I'll be listing another 80 slabs by the end of the month, probably, then 60-80 more next month, then I'll slam it into neutral and coast the rest of the way while selling backlogged inventory. Guessing revenues will come in around 200k-250k by end of summer, which should be a nice sample size to give y'all a better idea of the actual costs of selling on eBay.
Mine are about the same, although my sales volume was half yours last month. [Final exams ]
I'll be listing another 80 slabs by the end of the month, probably, then 60-80 more next month, then I'll slam it into neutral and coast the rest of the way while selling backlogged inventory. Guessing revenues will come in around 200k-250k by end of summer, which should be a nice sample size to give y'all a better idea of the actual costs of selling on eBay.
Mine are about the same, although my sales volume was half yours last month. [Final exams ]
Best bargain in retail.
I've been lazy lately... had these ~110 slabs sitting here for a month before i forced myself to start moving... another 20 at CAC, another 60 coins at NGC for bulk grading... Gotta hustle! Everything has to be gone by the end of the summer.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
.
if you know off the top of your head, what is the selling fee cap now? i know long ago it was $750 making selling big boy coins on ebay one of the best spots on earth. i do recall it went up quite a bit a while back though. probably still a great deal if the coin is valuable enough.
.
if you know off the top of your head, what is the selling fee cap now? i know long ago it was $750 making selling big boy coins on ebay one of the best spots on earth. i do recall it went up quite a bit a while back though. probably still a great deal if the coin is valuable enough.
No cap any more, something like 2.3% on the amount over $4k, and 8.8% on the amount under $4k.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
I believe E-Bay fees are way too high. I have no rep to speak to regarding any problems. Answering PM's with ridiculous offers are a waste of time.
With that said, if my sales slow I will close the store. If I can't make E-Bay's markup + My markup I will close the store. If I find that E-Bay doesn't have my back I will close the store. Closing the store is simple and cheap.
Without E-Bay I have no customers to sell to. The store is still open, 5 years after starting. So.... I guess I have no real complaints?
@DelawareDoons said:
No cap any more, something like 2.3% on the amount over $4k, and 8.8% on the amount under $4k.
.
ouch and thanks.
although, 2.3 is still pretty darn good.
If my math is correct on a 10K sale the fee would amount to $490.00 or 4.9%, on a 20K sale the fee would be $720 or 3.2%. 10% less than that if you are a top rated seller. Quite a bargain in my opinion considering the customer base and 24/7 visibility.
it's crackers to slip a rozzer the dropsy in snide
.
if you know off the top of your head, what is the selling fee cap now? i know long ago it was $750 making selling big boy coins on ebay one of the best spots on earth. i do recall it went up quite a bit a while back though. probably still a great deal if the coin is valuable enough.
No cap any more, something like 2.3% on the amount over $4k, and 8.8% on the amount under $4k.
I didn't realize that til yesterday when I sold something for $7,900 and only paid $500 and change in fees was a pleasant surprise and imo a fantastic deal.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
Collecting: Dansco 7070; Middle Date Large Cents (VF-AU); Box of 20;
One of the problems I see on ebay is price inflation due to fees. For example, someone buys an item for $100 now lists it for $115 to account for fees, next person lists it for $133, etc. This of course assumes that the seller doesn't want to take a loss.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
Well, you can't do that.
Actually you can, if you buy and sell stereo equipment as a business and you did not use the $1000 stereo for personal use, but had it in inventory instead.
@Mizzou said:
I'm gonna go out on a limb and guess that the 3% fee from Ebay is considerably less than your typical auction house consignment fee.
Yep. You went out on a limb and the limb broke. 12%.
Plus the 12% is on shipping cost. Plus they haven't got sales tax correct. Plus when you run into a scammer , seller loses. Plus when the postal service messes up, they tell you to find another way to ship. Plus they outsource lack of customer service overseas and those accents are so thick you can cut some of them with a knife. Otherwise just another day in paradise.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
Well, you can't do that.
Actually you can, if you buy and sell stereo equipment as a business and you did not use the $1000 stereo for personal use, but had it in inventory instead.
That was not the implication of "your 10 year old stereo".
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
Well, you can't do that.
You should be able to! Fair is Fair!
You could deduct coin losses. You can't declare a loss on impaired goods. If you bought Elvis's stereo and it went down in value, that's a loss. If you bought a pair of pants and wore them, that is not a capital loss.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
Well, you can't do that.
You should be able to! Fair is Fair!
You could deduct coin losses. You can't declare a loss on impaired goods. If you bought Elvis's stereo and it went down in value, that's a loss. If you bought a pair of pants and wore them, that is not a capital loss.
What if you became famous and you could now sell the pants at a profit. Is that a capital gain?
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
Well, you can't do that.
You should be able to! Fair is Fair!
You could deduct coin losses. You can't declare a loss on impaired goods. If you bought Elvis's stereo and it went down in value, that's a loss. If you bought a pair of pants and wore them, that is not a capital loss.
What if you became famous and you could now sell the pants at a profit. Is that a capital gain?
Yes, but you can deduct the cost of the pants less deprecation.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
Well, you can't do that.
You should be able to! Fair is Fair!
You could deduct coin losses. You can't declare a loss on impaired goods. If you bought Elvis's stereo and it went down in value, that's a loss. If you bought a pair of pants and wore them, that is not a capital loss.
But Elvis's stereo most likely went up in value so here comes the greedy hand!
I am done with eBay for selling coins. It is not just the fees. The biggest problem is in the games the buying community is increasingly playing as well as competing sellers. My strategy is now to only buy what is exceptional and can sell at a major show. Travel and set up fees can eat 10% of sales for an average show anyway and the games are different (can exercise anti-theft control and not accept payment in forms that can be reversed).
I am done hating eBay. I love their services and use them all the time. The fees are the fees, complaining will not change them. I will pay for the services I use. I do not need to leave my home to sell. I can printout a label without any chance of ever making an addressing mistake. I can mail the stuff I sell from my house without having to go to the PO. I get paid automatically once a week when I sell stuff. The money goes right into my bank account. I think that the amount eBay charges is fair. I also save a lot of time and gas money just by staying home. They have the biggest audience worldwide. eBay is easy to use and fast.
If you don't like eBay you don't have to use them, but, good luck with other venues. I am sure that they all have some negatives. And don't forget about the USPS discounts that you get for using eBay.
I have sold many coins in the standard envelope range (Under $20) that I bought years ago for pennies each. 53 cents for postage and tracking and insurance on an eBay "standard envelope" item is an emence bargain.
@coinandcurrency242 said:
Don't forget about the 1099 now if you sell over $600 from ebay.
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
Well, you can't do that.
You should be able to! Fair is Fair!
You could deduct coin losses. You can't declare a loss on impaired goods. If you bought Elvis's stereo and it went down in value, that's a loss. If you bought a pair of pants and wore them, that is not a capital loss.
I had a friend once who insisted he could deduct his living expenses (food, rent, etc.) just like his employer did. Haven't seen him since 2006. . .
@3stars said:
One of the problems I see on ebay is price inflation due to fees. For example, someone buys an item for $100 now lists it for $115 to account for fees, next person lists it for $133, etc. This of course assumes that the seller doesn't want to take a loss.
I don't understand this. I mean I can understand that people would try this, but not how it would work. If the coin is fairly priced at $100 then how on earth would it sell for $133. Now if it's a $150 coin, that's a different story.
@3stars said:
One of the problems I see on ebay is price inflation due to fees. For example, someone buys an item for $100 now lists it for $115 to account for fees, next person lists it for $133, etc. This of course assumes that the seller doesn't want to take a loss.
I don't understand this. I mean I can understand that people would try this, but not how it would work. If the coin is fairly priced at $100 then how on earth would it sell for $133. Now if it's a $150 coin, that's a different story.
Comments
Wait, what?
Just kidding.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
Irrelevant
Mine are about the same, although my sales volume was half yours last month. [Final exams
]
Best bargain in retail.
I've been lazy lately... had these ~110 slabs sitting here for a month before i forced myself to start moving... another 20 at CAC, another 60 coins at NGC for bulk grading... Gotta hustle! Everything has to be gone by the end of the summer.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
.
if you know off the top of your head, what is the selling fee cap now? i know long ago it was $750 making selling big boy coins on ebay one of the best spots on earth. i do recall it went up quite a bit a while back though. probably still a great deal if the coin is valuable enough.
No cap any more, something like 2.3% on the amount over $4k, and 8.8% on the amount under $4k.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
.
ouch and thanks.
although, 2.3 is still pretty darn good.
I believe E-Bay fees are way too high. I have no rep to speak to regarding any problems. Answering PM's with ridiculous offers are a waste of time.
With that said, if my sales slow I will close the store. If I can't make E-Bay's markup + My markup I will close the store. If I find that E-Bay doesn't have my back I will close the store. Closing the store is simple and cheap.
Without E-Bay I have no customers to sell to. The store is still open, 5 years after starting. So.... I guess I have no real complaints?
If my math is correct on a 10K sale the fee would amount to $490.00 or 4.9%, on a 20K sale the fee would be $720 or 3.2%. 10% less than that if you are a top rated seller. Quite a bargain in my opinion considering the customer base and 24/7 visibility.
it's crackers to slip a rozzer the dropsy in snide
I didn't realize that til yesterday when I sold something for $7,900 and only paid $500 and change in fees was a pleasant surprise and imo a fantastic deal.
You say that as if you don't owe taxes on all of your sales regardless of where they take place
So, (tongue in cheek) is that where I get to calculate my ACTUAL return on investment? I'm selling coins from my personal collection, some of which I've had for over 20 years. I'm making money as most of them have increased in value since then, but those coins just didn't fall from the sky. What about the taxes and shipping that somehow appear as part of my "bottom line"... according to ebay. It seems as though that number is being inflated by some 20% or more.
I think the net result of this is going to be that small "sometimes" vendors on ebay (like me) will either decide to take the financial hit as being part of the changing face of the hobby, or simply not sell... at least on ebay.
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
For anyone hesitant about using GC, they constantly exceed my expectations, by a LOT.
(here's 2 examples)
https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fgreatcollections.com%2FCoin%2F1148803%2F1964-D-Kennedy-Half-Dollar-PCGS-MS-66-Toned
https://forums.collectors.com/home/leaving?allowTrusted=1&target=https%3A%2F%2Fgreatcollections.com%2FCoin%2F1150576%2F1928-Buffalo-Nickel-PCGS-MS-63-CAC-Gold-Label-Toned
You should add the qualifier that TV's are a virtual necessity with them.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
One of the problems I see on ebay is price inflation due to fees. For example, someone buys an item for $100 now lists it for $115 to account for fees, next person lists it for $133, etc. This of course assumes that the seller doesn't want to take a loss.
No problem if you work in your deductions. No need to fear an IRS pre-dawn raid complete with klieg lights.
The IRS allows you to expense your costs, including eBay costs.
And the simple fact is that if you sell your coins ANYWHERE, you owe tax on the profits. Now, you can cheat, probably without getting caught, without the 1099. But the 1099 is not what creates the tax liability.
I think small vendors of average intelligence or higher will be able to figure out how to file their taxes and only pay taxes on profits, if they have any.
Yep. And now if you sell your 10 year old stereo on ebay that you bought for $1000 for $200 you can claim an $800 loss.
http://ProofCollection.Net
Well, you can't do that.
Actually you can, if you buy and sell stereo equipment as a business and you did not use the $1000 stereo for personal use, but had it in inventory instead.
Yep. You went out on a limb and the limb broke. 12%.
Plus the 12% is on shipping cost. Plus they haven't got sales tax correct. Plus when you run into a scammer , seller loses. Plus when the postal service messes up, they tell you to find another way to ship. Plus they outsource lack of customer service overseas and those accents are so thick you can cut some of them with a knife. Otherwise just another day in paradise.
You can claim a loss, but that doesn't mean the IRS will agree.
Well, you can't do that. > @ErrorsOnCoins said:
That was not the implication of "your 10 year old stereo".
Then you can simply ignore the 1099...heck, why file at all?
You should be able to! Fair is Fair!
Sure, you can do that, too.
Because sometimes, they check?
You could deduct coin losses. You can't declare a loss on impaired goods. If you bought Elvis's stereo and it went down in value, that's a loss. If you bought a pair of pants and wore them, that is not a capital loss.
What if you became famous and you could now sell the pants at a profit. Is that a capital gain?
http://ProofCollection.Net
Yes, but you can deduct the cost of the pants less deprecation.
But Elvis's stereo most likely went up in value so here comes the greedy hand!
I am done with eBay for selling coins. It is not just the fees. The biggest problem is in the games the buying community is increasingly playing as well as competing sellers. My strategy is now to only buy what is exceptional and can sell at a major show. Travel and set up fees can eat 10% of sales for an average show anyway and the games are different (can exercise anti-theft control and not accept payment in forms that can be reversed).
I am done hating eBay. I love their services and use them all the time. The fees are the fees, complaining will not change them. I will pay for the services I use. I do not need to leave my home to sell. I can printout a label without any chance of ever making an addressing mistake. I can mail the stuff I sell from my house without having to go to the PO. I get paid automatically once a week when I sell stuff. The money goes right into my bank account. I think that the amount eBay charges is fair. I also save a lot of time and gas money just by staying home. They have the biggest audience worldwide. eBay is easy to use and fast.
If you don't like eBay you don't have to use them, but, good luck with other venues. I am sure that they all have some negatives. And don't forget about the USPS discounts that you get for using eBay.
I have sold many coins in the standard envelope range (Under $20) that I bought years ago for pennies each. 53 cents for postage and tracking and insurance on an eBay "standard envelope" item is an emence bargain.
I had a friend once who insisted he could deduct his living expenses (food, rent, etc.) just like his employer did. Haven't seen him since 2006. . .
I don't understand this. I mean I can understand that people would try this, but not how it would work. If the coin is fairly priced at $100 then how on earth would it sell for $133. Now if it's a $150 coin, that's a different story.
Exactly.
This started out as an ebay thread and turned to an IRA thread.
As for ebay, all auctioneers charge fees. That's life. I have a lot of gripes over various ebay policies, but the cost is not only one.
As for taxes, unless it's a business, individuals can't offset losses against gains across various items, only on the item being sold.