How much would shipping cost for comics16948
 The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| @flanders Happy birthday |
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| Post 26 • IP flag post | ||
 I don't believe this....and I know you don't care that I don't believe this.
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GAC private msg quote post Address this user | |
| @flanders Happy Birthday!!!! | ||
| Post 27 • IP flag post | ||
 Collector
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etapi65 private msg quote post Address this user | |
Quote:Originally Posted by Sebastsk8 From IRS website "Capital Gain Tax Rates The tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than or equal to $40,400 for single or $80,800 for married filing jointly or qualifying widow(er). A capital gain rate of 15% applies if your taxable income is more than $40,400 but less than or equal to $445,850 for single; more than $80,800 but less than or equal to $501,600 for married filing jointly or qualifying widow(er); more than $54,100 but less than or equal to $473,750 for head of household or more than $40,400 but less than or equal to $250,800 for married filing separately. However, a net capital gain tax rate of 20% applies to the extent that your taxable income exceeds the thresholds set for the 15% capital gain rate. There are a few other exceptions where capital gains may be taxed at rates greater than 20%: The taxable part of a gain from selling section 1202 qualified small business stock is taxed at a maximum 28% rate. Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28% rate. The portion of any unrecaptured section 1250 gain from selling section 1250 real property is taxed at a maximum 25% rate. Note: Net short-term capital gains are subject to taxation as ordinary income at graduated tax rates." However, note the Net short-term capital gains are subject to taxation as ordinary income at graduated tax rates "Net short-term capital gain (from assets held for 12 months or less) is taxed at the same rates as your ordinary income. Both long-term and short-term capital losses can always be used to offset capital gains, as well as up to $3,000 of ordinary income. However, an individual can only use $3,000 ($1,500 for married individuals filing separately) of net capital losses left after reducing capital gains by capital losses to offset ordinary income in any one year. Moreover, if your net capital losses exceed the $3,000 deduction limit, you can deduct $3,000 of your losses against ordinary income and carry over the excess loss to the following year. The excess losses that are carried over can then be netted against capital gains in that year with any excess deductible against ordinary income up to $3,000." Good to keep in mind there is actually a benefit of turning and re-selling things within 12 months of purchase to reduce tax burden. |
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| Post 28 • IP flag post | ||
 Collector
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moodswing private msg quote post Address this user | |
| Collectibles have a higher capital gains tax. Don't know the number off the top of my head but it is more than 20%. Comics fall in that category. | ||
| Post 29 • IP flag post | ||
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The apple sauce and pudding were the best part...
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Bronte private msg quote post Address this user | |
| @moodswing 28% |
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| Post 30 • IP flag post | ||
 Feel free to use my post as a checklist.
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multi007 private msg quote post Address this user | |
Quote:Originally Posted by Bronte that's the MAXIMUM rate though.... the profit you earn on collectibles is added to your regular income. and that regular income total tax rate applies, except until you hit a rate higher than 28%. then the collectibles stop at the 28% ceiling. the cpa will know all of this. bottom line is this - you will get a 1099 tax form from paypal, or venmo, or any other payment processor now. (the new president changed the rules to mandate they report if you receive $600 or more within the year). The irs automatically adds that amount to your total income. It is up to you (or your cpa) to let the irs know (via your yearly tax filings) that you paid, for ex, $100 for comic, and sold it for $125. This is called the COST BASIS. Thereby the taxable amount on that sale is $25 (and this $25 is added to your total income). Do this a bunch of times, and your tax rate will grow - from free, to 10% to 12% to 22% to 24% 28% to 32% etc... |
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| Post 31 • IP flag post | ||
 If the viagra is working you should be well over a 9.8.
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xkonk private msg quote post Address this user | |
| Oddly, I was expecting a 1099 from eBay if not also Paypal this year but got neither. | ||
| Post 32 • IP flag post | ||
 Masculinity takes a holiday.
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EbayMafia private msg quote post Address this user | |
| I think there's some important information here to point out and, in some cases, to correct. Anyone who is confident that they know differently feel free to correct me: Quote: Originally Posted by etapi65 Pretty sure this is incorrect. I've never seen a situation where short-term gains are taxed lower than long-term gains. I believe in this that short-term gains are taxed as ordinary income while long-term gains potentially could be taxed at a lower rate (for higher earners)...but never at a higher rate. So if you sold off a million dollar collection, it will be taxed at a lower rate than a million dollars of earned income. Unless it was bought and sold in the same 12 months...then it would be taxed as if it were earned income...which is a higher rate. Quote: Originally Posted by multi007 Fairly certain this is correct. Your capital gains tax rate will never be higher than your ordinary income tax rate. It's a maximum rate, not a minimum rate. If you don't make enough money to pay taxes, you will still have no taxes on your capital gains...short-term or long-term. If you are at the 15% rate, your capital gains will be taxed at 15% unless they are large enough to push you into the next category. Quote: Originally Posted by multi007 This is critically important. Once the IRS gets the report, it will be added to your income whether you claim it or not. It's your responsibility to reduce the amount by reporting the costs associated with this income. You don't have to provide evidence...that will only be necessary if you get audited. Most importantly, don't trigger an audit by making claims of expenses that are out of the ordinary. |
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Feel free to use my post as a checklist.
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multi007 private msg quote post Address this user | |
| thanks for the confirmation. the new $600 change takes effect this tax year. not retroactive. unless everyone goes back to personal checks or money orders or cash transactions, the irs will now know... |
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| Post 34 • IP flag post | ||
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Feel free to use my post as a checklist.
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multi007 private msg quote post Address this user | |
Quote:Originally Posted by xkonk the new $600 change takes effect this tax year. not retroactive. unless everyone goes back to personal checks or money orders or cash transactions, the irs will now know... |
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