Reverb.com Payment issues

M

munkeeluke

Member
I've been with Reverb for about 5 years now and have bought and sold with no issues. Recently I sold a couple of guitars and should've received my payment last week. However, no money has been received? Reverb said they sent the money to my bank. My Bank has had no activity from reverb? Reverb is now looking into it as it is no doubt their mistake. Last week they told me 2 days, yesterday they told me up to 3 days. I have used the same account since I started with them. Anyone else had issues like this and how long is normal?
 
I have no idea if there’s any connection but Reverb used the now failed Silicon Valley Bank for one of its payment processors. They had up to a week delay processing payments and refunds last month. It was well documented on every guitar forum. Maybe it’s finally caught up to them?
 
munkeeluke said:
Last week they told me 2 days, yesterday they told me up to 3 days. I have used the same account since I started with them. Anyone else had issues like this and how long is normal?
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I just sold my strandberg on Reverb and got the same email. I'll keep you posted on if any issues come up.

On another sh*tpost point, had to fill out a 1099-K because of the arbitrary "$600 threshold" for 2023. Can't wait to file my taxes so the IRS can claim additional taxes on the transaction. Seriously, wtf...
 
PRSfreak4 said:
I just sold my strandberg on Reverb and got the same email. I'll keep you posted on if any issues come up.

On another sh*tpost point, had to fill out a 1099-K because of the arbitrary "$600 threshold" for 2023. Can't wait to file my taxes so the IRS can claim additional taxes on the transaction. Seriously, wtf...
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I'm not an accountant or tax attorney, but my understanding is that you only have to pay taxes on the difference between what you originally paid for the gear and how much you made when you sold the gear. So if you bought a guitar for $2000 and sold it for $2000 or less, you don't owe any taxes. If you sold it for $2500, you would only owe taxes on the $500 (and you owed those taxes before the law changed, too).
 
PRSfreak4 said:
On another sh*tpost point, had to fill out a 1099-K because of the arbitrary "$600 threshold" for 2023. Can't wait to file my taxes so the IRS can claim additional taxes on the transaction. Seriously, wtf...
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No, not yet. The IRS postponed that $600 threshold ruling. The thinking is this will give congress time to eliminate it for ebay/reverb sellers.
 
pedalbuilder said:
I thought that was just for 2022, based on this IRS announcement. Unless the IRS or Congress does something, sales occurring after January 2023 seem to be subject to the $600 threshold.
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Yeah what he said. I had to fill out details for "my 1099-K" prior to Reverb actuating the payment from the sale.

This is why Venmo and PayPal F&F is so much better, but the internet is a dicey place and trust is hard 😂.

The gov't is for sure dicey on this, looks like Reverb and the community is pushing back hard with petitions+. Does the gov't really need more 'revenue' for occasional sales of item via online platforms? Maybe it's time to start dumping tea into the Boston Harbor...
 
pedalbuilder said:
I thought that was just for 2022, based on this IRS announcement. Unless the IRS or Congress does something, sales occurring after January 2023 seem to be subject to the $600 threshold.
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That's right, but the point of the ruling was to make it possible to eliminate the 1099 requirement, so it's uncertain whether ebay/reverb will be sending out 1099-k's next year. Hopefully not. That wasn't the intended purpose of the law. It was just supposed to catch uber drivers who are cheating on their taxes. Ebay/reverb sellers got caught up in an unintended side effect.
 
pedalbuilder said:
I'm not an accountant or tax attorney, but my understanding is that you only have to pay taxes on the difference between what you originally paid for the gear and how much you made when you sold the gear.
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Makes sense why Reverb now asks you "what did you pay for it?"....
 
PRSfreak4 said:
Does the gov't really need more 'revenue' for occasional sales of item via online platforms? Maybe it's time to start dumping tea into the Boston Harbor...
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Increasing taxes does not necessarily increase revenue because you kill growth and compliance.

In fact there are clear demarcations of diminishing returns above levels of 26% taxation.

Taxes don’t get increased because of needs of revenue… It’s a perverse “stick” to change things ie disincentives
 
Ah man, I hope this post wasn't an excuse to bitch about taxation, or banking failures :tearsofjoy:

My own take on the tax issue with Reverb/Paypal and all is that the $600 is a pretty absurd threshold, and it is unlikely that anyone making less than 10k selling guitars on Reverb is going to make it onto the IRS radar. Furthermore, I wouldn't be surprised if congress does change this to something reasonable, maybe 10K if not back to 20k which it had been.

But even if it stands, selling a guitar for $2000 and getting a 1099 does NOT simply make it taxable income. Cost basis (what you paid for it) matters, technically the profit from the sale could be considered taxable income. Keeping detailed records is the important thing, and knowing the tax code is a help ;)
 
funny timing. i just sold a pedal on reverb. first experience. i find their website poorly designed, convoluted and contacting someone for assistance was on another level of frustration i will not experience again. but i did get paid yesterday. will never use them again.

...am i the only one that dreads AI. it's going to be a huge shift for the worse in personal service....and it's going to wipe out millions of remedial jobs.

then again, id be pefectly fine going back to when microwave ovens were novel, privacy wasnt just a meaningless word and we didnt feel under attack fr all angles.
 
PSea said:
funny timing. i just sold a pedal on reverb. first experience. i find their website poorly designed, convoluted and contacting someone for assistance was on another level of frustration i will not experience again. but i did get paid yesterday. will never use them again.

...am i the only one that dreads AI. it's going to be a huge shift for the worse in personal service....and it's going to wipe out millions of remedial jobs.

then again, id be pefectly fine going back to when microwave ovens were novel, privacy wasnt just a meaningless word and we didnt feel under attack fr all angles.
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Sold many guitars/gear on Reverb and always had great customer service from them when I had an issue, even once when things got thorny, and they had to step in and make things right with me and my customer when we could not reach an agreement. Short of that, I've had great answers to questions when I have chatted with them (not with a chat bot).

Lately I've put some things on Sweetwater Gear exchange and the volume of hits and interest was far below reverb.
 
PSea said:
my understaning is sweetwater just launched their gear exchange, no?
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The Sweetwater Gear Exchange has been up for awhile now. Probably almost a year? I have not used it yet, but it looks really good, and just what you would expect from Sweetwater. 😀
 
Sold a guitar on reverb a few weeks ago and paid out ok. It’s owned by Etsy now. Hate Etsy. They allow sellers to rip off customers. So far ok on Reverb though.
 
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