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 Replies: 250 / Views: 48,769 |
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Bedrock of the Community
United States
10982 Posts |
Quote:
So after that he gets what, 78.3% of what the buyer pays if auction closes before Aug 1, but who goes off that number? Correct. 78.3% less any fees for your shipping, listing, conserving, TPG, etc. The fees should be a low percentage of the value in this case. And everyone should use that number (or whatever the seller's/buyer's fee cost) because it is the net of the dollar amount "realized" by the coin the consignor retains. I just sent a few coins to Great Collections because they only charge a 5% seller's fee and a 10% buyer's fee. Great Collections listing fees are only $5 for coins under $1,000 ($10 over $1,000). If the OP's coin ends up XF Details, he might be well served by considering Great Collections because they have NO seller's fee on coins valued over $1,000. |
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Pillar of the Community
United States
2335 Posts |
I'm not familiar with Great Collections. The fees certainly seem lower but will they bring similar prices to Heritage or Stacks?
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Pillar of the Community
United States
4989 Posts |
I like Heritage - bought a 1921 Peace dollar (NGC MS-64) at their NYC office. Very friendly folks and fair pricing. When auctioning a coin, very important to choose someone reputable and as far as I know Heritage is at the top of a very short list. |
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Valued Member
Australia
243 Posts |
With this coin I would probably go with a more prominent auction house despite the extra costs, as they will be offset by the benefits. Heritage and Stacks have access to a far greater base of collectors and they will probably attract the interest of just the right people who will be interested and willing to pay for this coin. Thats the logic I would go with at least.
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New Member
 United States
44 Posts |
Okay fellas, question? Suppose I was an unemployed bum receiving no State or Federal aid....how would I be taxed on this in that scenario? Didn't really want to disclose this fact, but it happens to be the truth. I'm no bum, but I am currently unemployed, not receiving any kind of aid and have no income so far for this tax year. ?
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New Member
United States
44 Posts |
@Fenton: It was the New York City office that contacted me....I agree, very friendly folks.
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Pillar of the Community
United States
7840 Posts |
I believe that you would be taxed (in some form) on the coin's sale, which could be recouped when you file your 2012 tax return, if you don't meet a certain income for the year.
Edited by oih82w8
05/23/2012 10:39 am
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Pillar of the Community
United States
759 Posts |
Don't feel bad about the unemployment situation. Many good people find themselves in similar situations today.
As far as your 2012 tax liability, assuming you're single and finish 2012 with no other income, you would owe no federal income tax unless your profit from the sale exceeds $9750. This is due to the $5950 standard deduction and $3800 personal exemption. Lots of other things could come into play, but that's the simplest scenario. If you're married filing jointly, the standard deduction is $11,900 and you'd get 2 personal exemptions. So no federal income tax until coin sale profit plus other income exceeds $19,500. So there's probably no need to panic about owing a big tax amount. Again, lots of other things could come into play, but I hope this alleviates any big concern about taxes for you.
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New Member
United States
44 Posts |
Ahh, thank you man. That's what I wanted to hear. So when I do my taxes will I list this as just regular income? Or do I claim it some other manner? Last thing I want is to anger the Feds.
Man I gotta tell ya, I never thought finding something this awesome would cause me this much stress...geezus! This darn coin consumes my thoughts.
Thank for your help fellas.
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New Member
United States
44 Posts |
Damn, I really don't want to sell this coin. I mean it is the best thing I've ever found metal detecting. So now I'm leaning towards taking the cheap route and sending it to ANACS. Just so I can have something that says it's certified as genuine. Then I was thinking I could at least make some bucks selling this story to a coin or treasure hunter's magazine. What do you guys that idea? I do know a magazine will pay more for the exclusive rights to a story, or I could try and sell it to numerous publications. I mean this is a story, right? It's a true story, I'm a photographer, and I can write...sounds like a plan. Now I just need some documentation proving its authenticity.
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Pillar of the Community
United States
7840 Posts |
Opportunity is knocking...is anyone home to answer? You gotta do what you gotta do...especially if it puts food on the table so you can have the energy to go metal detecting to find more coins to put food on the table...  Edited by oih82w8
05/23/2012 3:59 pm
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Bedrock of the Community
United States
10982 Posts |
The closest coin I can find to the OP's was sold on Heritage in 2008 as an NCS XF Details Improperly Cleaned for $6,325 (inc. Buyer's Premium). Here it is: http://coins.ha.com/c/item.zx?hdnJu...1138&x=0&y=0In this price range, Great Collections would be a good option. If it's a $10,000+ coin then Heritage would be a better bet. And don't worry about taxes. Unless the coin ends up in a problem-free or AU Details holder, no 1099 would be issued on the sale. You never know though and even if it brought $15,000, worry about that later. Being out-of-work at the moment gives you a lot of leeway on potential taxes. Here's another example in NGC AU Details Environmental Damage that went for $18,400 (inc. Buyer's Premium). http://coins.ha.com/c/item.zx?hdnJu...5124&x=0&y=0Edited by BH1964
05/23/2012 4:39 pm
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Valued Member
474 Posts |
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SmokinJoe: So when I do my taxes will I list this as just regular income?
As a person who thanks to Paypal and their 1099-K project, had more than $60,000 reported to the IRS  as 'transaction income' for the 2011 tax year, I can tell you this...
1. The transaction(s) must total more than $20,000 to even be reportable.
2. Almost ANY amount of income gained can be off-set with Cost of Goods Sold (COGS.) That includes everything from:
Personal time invested in this coin, gas for your car, shipping fees, the metal detector, certification fees, seller fees, your Internet connection to discuss this possible 'business.' The complete amount of time, energy & resources 'spent' to ultimately aquire this coin are considered (COGS) The loopholes are everywhere! 
3. You are also selling a personal asset. The sale of personal assets is not taxable unless the asset(s) can be tied to 'Short-term' and 'Long-Term' capital gains on investment products. Personal asset sales can not be taxed (because you theoretically paid the tax on the income to acquire the asset.) You don't think people having yard sales and estate sales are paying taxes do you. 
The above strategy turned $60,000 of supposed 'additional income' into a $12,000+ tax return from the IRS.  Legally... of-course! Oh yeah, I also have a degree in International Finance.  |
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Pillar of the Community
United States
1348 Posts |
Look online at any coin lets say in AU55. If you look on ebay at completed listing you will see the difference in prices based on grading company. PCGS is uaully always at the highest. Any collector who doesn't want this coin in a slab can simply free it. If it comes back genuine i'll give you that $4000 :D |
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New Member
United States
30 Posts |
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1. The transaction(s) must total more than $20,000 to even be reportable. No, you're thinking of Form 1099-K which is only for merchant card transactions processed through third-party providers if both $20,000 in one year AND 200 transactions. See http://www.irs.gov/businesses/artic...1966,00.html - Nothing to do with this case. Quote:
2. Almost ANY amount of income gained can be off-set with Cost of Goods Sold (COGS.) . No, cost of goods sold may only include *certain* labor costs related to the manufacturing of the goods if operating a manufacturing or mining business. For the resale of products, COGS is basically the acquisition cost of the goods. See http://www.irs.gov/newsroom/article...0515,00.htmlQuote:
3. You are also selling a personal asset. The sale of personal assets is not taxable unless the asset(s) can be tied to 'Short-term' and 'Long-Term' capital gains on investment products. No, all income is taxable regardless of if it's investment income. See http://www.irs.gov/publications/p54...ink100072479 ("Generally, property held for personal use is a capital asset. Gain from a sale or exchange of that property is a capital gain."). You must report and pay tax on all gains from the sale of personal property. The reason people with garage sales don't pay tax is they have no gain - everything sold at the garage sale is sold for far less than what they paid for it. But let's not talk about taxes anymore on a coin forum... |
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Posted 05/23/2012 08:05 am
