2019 New Pinball purchase will be taxed.

(Topic ID: 233111)

2019 New Pinball purchase will be taxed.

By mnpinball

76 days ago

Topic Stats

  • 585 posts
  • 153 Pinsiders participating
  • Latest reply 57 days ago by Buzz
  • Topic is favorited by 18 Pinsiders


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    Topic index (key posts)

    8 key posts have been marked in this topic

    Post #297 Comments from a distributor. Posted by KingPinGames (75 days ago)

    Post #304 More info from a distributor. Posted by KingPinGames (75 days ago)

    Post #355 Economic nexus test, uses Louisiana as an example. Posted by iceman44 (74 days ago)

    Post #415 Comment from distributor. Posted by Gexchange (72 days ago)

    Post #465 State by state tracker. Posted by flynnibus (71 days ago)

    Post #505 Some expierence for 2019 and suggestions. Posted by Pinzap (68 days ago)

    Post #513 Break down of thresholds state by state Posted by Hemispheres (64 days ago)

    Topic indices are generated from key posts and maintained by Pinside Editors. For more information, or to become an editor yourself read this post!

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    #274 75 days ago

    Too long

    #277 75 days ago

    I just feel worse for small businesses who have to figure out how to collect and pay for this tax mess more then myself personally paying $400 tax to buy a game.

    No one wants to pay more for items but if it does end we had a good run. Did we all think it would last forever?

    #287 75 days ago
    Quoted from usandthem:

    This would be great if it were so simple. There are a lot of complex reasons why some people who start with "nothing" do way better than people who actually do start with nothing.
    This is the kind of story that never gets told from the "I did it all myself" crowd. The best quote is here: "I didn't inherit my wealth. I created it.
    But look a little deeper, and it turns out that version of my success story is a lie. Yes, my family background is rather humble. Both of my parents were teachers. I grew up in hand-me-down clothes from our neighbors.
    But, before I was born, my parents got help from their parents to buy a house in a safe neighborhood with good schools. When my grandmother passed, she left each of her grandkids some money, not a fortune, but enough that I made it through college without school debt.
    My wife's nana was a school teacher as well. She and her husband saved their humble income and bought land decades ago. And when I started my business, she believed in me enough to sell her land and invest the money in my start-up.
    So, we can blow up the myth that I'm a self-made success. Sure, I had something to do with it, but I also had some serious help."
    The story goes on to talk about other forms of generational privilege, but you get the idea.
    On that note, we're certainly not going to resolve our differences of opinion here. The reality is that this tax has just upped the cost of the hobby.

    You base your views on this guy?

    Looks like he got his BA degree at North Texas in band and jazz? Then he worked for 20 plus years in the tech industry and became a millionaire selling a company I cant find the sale of. ??

    I dunno man. Jazz Band Major in college to tech millionaire with 25 years of his work in tech doesn't sounds like he did most of it on his own to me.

    This is seriously what you base your view on "folks start at third base" to make it in the US? Band major millionaire. OK?

    #324 75 days ago

    Could dealers start trade in programs? Say I trade in my MET and add $1000 for a NIB MUN Pro. Tax me $60 or whatever on the $1000 purchase instead of $400. Like cars.

    This could be a thing going forward?

    #345 75 days ago
    Quoted from RustyLizard:

    I think your numbers are off. Dealer cost on a NIB has to be quite a bit higher than what they pay for a used trade in. With your trade in they need to shop and test it, make any repairs and provide any warranty work done themselves.
    Dealers need to stay in business so I think the number is closer to $2000 for the trade in difference. Then at that point most will chosse to sell it themselves because the market is so good on used games.

    Keep in mind the dealers do make money on the sale of a NIB. New games don't have to be "tested and shopped out" very much. Also if one sells a game on their own they would have to pay full tax on the new purchase. I think $1000 plus and LED MET could get you a NIB. There is more incentive for the buyer to do this saving $300 on taxes. Heck I would personally take $2000 and a MET and get someone a NIB Pro they want.

    A dealer in FL is actually offering a DP or IMDN Pro NIB for $535 with your SW, ACDCVE, MET LED or Kiss Pro trade in.

    My prediction is trade ins will be more of a thing going forward. Could be wrong.

    1 week later
    #510 67 days ago
    Quoted from PinLen83:

    Is this due to the new property write off limitations?

    I am not a CPA so add info or correct
    me. That is fine

    From what I understand the State and local taxes, SALT, is now capped out at a $10,000 deduction. So if you pay $7000 in property tax and $7000 in state income tax you can only apply $10,000 Federal tax deduction instead of $14,000.

    On the flip side standard deductions were doubled. So now if you file married joint return it is $24000, so you would need to deduct over $14,000 more over if you reached $10,000 total income and property tax to make it worth while to itemize.

    So I view it as - the higher standard deduction will be good for folks who do not have a lot of deductions or could itemize in the past but not a huge amount.

    It will not be as good if you pay high property taxes and state income taxes to add along with your mortgage interest, charity contributions etc.. NY, NJ tax payers who have homes may take a little hit or not. That does suck, but on the other side - why should the federal govt heavily subsidize a state just because it has high property and income taxes?

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