Discussion in 'Coin Chat' started by yakpoo, Jan 25, 2020.
What impact is this having on eBay coin sales?
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that lot I came out ahead even after the tax. Since then, NC has made coins and bullion non-taxable, and so far eBay hasn't goofed that up on me. I do worry about it when it's my turn to sell coins, though; I can't make any promises to prospective buyers about what they'll be charged when they hit the button.
A whole lot prettier than the G-VG one I (briefly) had!
My biggest gripe was the incorrectly charged tax. Several states (surprisingly including tax-everything Illinois) have no tax on coins, but eBay was still adding it in. They finally fixed it for Illinois after three weeks. Utah was less fortunate and it took over 3.5 months to fix.
I know it changed my habits as I stopped buying completely when the tax was incorrectly charged. As someone who also lists a few items on eBay for sale, I've noticed a sharp decline in sales. I haven't sold anything in over a month there. My first "sale" today was the subject of a mini rant. Not only was it cancelled, but I also had to pay PayPal for that privilege.
That sinks. Hopefully it's not something that happens all the time.
Btw, if we pay sales tax, does that mean there's no capital gains?
I’m not an expert in that topic, but my best guess is that you would still pay capital gains tax. Your cost basis would just be cost plus sales tax.
If someone is reselling, it might make sense to make it into a business and apply for a resale certificate (so that there is no tax since one is purchasing to resell and the final buyer will pay the tax).
Nice coin either way @yakpoo, with the way bay is count yourself lucky if it’s not a scam.
all states. He promptly rescinded the sales tax on my purchase when I told him that I would be contacting his state's attorney general and comptroller. I reported him anyway! ~ Chris
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