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#1
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At $30K you are the person who will pay the most for that card so lets use the underbidders bid as what you can really sell it for. Then take off the buyers and sellers premium and the tax liabilities being a collector and not a business and what do you have left. Seriously I am curious. |
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Great point on the extra sales tax. I found it strange but ebay even charged me tax on an item I recently purchased from the UK.
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Sales/use tax doesn't matter on where an item comes from, it is all based on where it is going to.
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Thanks, Bob, Now I feel stupid because as someone who had to pay different tax rates depending on the city I was selling in I should have known that.
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#6
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Yeah Ben, and great point about even different cities. The sales/use tax laws vary by state. Five have none, the remaining 45 do, and then among the 45 that do some also have additional county/local sales taxes that get added on top. In Ohio where I'm at the sales tax rates vary by county. The state itself has a flat 5.75% sales tax rate across the entire state, and then the local/county authorities tack on what they can. Cuyahoga County, which encompasses Cleveland, has the highest combined rate in the state at 8.0%. If you live in a state like that, if possible, you could try to set up a P.O. Box or other address you get you mail delivered to in say the next county over that has a lower sales tax rate. Would definitely work if buying off Ebay as they charge sales tax based on the mailing address. But doing so would technically not be legit, and also the amount of savings would be nominal, at best, and likely eaten up by the cost of renting the P.O. or other mailbox, along with the gas and other related costs and additional time spent from having to drive a ways to pick up your mail. Probably more trouble than it is worth doing. Now if you have a close relative or really good friend that lived in that next county over.................... |
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Great, a compelling topic is once again off the rails. The poster is NOT
interested in 'flipping it" and said as much. Save that nonsense for another thread or- here's a thought- start another thread. "Seek life elsewhere"! Trent King How often can you get on point commentary and a GI Jane reference in one short message? |
#8
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I guess you haven't had a meltdown for a couple months though, so go ahead. You're due for another tantrum. |
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The point isn't to try to calculate the percentage profit (or investment retention) of a hypothetical card, in a possible future sale. The point is, of all the ways people can find enjoyment in life while laying out cash, buying cards is far more fiscally prudent than most. And therefore, I would suggest, something that should let the OP's mind rest easy in that decision. |
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I think one should factor in, if they are spending more than say 5% of their cash on a cardboard picture of a dude, what they could turn that back into if they needed to, and the likelihood they will gain or lose. If you end up needing cash, how much you can get back is very relevant. That it is a better return on investment even if craters than wasting money on booze or food or circus trips isn't the only comparison. |
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#13
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2. There is no tax ramification of me buying a card for $30,000. Or a million dollars. 3. If I sell something for more than I bought it for, only then do I owe taxes. And then, by definition, I haven't lost money on the sale. 4. If I bought a nice vintage card for $30,000 and had to sell literally tomorrow, ok, maybe I sell it for $28,000 or $27,000 in the next auction, WORST case scenario. That's no doubt where the runners up landed. And I've lost maybe 10%. Nowhere near 50%. 5. If you paid 7% sales tax, tell the AH you want 107% of the hammer. Exactly what I've gotten from one of the major AH's many times. Last edited by Snapolit1; 03-16-2023 at 06:16 PM. |
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![]() I do feel it is important to know about selling a card that is expensive to the buyer even if they don't plan on selling. |
#15
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I live in Maryland and the sales tax is 6%. I factor this into every bid I place. On a $30k card, the sales tax is $1800!! Ouch Steve is 100% correct that Federal tax liability may accrue when you sell a card, but only if you sell for a gain. Last edited by Rhotchkiss; 03-16-2023 at 06:35 PM. |
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