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Where Taxpayers and Advisers Meet

Selling high value items abroad

ConstantineAugustus
Posts: 1
Joined: Thu Apr 18, 2019 9:24 am

Selling high value items abroad

Postby ConstantineAugustus » Thu Apr 18, 2019 10:01 am

I have been self employed since Sep 18, selling online, mostly low value collectible coins with a very low income, currently no profit, small loss from sep 18 to April 19. I recently purchased a batch of coins from an auction which have turned out to be of very high value. The four coins have been sent to auction house in the US and will be sold at auction in Hong Kong in June, low estimate is 200k USD. What would be the tax implications of this sale?

Any advice appreciated

bd6759
Posts: 3090
Joined: Sat Feb 01, 2014 3:26 pm

Re: Selling high value items abroad

Postby bd6759 » Sun Apr 21, 2019 12:28 pm

I have been self employed since Sep 18, selling online, ...
Your profits are part of your business and will be taxed accordingly.


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