For anybody thinking about selling some silver....

I just sold a little on ebay. If anybody's wondering about what you can get right now.... AFTER losing 12% to fees plus additional shipping, I pocketed 33.44/oz. Which is just above spot right now after it has climbed back up. A bit better than getting 10% behind spot from the dealers. And that was just an average. Some went for more.

Time will tell if it was the right time. I just don't trust this market sky-rocketing like it has so fast. If it keeps climbing, that's fine too. I'll be smiling either way.

 

Log in or Sign up to hide this ad.

Good job Vess1. I'm sure that is a very nice return for you. Me? I'm still buying........and may have been the one that bought yours on ebay!!!

 

Yeah, I'm rarely a seller. Just kind of hard to pass up the gains so I decided to let go just a little of what is easily replaceable to get something else and see what happens. Otherwise I'm just a spectator at this point. If the market can stay strong at these levels (or more) for a year or so, I will probably begin buying in again.... like I never have before. But 30, 40+ for common stuff, is just too much, too fast for me at this point.

If it's still there next year (or even next month), I'd feel a little more comfortable.

 

Just don't forget that ebay reports all sales to the IRS with your information. The capital gains on coins is higher than regular capital gains. The rate for coins is 23% of the profit. My CPA does my books so don't forget the governments share!!!

 

Anyone ever receive a 1099 from Ebay?

 

1099 are only for over a certain dollar amount. When I sell to a dealer he does not send a 1099 also. This does not mean that it was not reported to the IRS.

 

LOL. Just be sure to pay your taxes young man. The government takes so little of what you've unjustly earned, be sure to seek out how you can pay more.

 

Oh dear. Did I say profit!? Must have miss-typed that. I just bought a bunch at the flea market last week at 40.00 and threw away the receipt. Darn. I actually lost my a$$! Well, I don't have enough write offs to even do long form so I guess they're lucking out that I can't claim the loss. It's a wash for both of us.

BTW, I'd like to see proof of an ebay 1099. I'm calling bs on this one.

 

I sold my set of Peace dollars for $920. After fees and cost, I figure I lost $200, so I am not reporting it as income.

 

Of course, it's PayPal, not eBay that will do any reporting:

Under the legislation, PayPal will be required to report to the IRS the total payment volume received by PayPal customers in the U.S. who:

1. receive more than $20,000 in payment volume in a single year; and
2. receive more than 200 payments in a single year.

This legislation applies to all payment providers including PayPal and takes effect in 2011, so the first reports will go to the IRS in January 2012. Our goal when the legislation takes effect is to make it easy for PayPal merchants who fall under the provision to report their taxable incomes.

Read it all here:

https://www.thepaypalblog.com/2008/08/proposed-irs-reporting-requirements-become-law/

 

Don't forget if you lose money on your coins you can claim a capital loss. Just save those receipts as the IRS WILL want to see proof if you are call in. The last 7 years I worked in a county jail and the food is very good. You might even meet your new soul mate, a 400 pound guy named Buba. HA! HA!

 

PAYPAL is owned by Ebay.

 

Without a receipt I don't think you can claim anything over face value as your basis. Looks like it will all be considered profit, sorry. :devil:

 

Of course... and sellers are basically forced to use this service. I don't believe I ever gave eBay my S.S. number or my federal tax ID number...

 

But you gave them you bank account number and that's all they need to get your S.S number and other info.

 

Also correct... and if you have sales over $20K this year, the IRS will probably know about it.

 

If my bank gave my ss# to paypal, I would sue them and win.

 

It's buried pretty deep in the menus, but you can setup a credit card account with PayPal. I don't recall if you can sign up that way, but I deleted my bank account info out a while ago and use strictly plastic. I'm not sure whether that's enough to get SSN info, but I'm a lot more comfy with them having the CC than my actual account info.

Vess, I think buying and selling are both good moves right now. How's that for duplicity! Reason being, I think silver will keep going up, but there's nothing wrong with enjoying a little kickback.

 

I recently created a PayPal account for use with eBay purchases. I wasn't required to enter bank information, and have just been using a CC number. It does prompt me every time I login, saying I'll gain additional "benefits" by verifying my account via a bank account number. I think I'll pass...

 

after having my CC numbers stolen off paypal and used against me on e bay i removed my info and closed my account!