Paying taxes on bottle sales

[ktbi]

Do the Bottle Auction houses report the amount you receive from selling through them? I'm sure that a certain dollar amount is required by law to be reported, but is that figure for a single bottle sale or cumulative for the entire year? Thanks...Tons

 

[andy volkerts]

You might contact Jeff Wichmann from American Bottle Auctions, as a fellow collector he might just share that info.........

 

[epackage]

ORIGINAL: ktbi

Do the Bottle Auction houses report the amount you receive from selling through them? I'm sure that a certain dollar amount is required by law to be reported, but is that figure for a single bottle sale or cumulative for the entire year? Thanks...Tons

They better, unless they like to be the 'new wife' to their cellmate in federal prison...

 

[AlexD]

For what I know, if your income from sales is under $400/year it's considered a hobby. Anything higher is considered income and needs to be taxed. They're screw you anyway they can [&:]

 

[GuntherHess]

keep in mind that collectibles are taxed at a higher rate too

 

[ktbi]

Thanks all. I keep accurate records for what I paid, so if I do ever sell, I can deduct the cost and pay taxes on profit only...Ron

 

[epackage]

I read this all wrong, I thought you were asking if the auctioneer reports the items he sells and the money he makes on them.... BRAIN FART!!! I'm not sure what the scoop is the other way but I have to imagine there's a certain amount they are required to report just like lottery winnings or horse racing tickets which are both $600+ here in NJ I think...

 

[CreekWalker]

The new tax laws and regulations are coming soon, on collectibles and out of state/in-state internet sales. It is very intrusive! First part has cleared the senate and some sections have passed. It is a shame, that our government continues to tax small business people out of their businesses. On local barter and person to person private transactions are left to regulate. Our King Obi-mi- ward of the state, wants us to kiss his royal money grubbing, power hungry ass even more.

 

[CreekWalker]

Ask yourself what is fair about even more tax on the overtaxed? http://www.coinweek.com/bullion-report/a-bureaucratic-nightmare-in-the-making/

 

[coldwater diver]

A lesson to those who are swayed by such vauge comments such as "Hope and Change", ktbi now its time to "pay your fair share" (whatever that means).