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2 questions on some inner workings of coin dealing (re: PNG & taxes)
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<p>[QUOTE="GDJMSP, post: 1399844, member: 112"]Get an accountant, get a tax lawyer - then ask them, not us. It doesn't matter what anybody else does. What matters is your individual situation, and once you give all the pertinent information to your lawyer and accountant, then they can tell you which way is best for you to go.</p><p><br /></p><p><br /></p><p><br /></p><p>For me personally, a dealer being a member of the PNG, or the ANA for that matter, never made one iota of difference to me. I bought from dealers who I either personally knew and trusted, or from those who were recommended to me by other people I knew and trusted.</p><p><br /></p><p> </p><p><br /></p><p>This is something that people never seem to realize or understand, even though I have explained it a thousand times. And I'm talking about buyers as well as sellers here. As a seller it doesn't matter what your selling venue is, and as a buyer it doesn't matter what your buying venue is. By venue I mean - ebay, your own private web site, a brick and mortar shop, an auction house like Heritage or Teletrade or any of the others - every single one of these has fees built into the price you pay for the coin. let me repeat that - all venues have fees built into the price you pay for the coin - every one !</p><p><br /></p><p>On Heritage, ebay, Teletrade - they tell you up front they are buyer fees. On private web sites or brick and mortar shops, they don't even mention any fees at all. But they are still charging you fees, they just are not calling them fees or telling you about it. The fees are merely added into the price of the coin. For these guys fees are known as overhead expenses. And they charge you for them every single time.</p><p><br /></p><p>And dealers who have brick and mortar shops, and also sell on ebay or other auction sites, pay fees at both places. No matter what you do or where or how you sell, or buy, you are going to pay something - fees - one way or another.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>Then do your homework. Start making calls, talk to your lawyer and accountant. Find out how much rent, utilities, insurance, security, etc etc etc - find out much everything is going to cost you. Then sit down with a pencil and paper and figure it out. It's called a business plan. And anybody who opens a business needs to have one. Or go broke in a hurry.[/QUOTE]</p><p><br /></p>
[QUOTE="GDJMSP, post: 1399844, member: 112"]Get an accountant, get a tax lawyer - then ask them, not us. It doesn't matter what anybody else does. What matters is your individual situation, and once you give all the pertinent information to your lawyer and accountant, then they can tell you which way is best for you to go. For me personally, a dealer being a member of the PNG, or the ANA for that matter, never made one iota of difference to me. I bought from dealers who I either personally knew and trusted, or from those who were recommended to me by other people I knew and trusted. This is something that people never seem to realize or understand, even though I have explained it a thousand times. And I'm talking about buyers as well as sellers here. As a seller it doesn't matter what your selling venue is, and as a buyer it doesn't matter what your buying venue is. By venue I mean - ebay, your own private web site, a brick and mortar shop, an auction house like Heritage or Teletrade or any of the others - every single one of these has fees built into the price you pay for the coin. let me repeat that - all venues have fees built into the price you pay for the coin - every one ! On Heritage, ebay, Teletrade - they tell you up front they are buyer fees. On private web sites or brick and mortar shops, they don't even mention any fees at all. But they are still charging you fees, they just are not calling them fees or telling you about it. The fees are merely added into the price of the coin. For these guys fees are known as overhead expenses. And they charge you for them every single time. And dealers who have brick and mortar shops, and also sell on ebay or other auction sites, pay fees at both places. No matter what you do or where or how you sell, or buy, you are going to pay something - fees - one way or another. Then do your homework. Start making calls, talk to your lawyer and accountant. Find out how much rent, utilities, insurance, security, etc etc etc - find out much everything is going to cost you. Then sit down with a pencil and paper and figure it out. It's called a business plan. And anybody who opens a business needs to have one. Or go broke in a hurry.[/QUOTE]
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2 questions on some inner workings of coin dealing (re: PNG & taxes)
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