Coins and Tax Day

[dakra]

This involves both Fed and State (and coins!) but I just read in NY, when you buy things over the internet and it is not taxed, as a nys resident, we are responsible for paying those sales taxes/reporting them on the NYS Tax return. (Feb 4th Newsday)

 

I've been doing my taxes for years, with exception to last year, the guy who did my taxes did not mention this and this has caught me off guard as I had just completed figuring out my taxes prior to seeing the article (did not send anything in yet) I will spare my thoughts on this tax for now but it leads me to a few questions in regards to coin collecting.

 

I ordered a good deal of coins last year, I sold a decent amount of coins, I purchased books and supplies for coins... How do you guys figure out your coin expenses and profits on your taxes? For my fellow NY'ers, do you know if the coins I purchase mail order are taxable? How about Ebay? Sale of coins on ebay? Hobby Expense? Any input you guys have, I'm listening!

 

Thanks,

Dave

[dakra]

and now for my thoughts on this tax....

 

I know we should keep up with tax laws but I believe a tax like this should have been brought to "taxpayers" attention earlier. Had Newsday not written an article about it. Here is the link!

 

It just strikes me as odd how I buy something from "Michigan" and I have to pay NYS tax. Now if "Michigan" charges me tax, that's fine but why am I paying NYS sales tax for something I purchased out of state? If I drive my car to Michigan and buy something and bring it back to NY, do I have to pay NYS tax on it? (no... as far as I know)

 

Based on the full article in the paper, if you have no clue how much money you spent on mail order/internet good, you end up paying an amount based on your income?!?!!? Someone who makes less, pays less... someone who makes more, pays more.

 

A quick read of the tax law mentioned this also applies for a "service", now is coin grading considered a "Service"?

 

argh!

 

Dave