@amwldcoin said:
I still think it's funny ebay is taxing folks who buy from me in Australia!
LOL. It's all in where the buyer is located. The EU does the same thing to people in Europe who buy from me in the States. Some combination of import duties and VAT.
@amwldcoin said:
I still think it's funny ebay is taxing folks who buy from me in Australia!
LOL. It's all in where the buyer is located. The EU does the same thing to people in Europe who buy from me in the States. Some combination of import duties and VAT.
That's why I've often suggested that I would prefer a uniform "internet tax" that everyone pays. [Yes, yes, the rate could be 0%] At least if it was uniform for everyone, it wouldn't skew the playing field so much.
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
1 - It is supposed to.
2 - I'm not sure. I think the effect would be small.
3 - No, eBay knows not to charge the tax as long as they know the item is bullion. For NY, I know it works because I did it before my tax exemption went through. For different states with different rules, it may or may not be immediately correct. Every state eBay added seemed to have some issues that needed to be corrected in the implementation.
@coinpalice said:
if they charge shipping, that is taxed also
It is supposed to be. Interestingly, according to NY State law, all "shipping charges" are viewed as "shipping & handling" and are taxable even though postage itself is not taxable. That is also why, contrary to what errorsoncoins has said several times, shipping supplies are sales tax exempt to a reseller. At least in NY, because the sales tax is paid by the buyer at time of use.
@coinpalice said:
if they charge shipping, that is taxed also
That is also why, contrary to what errorsoncoins has said several times, shipping supplies are sales tax exempt to a reseller.
So not contrary as I never lie.
Just perhaps NY and CA have different sales tax laws.
In CA as of now, eBay does not charge tax on shipping but they do charge tax on shipping supplies exactly as I stated for my business in California. Of course, I did not qualify CA as opposed to NY. Just True in my case.
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
1 - It is supposed to.
2 - I'm not sure. I think the effect would be small.
3 - No, eBay knows not to charge the tax as long as they know the item is bullion. For NY, I know it works because I did it before my tax exemption went through. For different states with different rules, it may or may not be immediately correct. Every state eBay added seemed to have some issues that needed to be corrected in the implementation.
My wife has a resale cert. so no tax shows at checkout.
I tried to buy a few double eagles on s on E-Bay and noted that the tax was included in my checkout.
after reading your reply, I checked an item listed under the bullion category.... NO tax.
Under the double eagle category I saw a tax
Therefore, double eagles are not considered bullion, I guess?
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
1 - It is supposed to.
2 - I'm not sure. I think the effect would be small.
3 - No, eBay knows not to charge the tax as long as they know the item is bullion. For NY, I know it works because I did it before my tax exemption went through. For different states with different rules, it may or may not be immediately correct. Every state eBay added seemed to have some issues that needed to be corrected in the implementation.
My wife has a resale cert. so no tax shows at checkout.
I tried to buy a few double eagles on s on E-Bay and noted that the tax was included in my checkout.
after reading your reply, I checked an item listed under the bullion category.... NO tax.
Under the double eagle category I saw a tax
Therefore, double eagles are not considered bullion, I guess?
Question? You said your wife has a resale certificate. It is not clear what you mean by that statement, Are you using her cert? Does your wife buy and sell coins for business? If not, you may be risking her an audit?
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
1 - It is supposed to.
2 - I'm not sure. I think the effect would be small.
3 - No, eBay knows not to charge the tax as long as they know the item is bullion. For NY, I know it works because I did it before my tax exemption went through. For different states with different rules, it may or may not be immediately correct. Every state eBay added seemed to have some issues that needed to be corrected in the implementation.
My wife has a resale cert. so no tax shows at checkout.
I tried to buy a few double eagles on s on E-Bay and noted that the tax was included in my checkout.
after reading your reply, I checked an item listed under the bullion category.... NO tax.
Under the double eagle category I saw a tax
Therefore, double eagles are not considered bullion, I guess?
Question? You said your wife has a resale certificate. It is not clear what you mean by that statement, Are you using her cert? Does your wife buy and sell coins for business? If not, you may be risking her an audit?
She does it as a business. She has an accountant. She keeps meticulous records. She pays all her Fed, state and local taxes.
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
1 - It is supposed to.
2 - I'm not sure. I think the effect would be small.
3 - No, eBay knows not to charge the tax as long as they know the item is bullion. For NY, I know it works because I did it before my tax exemption went through. For different states with different rules, it may or may not be immediately correct. Every state eBay added seemed to have some issues that needed to be corrected in the implementation.
My wife has a resale cert. so no tax shows at checkout.
I tried to buy a few double eagles on s on E-Bay and noted that the tax was included in my checkout.
after reading your reply, I checked an item listed under the bullion category.... NO tax.
Under the double eagle category I saw a tax
Therefore, double eagles are not considered bullion, I guess?
Numismatic $20s are taxable in NY but im never really clear on the line. Is 50 over? 100 over?
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
1 - It is supposed to.
2 - I'm not sure. I think the effect would be small.
3 - No, eBay knows not to charge the tax as long as they know the item is bullion. For NY, I know it works because I did it before my tax exemption went through. For different states with different rules, it may or may not be immediately correct. Every state eBay added seemed to have some issues that needed to be corrected in the implementation.
My wife has a resale cert. so no tax shows at checkout.
I tried to buy a few double eagles on s on E-Bay and noted that the tax was included in my checkout.
after reading your reply, I checked an item listed under the bullion category.... NO tax.
Under the double eagle category I saw a tax
Therefore, double eagles are not considered bullion, I guess?
Numismatic $20s are taxable in NY but im never really clear on the line. Is 50 over? 100 over?
TY.
If I bought a $20 gold below spot is it a collectible or bullion? LOL
In this case, politicians did nothing. They could have legislated the Quill vs North Dakota ruling from 1992 into law, instead of allowing that court decision to remain so that a suitable case could overturn it, and Wayfair vs S.D did just that.
A customer in Oklahoma (which does not charge sales tax on coins or medals) just gave me a heads up on eBay tax procedure concerning his state. I often list topical items in two categories, one in Coins & Stamps and one in an appropriate Collectibles category. eBay charges or does not charge sales tax in OK based on the first category listed.
If I list a Columbian Expo So-Called Dollar first under Medals or S0 Called $'s, my Oklahoma customer does not get charged tax by eBay when he wins the lot.
If I list the same piece first under Collectibles>Worlds Fair> 1893 Col. Expo. he gets charged sales tax by eBay.
He buys a number of better items so the tax can be $75 - $125+; he is not happy but has been successful in getting the tax removed from a couple of purchases and is in discussions with eBay about others. Quirky, but I'll change my primary listing category now that I know.
@EagleEye said:
In this case, politicians did nothing. They could have legislated the Quill vs North Dakota ruling from 1992 into law, instead of allowing that court decision to remain so that a suitable case could overturn it, and Wayfair vs S.D did just that.
I agree with this also. Too bad the Legislative Branch is spending most of their time on political fighting/games to give appropriate attention to the real issues that are affecting US citizens. JMO.
@DCW said:
I'm still pissed off that eBay takes a portion of the money I spend to ship my items! How in a fair world did we let that happen?
Agree x1000
Disagree. It's all part of the purchase price. States charge sales tax on the S&H charges. Why should it be separated?
We're talking about them including shipping costs in the final value fees. See the difference?
No. It's the same thing. eBay charges a fee on the total cost of the purchase. States charge sales tax on the total cost of the purchase (INCLUDING shipping). See the similarity?
Your credit card charges the processing fee on the total cost of the purchase INCLUDING shipping.
eBay used to separate it out. But that was the exception not the rule.
You need to declare the total sale (item + shipping) on your taxes. NO ONE treats shipping costs as a separate entity.
@DCW said:
I'm still pissed off that eBay takes a portion of the money I spend to ship my items! How in a fair world did we let that happen?
Agree x1000
Disagree. It's all part of the purchase price. States charge sales tax on the S&H charges. Why should it be separated?
We're talking about them including shipping costs in the final value fees. See the difference?
No. It's the same thing. eBay charges a fee on the total cost of the purchase. States charge sales tax on the total cost of the purchase (INCLUDING shipping). See the similarity?
Your credit card charges the processing fee on the total cost of the purchase INCLUDING shipping.
eBay used to separate it out. But that was the exception not the rule.
You need to declare the total sale (item + shipping) on your taxes. NO ONE treats shipping costs as a separate entity.
No I dont see the similarity. Ebay is the auction house, and have not right towards a portion of your own money you spent on shipping. That is ridiculous.
An you're telling me that you do not deduct the cost of shipping from your profit margin on your income taxes?! If you bought item for $100, sold it for $120, and spent $10 shipping, did you make $10 in profit or $20?
Shipping is an expense and that cuts into your profit. Why should eBay get a cut of that, too?
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
@DCW said:
I'm still pissed off that eBay takes a portion of the money I spend to ship my items! How in a fair world did we let that happen?
>
No I dont see the similarity. Ebay is the auction house, and have not right towards a portion of your own money you spent on shipping. That is ridiculous.
An you're telling me that you do not deduct the cost of shipping from your profit margin on your income taxes?! If you bought item for $100, sold it for $120, and spent $10 shipping, did you make $10 in profit or $20?
Shipping is an expense and that cuts into your profit. Why should eBay get a cut of that, too?
You are mixing apples and oranges. I also deduct the cost of the item from my taxes. You want eBay to do that also?
Any sale has a total cost to the seller and total returns for the seller. Find anyplace where that is treated differently.
What you're telling me is that 3 people sell the same coin for exactly the same price, $25, but how I get to $25 should matter?
I sell it for $25 with free shipping.
You sell it for $22 with $3 shipping (cost of shipping, no handling)
Jessup sells it for $20 with $5 shipping and handling.
Why should the eBay fees be different for the 3 transactions? Your credit card will charge the seller 2-3% of $25 in all 3 cases. Your credit card will give you 2+% cashback on the total $25 in all 3 cases. No one cares whether you shipped it for $3, had it picked up for $0 or shipped it Express for $25. Nor should they. That is all part of the cost of goods sold.
@DCW said:
I'm still pissed off that eBay takes a portion of the money I spend to ship my items! How in a fair world did we let that happen?
Agree x1000
You need to declare the total sale (item + shipping) on your taxes. NO ONE treats shipping costs as a separate entity.
No I dont see the similarity. Ebay is the auction house, and have not right towards a portion of your own money you spent on shipping. That is ridiculous.
An you're telling me that you do not deduct the cost of shipping from your profit margin on your income taxes?! If you bought item for $100, sold it for $120, and spent $10 shipping, did you make $10 in profit or $20?
Shipping is an expense and that cuts into your profit. Why should eBay get a cut of that, too?
There are all kinds of expenses that go into an item. Why should eBay or your credit card company or your state sales tax bureau try to sort that out? They don't. NONE OF THEM.
What if I buy a coin, spend $30 to get it slabbed + $20 shipping on the slabbing then sell the coin with another $5 shipping. You want eBay to not charge fees on my $55 in costs to get the coin to market? NO ONE DOES IT. The IRS lets you deduct it, but that's because they only tax you on the NET profit not GROSS sales.
I dont think many would agree with you, but I think you enjoy being disagreeable. No offense. Should eBay get a piece of the shipping cost? Why? May be a good topic for another thread. It's their venue, their rules. I dont sell there much anymore, this being one of a myriad of reasons.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
@DCW said:
I dont think many would agree with you, but I think you enjoy being disagreeable. No offense. Should eBay get a piece of the shipping cost? Why? May be a good topic for another thread. It's their venue, their rules. I dont sell there much anymore, this being one of a myriad of reasons.
None taken.
But I've pointed out numerous examples of where the total cost is treated as "total cost". I'm still waiting for anyone to come up with one example where they separate the shipping cost from the purchase price. There may be one, but I can't think of one.
How do fees work on Etsy?
Joining and starting a shop on Etsy is free. There are three basic selling fees: a listing fee, a transaction fee, and a payment processing fee.
It costs $0.20 to publish a listing to the marketplace. A listing lasts for four months or until the item is sold. Once an item sells, there is a 5% transaction fee on the sale price (including the shipping price you set). If you accept payments through Etsy Payments, we also collect a 3% + $0.25 payment processing fee when an item is sold.
Listing fees are billed for $0.20 USD, so if your bank's currency is not USD, the amount may differ based on changes in the exchange rate. The payment processing fee may also vary by bank country.
Referral fees
Sellers pay a referral fee on each item sold.
Items in some categories have a per-item minimum referral fee as listed below (for example, sellers pay the greater of the referral fee or the per-item minimum referral fee).
For all products, Amazon deducts the applicable referral fee percentage calculated on the total sales price, excluding any taxes calculated through Amazon tax calculation services. The total sales price is the total amount paid by the buyer, including the item price and any delivery or gift wrapping charges.
Comments
Yeah, It sure makes for an unfair playing field. I wonder when we are going to start getting taxed for our overseas purchases?
That's why I've often suggested that I would prefer a uniform "internet tax" that everyone pays. [Yes, yes, the rate could be 0%] At least if it was uniform for everyone, it wouldn't skew the playing field so much.
Some random questions...:
1)The internet tax is leveling the playing field between Brick & M and the internet? Is that correct?
2)If so, are stores or coin shows seeing any pickup in business or are internet sales too small to impact anyone?
3)In NY if I buy a $1000+ bullion coin relatively close to spot then no tax is paid at time of sale. If I buy the same coin through E-bay then a tax is charged?
its the government and a money grab now. tell the politicians & see what we can get done about it at this time, fwiw
I'm still pissed off that eBay takes a portion of the money I spend to ship my items! How in a fair world did we let that happen?
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
if they charge shipping, that is taxed also
Don't feel left out...Canadian Mint is now charging a US State Sales tax for US Customers.
I thought everything was going to be free.
Lafayette Grading Set
1 - It is supposed to.
2 - I'm not sure. I think the effect would be small.
3 - No, eBay knows not to charge the tax as long as they know the item is bullion. For NY, I know it works because I did it before my tax exemption went through. For different states with different rules, it may or may not be immediately correct. Every state eBay added seemed to have some issues that needed to be corrected in the implementation.
It is supposed to be. Interestingly, according to NY State law, all "shipping charges" are viewed as "shipping & handling" and are taxable even though postage itself is not taxable. That is also why, contrary to what errorsoncoins has said several times, shipping supplies are sales tax exempt to a reseller. At least in NY, because the sales tax is paid by the buyer at time of use.
Blame all the sellers who thought that $1 + $99 shipping was a clever way to avoid paying FVF.
So not contrary as I never lie.
Just perhaps NY and CA have different sales tax laws.
In CA as of now, eBay does not charge tax on shipping but they do charge tax on shipping supplies exactly as I stated for my business in California. Of course, I did not qualify CA as opposed to NY. Just True in my case.
My wife has a resale cert. so no tax shows at checkout.
I tried to buy a few double eagles on s on E-Bay and noted that the tax was included in my checkout.
after reading your reply, I checked an item listed under the bullion category.... NO tax.
Under the double eagle category I saw a tax
Therefore, double eagles are not considered bullion, I guess?
Question? You said your wife has a resale certificate. It is not clear what you mean by that statement, Are you using her cert? Does your wife buy and sell coins for business? If not, you may be risking her an audit?
She does it as a business. She has an accountant. She keeps meticulous records. She pays all her Fed, state and local taxes.
I can't use her resale cert. I have the problem.
Numismatic $20s are taxable in NY but im never really clear on the line. Is 50 over? 100 over?
TY.
If I bought a $20 gold below spot is it a collectible or bullion? LOL
In this case, politicians did nothing. They could have legislated the Quill vs North Dakota ruling from 1992 into law, instead of allowing that court decision to remain so that a suitable case could overturn it, and Wayfair vs S.D did just that.
Does PCGS collect sales tax on submissions?
A customer in Oklahoma (which does not charge sales tax on coins or medals) just gave me a heads up on eBay tax procedure concerning his state. I often list topical items in two categories, one in Coins & Stamps and one in an appropriate Collectibles category. eBay charges or does not charge sales tax in OK based on the first category listed.
If I list a Columbian Expo So-Called Dollar first under Medals or S0 Called $'s, my Oklahoma customer does not get charged tax by eBay when he wins the lot.
If I list the same piece first under Collectibles>Worlds Fair> 1893 Col. Expo. he gets charged sales tax by eBay.
He buys a number of better items so the tax can be $75 - $125+; he is not happy but has been successful in getting the tax removed from a couple of purchases and is in discussions with eBay about others. Quirky, but I'll change my primary listing category now that I know.
State Sales Tax charged on precious metals per State:
https://www.texasbulliondepository.gov/no-sales-tax-in-texas
None that I can see, unless it’s built into the submissions, on any I’ve sent in.
Don't ask, don't tell.
My US Mint Commemorative Medal Set
Agree x1000
The moral of the story : no morals.
``https://ebay.us/m/KxolR5
Disagree. It's all part of the purchase price. States charge sales tax on the S&H charges. Why should it be separated?
I agree with this also. Too bad the Legislative Branch is spending most of their time on political fighting/games to give appropriate attention to the real issues that are affecting US citizens. JMO.
We're talking about them including shipping costs in the final value fees. See the difference?
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
This is not good at all... They automatically added 6% after I sold an item to the buyer from PA.
No. It's the same thing. eBay charges a fee on the total cost of the purchase. States charge sales tax on the total cost of the purchase (INCLUDING shipping). See the similarity?
Your credit card charges the processing fee on the total cost of the purchase INCLUDING shipping.
eBay used to separate it out. But that was the exception not the rule.
You need to declare the total sale (item + shipping) on your taxes. NO ONE treats shipping costs as a separate entity.
No I dont see the similarity. Ebay is the auction house, and have not right towards a portion of your own money you spent on shipping. That is ridiculous.
An you're telling me that you do not deduct the cost of shipping from your profit margin on your income taxes?! If you bought item for $100, sold it for $120, and spent $10 shipping, did you make $10 in profit or $20?
Shipping is an expense and that cuts into your profit. Why should eBay get a cut of that, too?
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
You are mixing apples and oranges. I also deduct the cost of the item from my taxes. You want eBay to do that also?
Any sale has a total cost to the seller and total returns for the seller. Find anyplace where that is treated differently.
What you're telling me is that 3 people sell the same coin for exactly the same price, $25, but how I get to $25 should matter?
I sell it for $25 with free shipping.
You sell it for $22 with $3 shipping (cost of shipping, no handling)
Jessup sells it for $20 with $5 shipping and handling.
Why should the eBay fees be different for the 3 transactions? Your credit card will charge the seller 2-3% of $25 in all 3 cases. Your credit card will give you 2+% cashback on the total $25 in all 3 cases. No one cares whether you shipped it for $3, had it picked up for $0 or shipped it Express for $25. Nor should they. That is all part of the cost of goods sold.
There are all kinds of expenses that go into an item. Why should eBay or your credit card company or your state sales tax bureau try to sort that out? They don't. NONE OF THEM.
What if I buy a coin, spend $30 to get it slabbed + $20 shipping on the slabbing then sell the coin with another $5 shipping. You want eBay to not charge fees on my $55 in costs to get the coin to market? NO ONE DOES IT. The IRS lets you deduct it, but that's because they only tax you on the NET profit not GROSS sales.
I dont think many would agree with you, but I think you enjoy being disagreeable. No offense. Should eBay get a piece of the shipping cost? Why? May be a good topic for another thread. It's their venue, their rules. I dont sell there much anymore, this being one of a myriad of reasons.
Dead Cat Waltz Exonumia
"Coin collecting for outcasts..."
Great chart/map
California sellers would be well advised to institute layaways.
Bullion OR numismatic sales over $1500 are exempt.
None taken.
But I've pointed out numerous examples of where the total cost is treated as "total cost". I'm still waiting for anyone to come up with one example where they separate the shipping cost from the purchase price. There may be one, but I can't think of one.
How do fees work on Etsy?
Joining and starting a shop on Etsy is free. There are three basic selling fees: a listing fee, a transaction fee, and a payment processing fee.
It costs $0.20 to publish a listing to the marketplace. A listing lasts for four months or until the item is sold. Once an item sells, there is a 5% transaction fee on the sale price (including the shipping price you set). If you accept payments through Etsy Payments, we also collect a 3% + $0.25 payment processing fee when an item is sold.
Listing fees are billed for $0.20 USD, so if your bank's currency is not USD, the amount may differ based on changes in the exchange rate. The payment processing fee may also vary by bank country.
Referral fees
Sellers pay a referral fee on each item sold.
Items in some categories have a per-item minimum referral fee as listed below (for example, sellers pay the greater of the referral fee or the per-item minimum referral fee).
For all products, Amazon deducts the applicable referral fee percentage calculated on the total sales price, excluding any taxes calculated through Amazon tax calculation services. The total sales price is the total amount paid by the buyer, including the item price and any delivery or gift wrapping charges.
Here is an article I found interesting. It also applies far beyond just the coin business.
.
.
Coin Dealers Face Oncoming Post-Wayfair Sales Tax Compliance Nightmare
Posted on August 29, 2019 by Pat Heller
.
.
https://numismaticnews.net/article/coin-dealers-face-oncoming-post-wayfair-sales-tax-compliance-nightmare
.
.
"To Be Esteemed Be Useful" - 1792 Birch Cent --- "I personally think we developed language because of our deep need to complain." - Lily Tomlin