Buying Then Selling On Ebay

Yeah, I am trying to learn as much as possible. I also live in a small town and it is hard to find a lot of items. I don't sell unless I can make $10 off of it. I think doing a really broad search like typing in "antique" and checking on sold prices like that.

Taxes can be a confusing topic. I sell enough to be able to treat it like a business. That means I file a schedule C with my taxes. Lots of people try to fly under the radar but should be paying tax. Short term gains are taxed at whatever marginal rate you are in. Long term gains are taxed at capital gains rates, unless it's considered a collectible in which case it's taxed at a different(higher) rate. Gold, silver, coins, art, etc all fall under that rate.

I've been getting tax paperwork from ebay and Paypal for years. And Congress will be getting around to the sales tax issue whenever they start talking to each other again. Which is to say, we've got breathing room on that one.

Keep in mind you only pay tax on the profit. If you buy an item for $100 & sell for $150 with 13% eBay/paypal fees your profit is $30. You would only pay tax on the $30. In that example you are paying $19.50 fees + $9 tax(at 30% marginal rate) for a total of $28.50, or 19% of the sale. Also, you are allowed to deduct legitimate business expenses.

I'm not a CPA so take this with a grain of salt. Rules may have changed, but you used to be able to make up to $600/year outside of your regular job before you had to declare the income.

To make a living on coins requires a total commitment.
That means traveling all around the country attending as many shows as possible.
It means establishing a clientele who SEEK YOU OUT when you are in town.
It means 'knowing your stuff.'
How this might be done on ebay I fail to see.

I don't make a living off it, but I do "flip" pennies. Before they were pulled from circulation here in Canada, I went to the bank and ordered $5000.00 face value. Me and my daughter sit most evenings and sort by year and variety. We pull out any that are AU, pull out the foreign coins, and create rolls by the year and variety which go on ebay. I don't make enough to pay the bills with it, but the profit is used to add to the collection.

No problem at all, got them at our local credit union. They are used to strange requests from me. I've been a member there for 10 years or so, and a roll hunter for even longer. Now I'm known as the penny man to them. I honestly don't mind it, I'm the one winning that one lol. When I went in to place the order it had to go through the teller and two supervisors. It was really quite comical. The best part actually has nothing to do with the coins. The hours and hours I have spent sorting with my ten year old daughter has been absolutely amazing. You can't even imagine the conversations and bonding that has happened. Best part is, she is still just as anxious to sort them now as she was the day we started

Wow, that is ridiculous. I wish I could find good buy it nows like that, but they only come rarely. Fireman and that's hilarious about the supervisors and teller.