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19 January 2022, 12:49 PM | #1 |
"TRF" Member
Join Date: May 2021
Location: USA
Watch: 5212a
Posts: 172
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Tax implications for the collector
First off, I will be touching base with my accountant, but curious to hear about your experience.
For those of you buying, selling, and trading high-end watches, do you keep financial records to be shared with your accountant for year-end tax planning? I am mostly interested in trading, but have occasionally sold a watch for profit. I would assume that the profit would be taxed as short or long term capital gains. Is this correct? Any tax implications for the watch "trader"? Thanks in advance!
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19 January 2022, 12:56 PM | #2 |
"TRF" Member
Join Date: Apr 2021
Location: USA
Watch: Sub 41 Date
Posts: 186
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28% of the profit for watches no matter what, is my understanding. So uh, definitely keep documentation of the original purchase price
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19 January 2022, 01:07 PM | #3 |
"TRF" Member
Join Date: Jan 2021
Location: Australia
Watch: Panerai PAM687
Posts: 762
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I wouldn't worry about one or two private sales but if you were doing it as a side hustle I'd say you'd be on borrowed time before the Tax Man comes calling
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19 January 2022, 09:34 PM | #4 |
"TRF" Member
Join Date: Mar 2012
Location: KY
Watch: A few.....
Posts: 3,779
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I have never even pondered taxes on the sale of a watch. If I were a dealer sure, otherwise nope.
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