@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
I've often wondered what happens if GC or Heritage gets audited. At that point, their payments to these people will be known to the government. Would the IRS act on this information and broaden the scope? I mean, I assume they aren't going to pay attention to $500. But if you sold $50,000 in stuff through GC, would they look for that money on your 1040?
I suppose the same could be said for the BST. If I bought something on the BST which I resold and then I got audited, I would be showing my purchase as a business expense. Would the IRS then check to see if you recorded the payment as income?
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
Potentially penny wise, pound foolish
Gotta agree. I avoided going all in on eBay for years because, while I do report my income, I didn't want the hassle of a 1099. This year, I embraced it, LLC'ed it up, and it's just been absolutely bonkers on eBay. For the first time in my life as a hybrid collector/dealer, I'm legitimately struggling with burnout. Never realized I could move this many coins for this strong money this fast.
Coins are a hobby, but I have put a lot of effort in selling on eBay with quality photos, service, and honest listings. The reason that I sell on eBay is to turnover coins that I no longer want in my collection, and the money from sales goes to new coin purchases. Most of my profits from coin sales have gone to eBay fees, Paypal fees, grading services, postage, CAC fees, coin books, etc. In the last 5 or 6 years, I may be up a net profit of a few thousand dollars that I used to buy more coins. If I decide to sell coins again on eBay, I will create an LLC and turn it into a small business, but I am retired and at this time I do not want to deal with the added paper work and taxes of a small business.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you write off the $1000 laptop the year you buy it.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
From a cash flow perspective, yeah, but shouldn't business equipment be depreciated?
"It's like God, Family, Country, except Sticker, Plastic, Coin."
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
Yes, it is the payment processing piece of the business.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
From a cash flow perspective, yeah, but shouldn't business equipment be depreciated?
Sometimes yes, sometimes no. I don't know the limit amount and I have a good accountant. Sometimes I write off stuff like that lump sum and sometimes not if I don't need the write off.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
No. It's the garage sale exception. If you buy pants for $100 and later sell them for $10 at a garage sale, the cost basis is $10 not $100 because the value is depreciated by use.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
No. It's the garage sale exception. If you buy pants for $100 and later sell them for $10 at a garage sale, the cost basis is $10 not $100 because the value is depreciated by use.
The garage sale exception address the $100 proceeds from the laptop or the $10 sale from the pants are not taxable which I agree with. Normally I wouldn't report that income, but now that ebay is going to tell the IRS that I made that money, I suppose there is a need to provide a cost basis. The cost is what I paid for it, not what I was able to sell it for. I would like to see the article that states that sale price is your cost basis when an item goes down in value.
Another example. Say I bought a 1980 Ford Bronco SUV for $12k in 1980 and used the crap out of it. If I sold it in 1990 for a loss at $5k, I don't get to deduct the $7k loss but if I sell it today with 100k miles on it for $40k I must pay capital gains on the $25k profit? I assume that's how it works but doesn't seem fair to pay on a gain if you can't deduct the loss.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
No. It's the garage sale exception. If you buy pants for $100 and later sell them for $10 at a garage sale, the cost basis is $10 not $100 because the value is depreciated by use.
The garage sale exception address the $100 proceeds from the laptop or the $10 sale from the pants are not taxable which I agree with. Normally I wouldn't report that income, but now that ebay is going to tell the IRS that I made that money, I suppose there is a need to provide a cost basis. The cost is what I paid for it, not what I was able to sell it for. I would like to see the article that states that sale price is your cost basis when an item goes down in value.
Another example. Say I bought a 1980 Ford Bronco SUV for $12k in 1980 and used the crap out of it. If I sold it in 1990 for a loss at $5k, I don't get to deduct the $7k loss but if I sell it today with 100k miles on it for $40k I must pay capital gains on the $25k profit? I assume that's how it works but doesn't seem fair to pay on a gain if you can't deduct the loss.
I posted a link above. Don't argue with me, argue with the IRS. Selling used goods for less than the purchase price is expected. But, go ahead, declare your $900 "loss". You will get a free consultation from the IRS to explain it to you.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
No. It's the garage sale exception. If you buy pants for $100 and later sell them for $10 at a garage sale, the cost basis is $10 not $100 because the value is depreciated by use.
The garage sale exception address the $100 proceeds from the laptop or the $10 sale from the pants are not taxable which I agree with. Normally I wouldn't report that income, but now that ebay is going to tell the IRS that I made that money, I suppose there is a need to provide a cost basis. The cost is what I paid for it, not what I was able to sell it for. I would like to see the article that states that sale price is your cost basis when an item goes down in value.
Another example. Say I bought a 1980 Ford Bronco SUV for $12k in 1980 and used the crap out of it. If I sold it in 1990 for a loss at $5k, I don't get to deduct the $7k loss but if I sell it today with 100k miles on it for $40k I must pay capital gains on the $25k profit? I assume that's how it works but doesn't seem fair to pay on a gain if you can't deduct the loss.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
No. It's the garage sale exception. If you buy pants for $100 and later sell them for $10 at a garage sale, the cost basis is $10 not $100 because the value is depreciated by use.
The garage sale exception address the $100 proceeds from the laptop or the $10 sale from the pants are not taxable which I agree with. Normally I wouldn't report that income, but now that ebay is going to tell the IRS that I made that money, I suppose there is a need to provide a cost basis. The cost is what I paid for it, not what I was able to sell it for. I would like to see the article that states that sale price is your cost basis when an item goes down in value.
Another example. Say I bought a 1980 Ford Bronco SUV for $12k in 1980 and used the crap out of it. If I sold it in 1990 for a loss at $5k, I don't get to deduct the $7k loss but if I sell it today with 100k miles on it for $40k I must pay capital gains on the $25k profit? I assume that's how it works but doesn't seem fair to pay on a gain if you can't deduct the loss.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
No. It's the garage sale exception. If you buy pants for $100 and later sell them for $10 at a garage sale, the cost basis is $10 not $100 because the value is depreciated by use.
The garage sale exception address the $100 proceeds from the laptop or the $10 sale from the pants are not taxable which I agree with. Normally I wouldn't report that income, but now that ebay is going to tell the IRS that I made that money, I suppose there is a need to provide a cost basis. The cost is what I paid for it, not what I was able to sell it for. I would like to see the article that states that sale price is your cost basis when an item goes down in value.
Another example. Say I bought a 1980 Ford Bronco SUV for $12k in 1980 and used the crap out of it. If I sold it in 1990 for a loss at $5k, I don't get to deduct the $7k loss but if I sell it today with 100k miles on it for $40k I must pay capital gains on the $25k profit? I assume that's how it works but doesn't seem fair to pay on a gain if you can't deduct the loss.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
From a cash flow perspective, yeah, but shouldn't business equipment be depreciated?
No, there's an IRS de minimis rule you can elect that any single items under $2,500 each you can expense the full amount that year and not depreciate. If you buy a $2,000 printer you can expense the entire thing the year you buy it.
This is different than the Section 179 rule where you can elect to expense larger items in one year instead of depreciating.
I posted a link above. Don't argue with me, argue with the IRS. Selling used goods for less than the purchase price is expected. But, go ahead, declare your $900 "loss". You will get a free consultation from the IRS to explain it to you.
I am not arguing, I must have been unclear. The IRS will not get a 1099 for my garage sale and didn't previously get a 1099 for my profitless ebay sales. but now I will get a 1099 for all of my ebay sales for which little or no profit is made. Do you just wait for the IRS to come ask you about why you're not paying taxes on your ebay 1099 income where previously no explanation was necessary because the IRS did not know? I would assume somewhere, somehow you have to provide a cost basis or otherwise tell the IRS that the 1099 is just your garage sale.
I appreciate the other links but establishing FMV of an item was not the subject of discussion, nor is anyone in disagreement about no taxes owed on items sold at a loss. The questions are how to tell the IRS that the income you got on a 1099 from ebay resulted in no profit if you're not a business.
I posted a link above. Don't argue with me, argue with the IRS. Selling used goods for less than the purchase price is expected. But, go ahead, declare your $900 "loss". You will get a free consultation from the IRS to explain it to you.
I am not arguing, I must have been unclear. The IRS will not get a 1099 for my garage sale and didn't previously get a 1099 for my profitless ebay sales. but now I will get a 1099 for all of my ebay sales for which little or no profit is made. Do you just wait for the IRS to come ask you about why you're not paying taxes on your ebay 1099 income where previously no explanation was necessary because the IRS did not know? I would assume somewhere, somehow you have to provide a cost basis or otherwise tell the IRS that the 1099 is just your garage sale.
I appreciate the other links but establishing FMV of an item was not the subject of discussion, nor is anyone in disagreement about no taxes owed on items sold at a loss. The questions are how to tell the IRS that the income you got on a 1099 from ebay resulted in no profit if you're not a business.
I believe that was discussed in two of the links. I believe it is Schedule A. Lots of info online that is specific to 1099s and eBay.
@ProofCollection
This outta piss ya off. Back when I was a bowler I won around a thousand bucks in one of those amateur bowling tournaments. I couldn't even deduct my entry fee...much less the thousands I had spent for equipment or learning how to bowl, And yes, the bowling alley wouldn't pay out unless the tax forms were done!
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
From IRS Publication 550
Gold, silver, stamps, coins, gems, etc. These are capital assets except when they are held for sale by a dealer. Any gain or loss from their sale or trade is generally a capital gain or loss.
Limit on deduction. Your allowable capital loss deduction is the lesser of $3,000 or your total net loss. You can use your total net loss to reduce your income dollar for dollar up to the $3,000 limit.
Capital loss carryover. If you have a total net loss that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. If part of the loss is still unused, you can carry it over to later years until it is completely used up.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
And any bet on how long that will last?
My crystal ball is broken. But the government has been expanding the use of 1099s for more than a decade now, so I don't expect it to stop.
@slider23 said:
I have been selling on eBay for a number of years. I sold $500 worth of coins this year, but I do not plan to sell anymore as I do not want to deal with the 1099 form. eBay could be losing some causal coin sellers because of the rates, taxes, manage payments and 1099 form, If I sell anything else this year, it will be at Great Collections.
I don't see how that helps. GC is under the same 1099 requirements as eBay. They may be required to collect sales tax in some states. They have buyer premia. None of which is to say there aren't reasons to sell through GC rather than eBay, but I'm not so sure that the ones you've enumerated apply.
I'm not sure that's true. On eBay you're a "stuff" seller/buyer, not a coin dealer. On GC, you're consigning to them, and I think that makes a big difference. I don't get a 1099 if I sell thousands of dollars worth of coins to my local dealer.
Hmmm, wonder if Heritage has to issue 1099's now if some are expecting them from GC? It' been awhile but there was a time I had 100K+ in sales through Heritage in a year.
The ebay law was specifically for marketplaces. They did not (yet) change the rules for auction houses.
Is there an "ebay law?" ebay told me it's because they process payments now.
@MasonG said:
Getting or not getting a 1099 has nothing to do with owing taxes. It only matters if you're thinking about not paying taxes on your profits and you don't want the government to know about them.
If you sell coins at a loss, there's no taxes owed but when you still get a 1099 you have to do extra work filling your taxes.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
As a business, you right off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
From a cash flow perspective, yeah, but shouldn't business equipment be depreciated?
No, there's an IRS de minimis rule you can elect that any single items under $2,500 each you can expense the full amount that year and not depreciate. If you buy a $2,000 printer you can expense the entire thing the year you buy it.
This is different than the Section 179 rule where you can elect to expense larger items in one year instead of depreciating.
Ahh, I forgot about that. Been a couple years* since accounting in college. Thanks!
*It's been more than a couple.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Too many games on eBay. I have had competing sellers pull all sorts of expensive shenanigans on me. And after the last auctions I ran, I will no longer do them. Typical 99-cent starts with no reserves. They were bid up and at the last moments the pairs of top biding accounts disappeared on all of them and they retreated to sell at 99c or close to a buck. Highest one was a certified SMS DCAM dime that I paid over $200 for that sold for $6.60. It happened on coins and posters alike and the ultimate winners were all different. So I see this as more likely some seller who wants me off of eBay and created a bunch of alt accounts and deleted them as a strategy after using pairs of them to bid up, to box out other would-be bidders from considering it. Once they delete their accounts, their bids disappear as if they never happened. Called eBay and they confirmed this is how it works and I have to live with it. I shipped everything out nonetheless. Not doing auctions with them anymore. Fixed price listings though for now. However, I had a buyer purchase three 2021-CC Morgans in PCGS 70 and return them at my expense, claiming they were misrepresented. Then I saw she was selling the same damned things. eBay is not the place for honest sellers. I like Ian and Great Collections. I prefer the soft closures at David Lawrence and Legend auctions though. Anyway, I am guessing other sellers are getting as fed up with the games and moving on elsewhere. It was already hard enough to break even with today's margins, their fees, and the fact that dealers and collectors are competing for the same coins in public auctions. The roughly 10% handicap is about the same as the costs of doing shows anyway. If one has existing decent inventory, I think that is better. If building inventory, good luck.
@alefzero said:
Too many games on eBay. I have had competing sellers pull all sorts of expensive shenanigans on me. And after the last auctions I ran, I will no longer do them. Typical 99-cent starts with no reserves. They were bid up and at the last moments the pairs of top biding accounts disappeared on all of them and they retreated to sell at 99c or close to a buck. Highest one was a certified SMS DCAM dime that I paid over $200 for that sold for $6.60. It happened on coins and posters alike and the ultimate winners were all different. So I see this as more likely some seller who wants me off of eBay and created a bunch of alt accounts and deleted them as a strategy after using pairs of them to bid up, to box out other would-be bidders from considering it. Once they delete their accounts, their bids disappear as if they never happened. Called eBay and they confirmed this is how it works and I have to live with it. I shipped everything out nonetheless. Not doing auctions with them anymore. Fixed price listings though for now. However, I had a buyer purchase three 2021-CC Morgans in PCGS 70 and return them at my expense, claiming they were misrepresented. Then I saw she was selling the same damned things. eBay is not the place for honest sellers. I like Ian and Great Collections. I prefer the soft closures at David Lawrence and Legend auctions though. Anyway, I am guessing other sellers are getting as fed up with the games and moving on elsewhere. It was already hard enough to break even with today's margins, their fees, and the fact that dealers and collectors are competing for the same coins in public auctions. The roughly 10% handicap is about the same as the costs of doing shows anyway. If one has existing decent inventory, I think that is better. If building inventory, good luck.
It's rarely more than two because there are so many aggressive buyers on eBay. Every time I list a PQ coin for a reasonable price, that coin is gone in 48-72 hours.
eBay is hungry and I LOVE it.
Just a suggestion- You might want to do a past sales archive search on GC and just validate that your buy price is as good as GC. If it is, I am glad for you.
WS
My buy prices? My bread and butter is buying raw and grading it... Apples to oranges.
If you mean sales prices, well since I play mostly in the $200-$500 region, GC's 12.5% cut hits a good bit harder than eBay's effective 9% cut (factoring in sales tax transactions).
I do consign some stuff to GC, but just the stuff that tends to do real well there like toned Morgans.
WHAT? You mean ebay is cheaper???? But people call it "Feebay"....
I will say this, ebay is expensive when you consider what they actually do. I remember in the early days thinking....man they are making a killing just having a bunch of servers whirring away racking in the dough. I would have bought into ebay when they went public if I had been given the opportunity...turned out it was an invite only. I talked at length with someone I met later who was given that opportunity. He went and viewed their operation and it was just a room full of servers, etc. He passed! I told him I bet you understand now that was a big mistake! It didn't take a genius to figure out how much money they were raking in just on listing fees alone! He did agree with me!
And now listings are free
I actually wish that eBay would charge a listing fee on every listing
Yeah would be great if certain sellers wouldn't relist their barbers so dang often.
If your talking about me...mine run for 28-30 days before I relist. I do 25 a day usually and have +/- 800 listings in Barber Halves. I could double that but try not to duplicate too much. Mr. Arnie ends and relists his probably twice a week. Then you have a few sellers that are relisting low grade raw coins weekly...some at auction...Those sum up to several hundred a day!
For those wanting sellers to pay listing fees....you would see a lot of the decent coin listings dry up. I was always pretty stubborn about listing fees so my coins would cycle every 3 months. Covid made ebay realize how much sales were boosted when they opened up the amount of listings. I would say free but I am paying a subscription.
I have not noticed a drop off, but then I do not use the saved search option. So called nonsense listings are a fact of life just like advertising, and I ignore them both.
Also, those that sell on ebay should know that ebay is preventing buyers from bidding on their items as well. My account is over 25 years old and I have almost 3600+ feedback, and regularly buy high dollar items, and twice in the last few months I went to bid on items at the last moment only to have my bid denied for suspected fraud. Then I call ebay and they can't tell me what caused them to try to "protect me" by denying my bids. In both instances the sellers realized much lower sale prices.
a few months ago I had a bid in excess of $2000 for some coins blocked by eBay as well. Don't know why. I don't believe it was for suspected fraud however. as I recall, it was something along the lines of to protect me. But I'm not sure from whom I was to be protected, other than myself. And that might have been a good call.
On any eBay auc I may launch - I don’t start below say 10 -15 pct pct behind bid or what a wholesaler at a show will sell it for. Starting at 99c one is looking at giving it away (coin selling 101). If they go thru auc cycle without selling just throw them back in store at retail. If they won’t pay the money no use for them.
I am active on AS looking for eBay pickoff opportunities for both show and online retail. Seller shill bidding can put a crimp in this. There is one popular large seller I am 95 pct sure he uses shill bidding. Can’t buy anything right from them lol.
@Cougar1978 said:
I am active on AS looking for eBay pickoff opportunities for both show and online retail. Seller shill bidding can put a crimp in this. There is one popular large seller I am 95 pct sure he uses shill bidding. Can’t buy anything right from them lol.
Comments
I've often wondered what happens if GC or Heritage gets audited. At that point, their payments to these people will be known to the government. Would the IRS act on this information and broaden the scope? I mean, I assume they aren't going to pay attention to $500. But if you sold $50,000 in stuff through GC, would they look for that money on your 1040?
I suppose the same could be said for the BST. If I bought something on the BST which I resold and then I got audited, I would be showing my purchase as a business expense. Would the IRS then check to see if you recorded the payment as income?
Inquiring minds want to know...
@DelawareDoons are these coins your selling raw or slabbed or slabbed and stickered?
Coins are a hobby, but I have put a lot of effort in selling on eBay with quality photos, service, and honest listings. The reason that I sell on eBay is to turnover coins that I no longer want in my collection, and the money from sales goes to new coin purchases. Most of my profits from coin sales have gone to eBay fees, Paypal fees, grading services, postage, CAC fees, coin books, etc. In the last 5 or 6 years, I may be up a net profit of a few thousand dollars that I used to buy more coins. If I decide to sell coins again on eBay, I will create an LLC and turn it into a small business, but I am retired and at this time I do not want to deal with the added paper work and taxes of a small business.
Is there an "ebay law?" ebay told me it's because they process payments now.
It's a pain for me because I continually upgrade coins. When I sell the old one I either lose a little or make a little, Overall I felt I broke even.
Am curious though if you buy a laptop for $1000 and then sell it 10 years later for $100, can you now deduct the $900 loss? That was also something I never did but I guess you can now?
http://ProofCollection.Net
As a business, you write off the $1000 laptop the year you buy it.
If you ever sell it, that is a business gain.
From a cash flow perspective, yeah, but shouldn't business equipment be depreciated?
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Yes, it is the payment processing piece of the business.
Sometimes yes, sometimes no. I don't know the limit amount and I have a good accountant. Sometimes I write off stuff like that lump sum and sometimes not if I don't need the write off.
But I'm not a business, I sell stuff on ebay in lieu of a garage sale or other way to get rid of old stuff. The laptop was purchased to watch cat videos, not for a business purpose. My cost basis is $1000 and I sell it for $100. So the laptop was never written off, and now I have $100 of income to report. I shouldn't be taxed on that $100, but I believe the tax form would want my cost basis which is $1000 thus giving me a $900 capital loss.
http://ProofCollection.Net
No. It's the garage sale exception. If you buy pants for $100 and later sell them for $10 at a garage sale, the cost basis is $10 not $100 because the value is depreciated by use.
https://www.fusiontaxes.com/thought-leadership/blog/do-i-have-to-pay-taxes-on-proceeds-from-my-garage-sale/#:~:text=You would report the gain,amount of cash in hand.
The garage sale exception address the $100 proceeds from the laptop or the $10 sale from the pants are not taxable which I agree with. Normally I wouldn't report that income, but now that ebay is going to tell the IRS that I made that money, I suppose there is a need to provide a cost basis. The cost is what I paid for it, not what I was able to sell it for. I would like to see the article that states that sale price is your cost basis when an item goes down in value.
Another example. Say I bought a 1980 Ford Bronco SUV for $12k in 1980 and used the crap out of it. If I sold it in 1990 for a loss at $5k, I don't get to deduct the $7k loss but if I sell it today with 100k miles on it for $40k I must pay capital gains on the $25k profit? I assume that's how it works but doesn't seem fair to pay on a gain if you can't deduct the loss.
http://ProofCollection.Net
https://www.fusiontaxes.com/thought-leadership/blog/do-i-have-to-pay-taxes-on-proceeds-from-my-garage-sale/#:~:text=You would report the gain,amount of cash in hand.> @ProofCollection said:
I posted a link above. Don't argue with me, argue with the IRS. Selling used goods for less than the purchase price is expected. But, go ahead, declare your $900 "loss". You will get a free consultation from the IRS to explain it to you.
https://www.irs.gov/publications/p561
https://www.lsnjlaw.org/Taxes/Other-Federal-Tax/Pages/Garage-Sales-Taxes.aspx> @ProofCollection said:
https://www.lsnjlaw.org/Taxes/Other-Federal-Tax/Pages/Garage-Sales-Taxes.aspx
No, there's an IRS de minimis rule you can elect that any single items under $2,500 each you can expense the full amount that year and not depreciate. If you buy a $2,000 printer you can expense the entire thing the year you buy it.
This is different than the Section 179 rule where you can elect to expense larger items in one year instead of depreciating.
I am not arguing, I must have been unclear. The IRS will not get a 1099 for my garage sale and didn't previously get a 1099 for my profitless ebay sales. but now I will get a 1099 for all of my ebay sales for which little or no profit is made. Do you just wait for the IRS to come ask you about why you're not paying taxes on your ebay 1099 income where previously no explanation was necessary because the IRS did not know? I would assume somewhere, somehow you have to provide a cost basis or otherwise tell the IRS that the 1099 is just your garage sale.
I appreciate the other links but establishing FMV of an item was not the subject of discussion, nor is anyone in disagreement about no taxes owed on items sold at a loss. The questions are how to tell the IRS that the income you got on a 1099 from ebay resulted in no profit if you're not a business.
http://ProofCollection.Net
I believe that was discussed in two of the links. I believe it is Schedule A. Lots of info online that is specific to 1099s and eBay.
@ProofCollection
This outta piss ya off. Back when I was a bowler I won around a thousand bucks in one of those amateur bowling tournaments. I couldn't even deduct my entry fee...much less the thousands I had spent for equipment or learning how to bowl, And yes, the bowling alley wouldn't pay out unless the tax forms were done!
From IRS Publication 550
Gold, silver, stamps, coins, gems, etc. These are capital assets except when they are held for sale by a dealer. Any gain or loss from their sale or trade is generally a capital gain or loss.
Limit on deduction. Your allowable capital loss deduction is the lesser of $3,000 or your total net loss. You can use your total net loss to reduce your income dollar for dollar up to the $3,000 limit.
Capital loss carryover. If you have a total net loss that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. If part of the loss is still unused, you can carry it over to later years until it is completely used up.
And any bet on how long that will last?
My crystal ball is broken. But the government has been expanding the use of 1099s for more than a decade now, so I don't expect it to stop.
Ahh, I forgot about that. Been a couple years* since accounting in college. Thanks!
*It's been more than a couple.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Too many games on eBay. I have had competing sellers pull all sorts of expensive shenanigans on me. And after the last auctions I ran, I will no longer do them. Typical 99-cent starts with no reserves. They were bid up and at the last moments the pairs of top biding accounts disappeared on all of them and they retreated to sell at 99c or close to a buck. Highest one was a certified SMS DCAM dime that I paid over $200 for that sold for $6.60. It happened on coins and posters alike and the ultimate winners were all different. So I see this as more likely some seller who wants me off of eBay and created a bunch of alt accounts and deleted them as a strategy after using pairs of them to bid up, to box out other would-be bidders from considering it. Once they delete their accounts, their bids disappear as if they never happened. Called eBay and they confirmed this is how it works and I have to live with it. I shipped everything out nonetheless. Not doing auctions with them anymore. Fixed price listings though for now. However, I had a buyer purchase three 2021-CC Morgans in PCGS 70 and return them at my expense, claiming they were misrepresented. Then I saw she was selling the same damned things. eBay is not the place for honest sellers. I like Ian and Great Collections. I prefer the soft closures at David Lawrence and Legend auctions though. Anyway, I am guessing other sellers are getting as fed up with the games and moving on elsewhere. It was already hard enough to break even with today's margins, their fees, and the fact that dealers and collectors are competing for the same coins in public auctions. The roughly 10% handicap is about the same as the costs of doing shows anyway. If one has existing decent inventory, I think that is better. If building inventory, good luck.
I'm an honest seller on eBay and loving it.
This thread just came up for me again.
I've also noticed a lot of things drying up and disappearing.
The question is whether those things appear elsewhere, and at least for me, some times seem to be drying up everywhere.
Wow ....you must be doing well my friend!
I have not noticed a drop off, but then I do not use the saved search option. So called nonsense listings are a fact of life just like advertising, and I ignore them both.
a few months ago I had a bid in excess of $2000 for some coins blocked by eBay as well. Don't know why. I don't believe it was for suspected fraud however. as I recall, it was something along the lines of to protect me. But I'm not sure from whom I was to be protected, other than myself. And that might have been a good call.
On any eBay auc I may launch - I don’t start below say 10 -15 pct pct behind bid or what a wholesaler at a show will sell it for. Starting at 99c one is looking at giving it away (coin selling 101). If they go thru auc cycle without selling just throw them back in store at retail. If they won’t pay the money no use for them.
I am active on AS looking for eBay pickoff opportunities for both show and online retail. Seller shill bidding can put a crimp in this. There is one popular large seller I am 95 pct sure he uses shill bidding. Can’t buy anything right from them lol.
What is AS?
http://ProofCollection.Net
Auction Sniper. It’s for eBay auctions.