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Selling Strategies For 2022????16243

COLLECTOR Towmater private msg quote post Address this user
@Bronte

What follows isn't tax advice and may not be correct...

My understanding, based upon the last couple of years of selling off my collection, is that you deduct the costs associated with the gains/losses and then pay the 28% on that total gain. You get to deduct things like auction fees, listing fees, paypal fees, postage, yada, yada, yada. It is a pain to go back and determine the what you bought books for and the cost associated with the sale of them, but it has to be done.

You can offset it with tax strategies but you'd need to talk to a tax professional about then and what is right for you.
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Masculinity takes a holiday. EbayMafia private msg quote post Address this user
Quote:
Originally Posted by Bronte
@Towmater

Forgive my lack of knowledge on the topic. But I thought capital gains was on top of the taxed you normally pay. For example, if you are paying 15% in your bracket you pay an additional 28% for a total of 43%. If you are just nailed for the 28% or just the 15% that is much more palatable....


capital gains tax is different from Income Tax, not in addition to. It's typically lower than income tax, intended to encourage investment in the economy. It's taxing the profit that you make from investment of money that you already paid income tax on.
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TL;DR Davethebrave private msg quote post Address this user
@EbayMafia

Good summary.

It is also structured in a way to help ensure the wealthy stay wealthy and the poor stay mostly poor.

;-)
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The apple sauce and pudding were the best part... Bronte private msg quote post Address this user
Towmaster
EbayMafia
Thank you for your response. I plan to have a conversation with accountant before selling anything this coming year.
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Have I told you about the time I dropped off 3,000 comics at SDCC? Scifinator private msg quote post Address this user
My strategy - Damn the torpedos, Full Speed Ahead!
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Collector WMorse private msg quote post Address this user
I don't do much selling, but if I'm inclined to drop a book I'm going to be looking for trades/swaps first.
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