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Has anybody noticed a drop in Hammer prices realized on Ebay with more states added on tax collectio
jdimmick
Posts: 9,595 ✭✭✭✭✭
Just curious if anybody has noticed a drop off of prices realized on ebay sales after more and more states are being added to the list of states being collected for. At first, there were just a few, but several more have been added, and by the end of august a lot more will be. Just wondering if anybody has seen an effect.
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I’m seeing and paying very strong prices on eBay for the recently sold Pennsylvania Cabinet collection and condition census So-Called Dollars. One SCD just sold for 7x its estimate. I don’t think it’s had an effect for the things I collect.
Not so far.
I think the phenomenon is too new for people to have factored them in yet. It's still a surprise for most folks, I suspect.
Here's a warning parable for coin collectors...
No, not yet
No, but I’ve noticed when I’m hammered, I tend to overbid. 🍺
Dave
It has affected my desire to purchase off of eBay (zero now) when I can still buy from dealers that do not charge me tax. Once I am charged tax, I will be happy with what I have.
I have only got the EBay Pennsylvania Tax Notice on non coin or bullion items. Everything else I get the tax popup.
eBay collecting tax is still better than paying Auction House % Juice + Tax.
I have completely stopped buying items from the "large" bullion dealers. I use to purchase French/Swiss 20 Francs and rolls of ASE's when eBay buck promos were going on. Now that 6.5% sales tax is being collected, that defeats the point, that has come to a screeching halt. I have been going to my LCS and purchasing on various forums more frequently.
Do you mean that eBay is collecting sales tax even on exempt amounts?
Plus across state lines in ALL states?
If Washington State is exempt(I think I read that here) I have had several sales to there that ebay has taxed.
No
Just perhaps the Summer slow-down, I guess.
I have noticed though, that while I've had to collect NY tax for the past 20 years, I don't have to anymore. Ebay does it......
I've also noticed that other things that I buy online, not ebay things, I'm paying the tax on. I bought tires yesterday out of NJ. I had to pay NJ sales tax.
Don't get me started.......
So far I've avoided buying tax exempt items on eBay since I'm still not trusting them to get it right. I wonder how they will handle the tax-free weekend that Iowa promotes for clothing items when it's back to school time.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
Will getting a resale permit allow eBay to not charge tax? If so, what’s to prevent everyone from getting one?
You need to be a business and not a hobbyist.
Most collectors sell. What level of selling determines business vs. hobbyist?
See the IRS rules on this subject
for PCGS. A 49+-Year PNG Member...A full numismatist since 1972, retired in 2022
Coin businesses buy and sell almost daily.
Hobbyist do not.
Are these hobbyist also collecting sales tax to remit to the state?
Do you have a Business Plan, Fictitious Name, Business Licesnse, etc.?
At some point, it might be worthwhile for some to turn their hobby selling into a business, like you did.
Absolutely !!!!
Plus it is a lot more fun
It does open you up to audit. So that's a consideration.......
Only a pendejo would make a purchase without considering applicable sales tax.
"Seu cabra da peste,
"Sou Mangueira......."
Removing any names, so I do not get in trouble.
I am fascinated with this concept that some people will "shop" with venues or dealers that don't collect sales tax that is legally required.
The law, reviewed and passed by the Supreme Court, says States are allowed to collect sales tax. I may not agree, but that is the law
However, some people are saying "I know it is the law, and the law may have said I should have paid it in the past, but I didn't, and now I do not want to. I will frequent dealers, who do not charge the tax. They know they should, but either they are paying the tax for me (wink wink) or they are also ignoring the law. So, I ignore the law, and want to only deal with dealers that ignore the law. I do not want to deal with the honest dealers.
What could possibly go wrong with a transaction between 2 people that have no problem with ignoring the law.
If you don't like it, vote to change it.
I do have my own business, and do collect sales tax, and do send it to the state as required.
peter1223: I know from my bidding-on the kinds of coins and bullion coins you mention, having reduced my bids to account for the sales tax-about one increment, I have won almost no coins and zero bullion coins though I have been the underbidder on many. I may just quit altogether until I establish residency in a tax free state. I live abroad and spend little time in the States and cannot see giving all or most of a possible profit on these types of coins to the Governor. I need to check out the tax exempt states and pick one that fits.
Do you file a Schedule C?
That is a business return.
If so, then you are a business, and report income & loss that way
BHNC #203
Not good especially if summer doldrums here.
Texas - thankfully coins exempt. Sales tax is an expense of any coin business (sch c).
Seems like this is mostly affecting bullion or near-bullion?
A lot of us already paid the house juice and fees .... then list the wares on eBay.
As to the effect of tax online, I haven't noticed lower hammer prices except silver dollars that are seen as junk selling in auction. Selling for $13-$15 keeps taxes relatively low.
In my tenth year in a B&M joint as compared to nearly 20 years on eBay in coins.... the fun is whining about the market , moreso than coins.
As long as people enjoy themselves.... I'm good.
Stuff is only worth what someone else is willing to pay. It is what it is.
And still; each coin stands on it's own merit.
Taxes and death ! What do they say ?
Lower hammer prices on bay could be summer doldrums / fewer bidders bc on vacation.
This happens every year but good to time buy.
The same occurs for any tax or fee after purchase. After GC increased their fee to 12.5%, I take that into account when bidding; this should reflect in hammer prices.
Check out my iPhone app SlabReader!
It shouldn't be. A lot of states have bullion exemptions.