Taxes When Selling Coins

[GregsonVaux]

The actual minting of my first coins is still going ahead. I have set up an online store, I have bought tracking codes, I have ordered mailers, and I am in the final stages of coin design with the mint. Now my mind turns to taxes.

 

For the other coin sellers out there, do you have any advice? Is there some sort of threshold below which you don't have to worry about sales tax? Do many of you just fly under the radar? Is selling 150 coins going to cause me a major tax headache? Should I even be asking these questions? I have been saving all of my receipts related to minting coins, but I really don't want to deal with taxes.

 

[+Team kizb]

The actual minting of my first coins is still going ahead. I have set up an online store, I have bought tracking codes, I have ordered mailers, and I am in the final stages of coin design with the mint. Now my mind turns to taxes.

 

For the other coin sellers out there, do you have any advice? Is there some sort of threshold below which you don't have to worry about sales tax? Do many of you just fly under the radar? Is selling 150 coins going to cause me a major tax headache? Should I even be asking these questions? I have been saving all of my receipts related to minting coins, but I really don't want to deal with taxes.

 

 

I operate a small Geocaching business and only have to collect Sales Tax if the item is sold in my State. If I sell online and ship out of State, I'm not required to collect Sales tax.

[+Mauison]

The actual minting of my first coins is still going ahead. I have set up an online store, I have bought tracking codes, I have ordered mailers, and I am in the final stages of coin design with the mint. Now my mind turns to taxes.

 

For the other coin sellers out there, do you have any advice? Is there some sort of threshold below which you don't have to worry about sales tax? Do many of you just fly under the radar? Is selling 150 coins going to cause me a major tax headache? Should I even be asking these questions? I have been saving all of my receipts related to minting coins, but I really don't want to deal with taxes.

 

 

Each state differs when it comes to sales/general excise taxes. Visit your state's tax department website to see what their requirements are for filing.

[+dhenninger]

I charge/pay sales tax for in-state buyers. I also claim any profit on my taxes at the end of the year.

 

I also have a business set up. It is not a big deal to do. Mostly paperwork.

[+PrashadFamily]

The actual minting of my first coins is still going ahead. I have set up an online store, I have bought tracking codes, I have ordered mailers, and I am in the final stages of coin design with the mint. Now my mind turns to taxes.

 

For the other coin sellers out there, do you have any advice? Is there some sort of threshold below which you don't have to worry about sales tax? Do many of you just fly under the radar? Is selling 150 coins going to cause me a major tax headache? Should I even be asking these questions? I have been saving all of my receipts related to minting coins, but I really don't want to deal with taxes.

 

 

It's not that big of a deal to do. Since any profits you make would be taxable income to you, you have to deal with the paperwork anyways. The added step of filing your return (many states let you do it annually) and paying the tax isn't really that big of a deal. Most states only require you to collect/pay sales tax on orders shipping within your state.

 

Now technically speaking, anyone out of state that orders coins (or any merchandise online from out of state) from you is also supposed to pay their local/state sales tax on the purchase at the end of the year (sales/use tax). I'm guessing that most people don't though.

 

Also, FWIW, I'm an accountant by day.

[GregsonVaux]

Thanks for the info. I am a landlord, so I have to do business taxes anyway. I use tax software and I hope that everything will be easy to input.