Do you pay tax on personal items sold?

Sold goods aren’t taxable as income if you are selling a used personal item for less than the original value. If you flip it or sell it for more than the original cost, you have to pay taxes on the surplus as capital gains.

Do I have to pay taxes on stuff I sell online?

The basic rule for collecting sales tax from online sales is: If your business has a physical presence, or “nexus”, in a state, you must collect applicable sales taxes from online customers in that state. If you do not have a physical presence, you generally do not have to collect sales tax for online sales.

Do I need to pay tax if I sell on Facebook?

Generally, the answer is NO. Unless you are selling as a business such as Ebay, etc to make income. Although the IRS has a reputation for trying to get a piece of just about every cent we bring in, when it comes to the occasional garage or yard sale, you generally do not have to report the sales amounts as income.

What self employment income is taxable?

You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more. Generally, the amount subject to self-employment tax is 92.35% of your net earnings from self-employment.

Do you pay taxes on the sale of precious metals?

The amount of tax owed on the sale of precious metals depends on the cost basis of the metals themselves. If you purchase the metals yourself, then the cost basis is equal to the amount paid for the metal. The IRS does allow you to add certain costs to the basis, which can reduce your tax liability in the future.

Can you buy precious metal as a gift?

While purchases tend to be one of the more common scenarios, the scenario of receiving your precious metal as a gift or inheritance also applies. The cost basis in this scenario depends on the spot price of the precious metal on the day that you received the metal as a gift.

What kind of taxes do you pay on gold and silver?

Short-term gains on precious metals are taxed at ordinary income rates. Tax liabilities on the sale of precious metals are not due the instant that the sale is made. Instead, sales of physical gold or silver need to be reported on Schedule D of Form 1040 on your tax return.

Who is the best precious metals dealer in the USA?

Clint Siegner is a Director at Money Metals Exchange, a precious metals dealer recently named “Best in the USA” by an independent global ratings group.