Home› Trading Cards & Memorabilia Forum

Tax Question About Total Price You Pay For A Card?

bighurt2000bighurt2000 Posts: 1,022 ✭✭✭
in Trading Cards & Memorabilia Forum

Probably a dumb question but when you buy a card for lets say $10 and pay $3 for shipping and then you are charged for tax lets say $1 would the total cost you paid for the card be $14?

If so then you sell the card for $20 you will only have to pay capital gains tax on $6?

James

http://stores.ebay.com/bighurt2000

Comments

  • HorseHorse Posts: 675 ✭✭✭✭

    There are no dumb questions. Only dumb people who have questions.

    (ESPN commercial circa what year ?)

  • HighGradeLegendsHighGradeLegends Posts: 1,693 ✭✭✭✭

    All costs = purchase price

    Value at sale = sales price

    Assuming sales price > purchase price, then you pay taxes on the difference.

    Several free calculators on the interweb to use for simple estimations of what you owe

  • markj111markj111 Posts: 2,921 ✭✭✭

    Aren’t profits on baseball cards taxed as regular income-not capital gains?

  • jfkheatjfkheat Posts: 2,739 ✭✭✭✭✭

    If you sell it on eBay you would also have seller fees.

Sign In or Register to comment.