit an FP7B? It sure is long!

I hope we see the same prices at the edison greenberg show this weekend.

Looks like the seller viewed the 1950's Lionel catalogs and thought those prices were still valid, WOW what a score.  Good on ya!

Maybe the seller figured its better to get something rather than nothing. A lot of us baby boomers are health is starting to go.

@DMASSO posted:

Did you check for any battery leakage?

For $20 - $30 I'd still buy them, and clean them up.   I've done a lot of batter leak restoration on post war Lionel F3 over the years.