S
stefen
Guest
Thinking of starting to sell items from several collections that I've had for many years and would appreciate some sound advice.
The first collection consists of 200 to 300 factory and primitive wood duck decoys, the second collection consists of about 350 Carved Hobo Nickels, and the third collection consists of a variety of hand woodworking tools.
Since many of these items have been purchased over the years, I have no record of where, when or how much I paid for them. So does Uncle Sam look at the sale proceeds as income taxable at the normal rates? How does one account for the initial investment cost basis?
Secondly, does EBay or PayPal collect the sales tax for the various states where applicable? Or is this collected by the seller?
Thanks in advance...
The first collection consists of 200 to 300 factory and primitive wood duck decoys, the second collection consists of about 350 Carved Hobo Nickels, and the third collection consists of a variety of hand woodworking tools.
Since many of these items have been purchased over the years, I have no record of where, when or how much I paid for them. So does Uncle Sam look at the sale proceeds as income taxable at the normal rates? How does one account for the initial investment cost basis?
Secondly, does EBay or PayPal collect the sales tax for the various states where applicable? Or is this collected by the seller?
Thanks in advance...
