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 Replies: 26 / Views: 3,954 |
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Pillar of the Community
Canada
9160 Posts |
When you buy a coin, say 2014 Christmas Tree it's a .50 cent coin but you paid $34 after tax's, what do you record, what you paid or the face value of $.50 ?
Another one is the 2015 Haunted House it cost $30 + tax but the coin is only $.25, do you record it as a $.25 coin?
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Rest in Peace
United States
4078 Posts |
Great question Mike. Also do you include shipping fees.?
I record what I paid for it and a side note stating shipping cost.
Are there taxes on U.S coins? I never seen that.
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Pillar of the Community
 Canada
9160 Posts |
If I buy from RCM I get the ones that have free shipping if no free shipping I will go to the Post Office and get the coin from them you don't pay ant shipping. If it is a Silver coin no tax but if it's non silver of any kind you will pay tax. |
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Pillar of the Community
Canada
1747 Posts |
most people when recording their purchases, have a column for face value, and then another column for price paid, so these are usually 2 different values.
In regards to the taxes,technically it depends on the province you are in because it is the provincial tax you are not getting charged. in BC we went back to PST + GST so we get charged tax, if you have the HST then you pay no tax.
also this is only applicable to 99.9% bullion, if you buy a sterling coin 92.5% then guess what? you pay taxes.
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Moderator
 United States
56855 Posts |
Afternoon Mike. I record as much info as I can. Domination,price paid including tax+S/H,where I got it,when I got it,grade and any side notes. John1  |
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Rest in Peace
United States
4078 Posts |
Mike check your E-Mail about Flying Eagle.
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Rest in Peace
United States
4078 Posts |
John, check your E-Mail on Flying Eagle.
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Pillar of the Community
Canada
9160 Posts |
I guess I'm doing it right, I have price paid and face value, price paid is double + over Face value.
Brian no email.
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Pillar of the Community
Canada
3049 Posts |
I record absolutely everything I can about the coin. Especially how much I paid. I don't think I'll ever be profitable with the coins I buy but at least I can be honest about how much this hobby is costing me.
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Bedrock of the Community
United States
94367 Posts |
Now that's something I don't think I want to know.  |
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Bedrock of the Community
United States
94367 Posts |
Or my wife.  |
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Valued Member
United States
215 Posts |
I have these columns for the world year set I just started : Denom, price for the coin, price for the shipping, tax (if any), a total of those prices, then a column for the min SOLD ebay price that I saw when I started the set (for 3 reasons: 1) I try to beat that price on ebay, 2) when in a coin store I know max of what I can get it for online, 3 ) I have a rough idea of how much it cost to finish the set). The ebay price includes shipping. Edited by Buymyemu
10/08/2015 5:08 pm
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Pillar of the Community
Canada
849 Posts |
I always include shipping and taxes in the final price. When buying coins I like to try and buy more then one item so that I can split the cost of shipping over multiple coins.
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Pillar of the Community
United States
5825 Posts |
After you bought the 2014 Christmas Tree did you check your wallet?
Was it 50¢ less than before or $34 less?
If it was 50¢ less then you must have $33.50 to spend on another coin.
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Bedrock of the Community
United States
94367 Posts |
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Pillar of the Community
Canada
2366 Posts |
I always just deal with total cost of ownership. I don't care whether it was taxes, shipping, fees, profit or whatever. I do have to tag it as taxed or not though in case we sell it again at some future point and I need to claim the HST input tax credit for it. But you don't need to worry about that unless you're selling $30k+/yr.
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Replies: 26 / Views: 3,954 |
Posted 10/08/2015 3:03 pm
