I am close to pulling the trigger on this four piece kit from the early 50's but wanted some feedback first. This is an all origianal Radio King from the early 50's with a 14x24 bass drum, 9x13 tom, 16x16 floor and 7x14 snare. All in matching black diamond pearl. Per the seller, everything is original down to the tension rods. He does not have the cymbal arms that used to mount on the bass drum. The snare is a cloud badge while the other three drums are the oval. The seller promises these were all bought together at the same time around 1950. In lieu of telling you what price we are close to agreeing on, please tell me what you think a good price would be. Like all of us on the forum, I do not want to over pay. I want to have some room so I can sell them in the future and not just break even. I have done extensive research and it is very hard to come to a conclusion because of the snare drum. I see sellers asking a lot of money for them, but I do not see what they actually sold for. Any help would be appreciated.
Slingerland Radio King value Last viewed: 2 days ago
Never mind. The seller said he will only do money order, check or paypal with friends and family. Wow, I cannot believe I almost got scammed. I offered to pay the paypal fees and he still said no. Something about having his business associated with his paypal account. That was close. I mean, who would send a money order or check? Who would send this kind of money with no paper trail to protect him or herself.
$900 for the bass and toms. Another $900 for the snare. I have the same kit but no snare and my floor tom has a bass drum hoop on the bottom. Bottom head has beater wear.The guy I bought my kit from had the original snare but would not sell it. It was 5x14 with a 3 point strainer and the badge was brass oval.
Never mind. The seller said he will only do money order, check or paypal with friends and family. Wow, I cannot believe I almost got scammed. I offered to pay the paypal fees and he still said no. Something about having his business associated with his paypal account. That was close. I mean, who would send a money order or check? Who would send this kind of money with no paper trail to protect him or herself.
He is trying to avoid paying taxes. If you sell enough through paypal, I think it is $10k+, you have to pay taxes just like any other income. Got the same response when trying to buy some hardware from someone a few weeks ago, refused to let me pay the fees and said only friends or family or no deal. I walked away. Wouldn't be surprised if its the same guy.
He is trying to avoid paying taxes. If you sell enough through paypal, I think it is $10k+, you have to pay taxes just like any other income. Got the same response when trying to buy some hardware from someone a few weeks ago, refused to let me pay the fees and said only friends or family or no deal. I walked away. Wouldn't be surprised if its the same guy.
Wow. I did not realize the taxes part for paypal. I have probably sold drums over the $10,000 threshold this year on paypal. However, I probably paid $7000 for the drums. I wonder how I will have to take care of that. It's not like I made $10,000. I made $3000. Thanks for the info.
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Wow. I did not realize the taxes part for paypal. I have probably sold drums over the $10,000 threshold this year on paypal. However, I probably paid $7000 for the drums. I wonder how I will have to take care of that. It's not like I made $10,000. I made $3000. Thanks for the info.
I just looked it up and it is actually $20K or more and over 200 separate transactions before you have to pay out any taxes. They would send you a 1099. Doesn't really affect the average collector around here, but if someone is making their living selling via the internet they could easily reach that number. "friends and family" payments are not considered taxable income however. So in the end the seller is committing tax fraud by only accepting friends and family.
Like all of us on the forum, I do not want to over pay. I want to have some room so I can sell them in the future and not just break even.
It sounds like you didn't want to pay what the kit was actually worth. I understand you not wanting to over pay, but you can't expect a seller to under sell either.
It sounds like you didn't want to pay what the kit was actually worth. I understand you not wanting to over pay, but you can't expect a seller to under sell either.
I wanted to make sure I did not overpay. Would you guys send a friends and neighbor paypal payment for $2000+? I was hot to buy the kit and we had basically agreed to a price. I guess I do not understand where you get the idea that I was low balling. That never happened. As a matter of fact, I was out of my comfort zone, thus the post. It is not relevant now. I do not believe this was a real seller at this point.
You still have to pay taxes on drum sales, regardless of the amount. PayPal or no PayPal. Money is money. If a profit is made, taxes must be paid- or at least filed. Even if no profit was made, you'd have to prove it to the IRS by filing and showing expenses, purchases, shipping costs, etc. . Perhaps there is a cut-off before there is a tax liability but it's nowhere near $20,000. Probably anything over $5000.
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