Selling on Great Collections (for those that have in the past)
Stingray63
Posts: 299 ✭✭✭
I sold a handful of coins on Great Collections for the first time this year. At the end of the year do they report to the IRS and send me some type of formal tax form/document? Or only if over a certain $ amount.
*Do I have the ability to move this post over to Q&A?
Pocket Change Inspector
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I've sold a few things on GC and never received any tax forms but it's been a couple years so things might have changed.
It may have to do with some sort of threshold that the IRS cares about. Ebay will send you a 1099 if you go above $600 they send a 1099-K as of 2022.
"Starting on Jan 1, 2022, eBay and other marketplaces are required by the IRS to issue a Form 1099-K for all sellers who receive $600 or more in sales."
Ian has said on this very forum that since they aren't a payment processor, they aren't required to send 1099's under IRS regulations, and have no plans to do so.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Yep as of now GC does not send any tax documents so it is up to you to report any gains.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Thanks all! My primary concern was going to be for the coins I paid cash for where there are no receipts. I have my prices documented and all other Ebay/GC purchase receipts and printed out the sales statements from GC. Just thinking ahead. Again, appreciate the feedback.
Pocket Change Inspector
I sold about $7k on GC last year. No tax forms.
You can(should) add the additional income/expenses to your taxes manually. I did that and it went through just fine.
Collector, occasional seller