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 Replies: 20 / Views: 2,554 |
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Pillar of the Community
1283 Posts |
As many of you know I came into some ASE's recently. I was looking online about tax implications of paypal and it looks like I am above $20K in sells for the year as they report to the IRS after 20k. I did a count and I am over that number so it looks like most of my ebay selling is over with for the year. (I hope I am wrong about this) I called a coin shop and they offered me $36.29 each for 100 ASE, but they pay cash. I know I could get around $4100 on ebay but with a $100 fee and a $120 paypal fee am I better off selling them for cash? Should I shop the price or is $36.29 a good price considering spot is $35? Thanks for the help guys I will sell some here when I get above that 250 post requirement. |
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Pillar of the Community
Canada
834 Posts |
Have you tried APMEX? I believe they are paying better than that |
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Pillar of the Community
United States
3670 Posts |
I would shop around and think it through and see what the market does over the next three days, just seems to quick of a flip right now.... I will tell you this, the market as you know has had some nice move ups in many areas for TWO DAYS in a row now, which is pretty huge compared to say the last six weeks or so. So again, if silver hit 40 bucks by late Friday, and that is a huge if, but if it did or got close you would be kicking yourself. You just got those ASE's as well, and correct me if I am wrong but if you took the deal above, you only would be making about 4 bucks per coin? Edited by Silverhawk74
07/05/2011 2:55 pm
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Pillar of the Community
 1283 Posts |
Silverhawk,
I ended up taking possession of most of the box with a small capital investment from an inside party. I am only selling a little of it to pay for a Vegas trip in October with my bride. I know that sounds dumb to a lot on here but I have two small children and a Vegas weekend is what the doctor ordered a couple times a year. I won't be selling any of it for at least a month but I will need to liquidate some. I have been buying every chance I get, I literally have 90% of my total worth in PM's (scary)
Anyway just looking for advise on where is the best place to take it with the least amount of tax implications. Was planning on selling some here but that paypal tax article I read scared me. If I sell here I guess it would have to be MO/ or check only and that sucks.
Thanks guys
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Pillar of the Community
United States
3670 Posts |
Yes, to sell some to help pay for a trip is totally understandable and makes good sense then, as everyone needs a vacation from time to time. And keeping the sig other happy is A just the right thing to do, and B a good way to keep the stacking doors open so to speak, lol. Good luck and have fun, and for me please don't blow all the profits gambling and if you win anything big, put some back into PM's, rof  .... |
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Pillar of the Community
United States
648 Posts |
I say try going to a coin show with 100 ASE's and asking what they would buy it at. I think you might get different responses from different dealers like I do. The majority of them pay in cash - no tax at the coin show (in TX). Screw ebay /paypal and their $220 cuts for selling a product that you know will sell on its own. I suggest to continue to shop the price for as long as you can. For $220 bucks in online nonsense fee's that's more silver! Edited by tripncoins
07/05/2011 11:02 pm
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Pillar of the Community
United States
4008 Posts |
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If I sell here I guess it would have to be MO/ or check only and that sucks. A US postal money order works well with anyone who is honest. Crooks avoid taking these because they know that mail fraud is a federal crime with some heavy duty penalties attached. They also know that the USPO takes a VERY dim view of people who use their money orders for nefarious purposes. They can and they will investigate all such crimes to the extent necessary to run the jackals to ground. That said, the people on this web site strike me as being very honest and decent folks. This is not to say that a few of them might not be but the majority seem like very good people. Selling them here for close to fair value should work well. I'd be interested in buying some of those myself if the price were right.  |
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Pillar of the Community
United States
2335 Posts |
Going over the $20k level of sales through Paypal might generate a report to the IRS. However, that doesn't mean you are free of tax liability up to that point. Under current tax law you are required to pay tax on any/all gains made from the sale of precious metals. How you handle that is up to you, but you need to know that any time you are paid by Paypal you have created a paper trail that documents your sale activities.
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Rest in Peace
United States
9104 Posts |
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Anyway just looking for advise on where is the best place to take it with the least amount of tax implications. You're just looking for information on how to cheat on your taxes without getting caught. Tax implications are cut and dried. If you sell coins or bullion or whatever, you owe taxes on the profit. |
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Pillar of the Community
1283 Posts |
Thanks for the advice, i'll leave it at that.
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Pillar of the Community
United States
931 Posts |
How many people do you think actually pay taxes on their PM profits? I'm asking a serious question. My local coin shop charges no taxes on anything I buy from them with cash. I asked him why no taxes and he said that there was no tax due when you are trading currency for currency. Not true?
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Pillar of the Community
United States
1064 Posts |
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no tax due when you are trading currency for currency I would find that hard to believe, unless you were selling for, and paying with, face value. My state has a 6.25% sales tax, with store-bought food and clothing being the ONLY exception. Is your coin shop in a state that has a sales tax? |
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Pillar of the Community
United States
2335 Posts |
Quote:
How many people do you think actually pay taxes on their PM profits? I'm asking a serious question. My local coin shop charges no taxes on anything I buy from them with cash. I asked him why no taxes and he said that there was no tax due when you are trading currency for currency. Not true? If I had to guess I'd say LOTS of people don't pay tax on their PM profits. In my neck of the woods the local antique mall doesn't charge sales tax on coins....but they do on everything else including bullion. |
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Pillar of the Community
United States
931 Posts |
I live in New York but my coin shop is in Pennsylvania. I don't know if they have sales tax or not.
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Pillar of the Community
1283 Posts |
I live in Illinois and none of the coin shops around here charge sales tax for coins.
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Pillar of the Community
United States
2589 Posts |
Evasion on precious metals and other secondary market good is part of the reason why the federal goverment tried to expand the 1099 to goods sold over $600. They get slaughtered by the amound of tax revenue lost from the secondary markets. Think of all the tax revenue lost in garage sale proceeds alone lol.
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Replies: 20 / Views: 2,554 |
Posted 07/05/2011 2:38 pm
