00 (15 Off) Only 1 available Sale ends in 34 minutes Pay in 4 installments of 25. The requirement to pay taxes on inherited money depends on the amount thats inherited and on the beneficiarys state of residence. June 7, 2019 416 PM. Also, selling sporting goods, smartphones, laptops, and antiques. Pawnbrokers have been serving as a resource for cash-strapped people hoping to sell an item, or put up valuable property in exchange for a short-term loan, for thousands of years. When you pawn something, the money will be treated as income. But not for the profits from the sale of. However, you may be required to show documentation of the original purchase to prove that you sold the item at a loss. There are some similarities between lines of credit and payday and pawn loans, including the fact that you can use the funds as you would like. If an item you owned was stolen and showed up in a pawn shop, you do not have to pay to get it back. When someone brings an item to a pawn shoptypically such small items as jewelry or electronicsthey give the item as. 25 300; 300 x 36 months. If you dont, then the pawn shop now owns your item and can do whatever they want with it. Is Money from a Pawned Item Taxable If I obtained something for Less than it is worth, and then years later pawned it for more, would I owe tax on the difference Example I get a gift worth 2000, so it cost me nothing. This is why its important to know what your pawn shop is willing to buy before you go in. If an investor sells a collectible at a loss, the loss is a capital loss that may be deducted from any capital gains realized during the year. Making back more than you paid (once in a while) Lets say youre getting rid of a painting that cost you 30. If you bought it for 35K and sold it for 50K, youd owe tax on 15K. Jun 7, 2022 Can You Sell and Buy Stuff at Pawn Shops You can sell and buy items at a pawn shop. If you had inherited cash, this would be representative of the living trust's income, so you would receive a Schedule K-1 from the trustee and you'd have to report it on your tax return. Ahead of the fundraiser, if your nonprofit is a 501. If you sell on commission, your commissions are taxable. Hold it for more than a year and youll be taxed at the lower long-term capital gains rates (0, 15, or 20), depending on your income. When you sell something, you will have to pay income tax on the money. Since 1946, the. 0 Seller feedback (48,449) 8 (391) ti. What is the capital gain tax for 2020 Capital Gain Tax Rates. And you won&39;t get reimbursed if your item is sold for more than your loan amount. If you sell on commission, your commissions are taxable. Research your item (s). Generally, any profit you make on the sale of a stock is taxable at either 0, 15 or 20 if you held the shares for more than a year or at your ordinary tax rate if you held the shares for less than a year. If you sell items on Etsy, you will likely need to pay income tax on your incomeusually, the total amount you earned by selling your products, less your. 9 Reasonable shipping cost 4. So for the 20212022 tax year , you can earn up to &163;12,570 tax-free. Prefer to keep the cash and forfeit your item No problem We don&39;t mind at all. We have issued a number of these sales tax bulletins and we continue to add new bulletins on a regular basis. You can also find inexpensive home decor locally, at thrift stores, consignment shops, and garage sales. Beneficiaries are liable to end up paying taxes on stock inheritance only if they decide to sell. Here are some tips to get you started. In addition, most estates won't owe any federal income tax because the exemption, as of 2014, allows the first 5. usually sold as a set are considered a single item and must be included in the same . all items sold are exchangeable but not fully refundable return. Selling to a pawn shop is no different. Dec 22, 2020 People Sell Stuff. If you dont, then the pawn shop now owns your item and can do whatever they want with it. Dec 22, 2020 People Sell Stuff. But this will only work if they havent sold it yet and you agree to either repay whatever amount you owe them or buy it back from them at their price. People shop at pawn shops to get a good deal on pre-owned items. 2290 Sales Tax Payable 8 - 8 tax on 134 resold prior to use. However, the exact prices will vary depending on the item and the pawn shop. Better safe than sorry 4. Should you choose to accept the pawn loan based on your items value, youll get cash on the spot and will have a set period of time in which to repay your loan. For example, if a customer offers a working DVD player, the pawnbroker knows that he may be. We will appraise it and make you an offer. When you win an auction, you win the right to buy the item for more or less than its fair market value. A new study, Physical Activity Through Sustainable Transport Approaches shows that choosing to switch one car ride for a cycle trip once a day can reduce a. Any income over 600 is reportable and theoretically taxable. Mar 5, 2013 Its standard to earn 60 of the sale price as a base rate on your sold items, but youll also pay a 10 to 15 entry fee. Do This Upfront. If the loan is not repaid, the pawn shop has the right to sell the item to recoup the loan amount. If it&x27;s been sitting around your house, chances are it needs a little sprucing up. The "X" factor for self-employment tax is 400 in tax - not income. June 7, 2019 416 PM. When consumers are required to do so, it is often called a. Ships from Medina, WA. Do I owe tax on that 1200. Australia requires Etsy to collect and remit GST on applicable goods sold to Australian buyers on orders that meeting the following criteria Less than or equal to. If a stock pays dividends, you generally must pay taxes on the dividends as you receive them. Shiny color imited to 160. Visit your Target in Kailua Kona, HI for all your shopping needs including clothes, lawn & patio, baby gear, electronics, groceries, toys, games, shoes, sporting goods and more. However, the Connecticut Supreme Court has firmly maintained that a drop shipper did not deliver any sold items in Connecticut, where property was shipped involving a ""Free on Board. So in this case, it is probably not necessary for you to report the income; however, for the benefit of other readers, in some cases you might need to report it under "other income" or book it as a capital gainloss, depending on what those personal items are and whether or not you made a net profit. Do you have any suggestions on how we should proceed A Theres always a first time for everything, including buying or selling a home. During the fundraiser and its planning, keep good records, including any. Gain and Loss. These are the exact strategies I use to double my offers from pawn shops. Simply bring your item to Pawn America and use it as collateral to receive a loan or sell it, its up to you Well safely store your item until you pay off your loan, and then return it to you immediately. Income Tax. Most of the time, personally-owned stuff like cars, appliances, clothing, furniture, and other household items decrease in value after the initial purchase. If the loan is not repaid, the pawn shop has the right to sell the item to recoup the loan amount. If youre looking to buy new home decor items, retailers such as HomeGoods, Michaels, Ikea, Target, and Walmart are some of the best places to buy home decor inexpensively. Surgeon General Regina Benjamin, MD, MBA, is serving as Zillows. If you&39;re into crafting and are looking for a lucrative side hustle, you should consider starting a laser engraving business. Gifts that you give to your spouse are exempt from. When buying expensive things from a pawn shop, you can take advantage of the layaway. However, the exact prices will vary depending on the item and the pawn shop. Upper Synthetic FiberArtificial Leather. Online retailers with the best home decor at. ) is used to make the purchase (s). Gifts that you give to your spouse are exempt from. Quarterly taxes are based on estimates of how much youll owe in taxes. Things You Should Never Pawn. Australia requires Etsy to collect and remit GST on applicable goods sold to Australian buyers on orders that meeting the following criteria Less than or equal to. Your purchased products worth 18,000 over the year, and you have 4,000 in unsold merchandise at the end of the year. Also, selling sporting goods, smartphones, laptops, and antiques. Laser engraving will allow you to explore working with a wide range of materials to create unique items that people are willing to pay a premium for. Is Money from a Pawned Item Taxable If I obtained something for Less than it is worth, and then years later pawned it for more, would I owe tax on the difference Example I get a gift worth 2000, so it cost me nothing. Theres an incredibly large inventory. Most places do what you say make the victim pay what the pawn shop paid for the item. If you repay the loan by a certain date, typically 90 to 120 days after you pawn the item, you can retrieve your bike. In Colorado, you are required to get your pawnbroker License through your City or County officials. While your item is in pawn, you still own it. So, realistically, unless you are buying or selling volumes of items, your tax obligation will likely be minimal. It doesnt matter if youre just selling personal items. Beneficiaries are liable to end up paying taxes on stock inheritance only if they decide to sell. Real answers from licensed attorneys. Some examples of items that exempt from North Carolina sales tax are prescription medications, some types of groceries, some medical. For example, if you bought a power drill for 300, a pawn shop would typically offer between 21-105 for the item. The same tax rates would be applicable to it. If you sell unwanted clothes, cars, furniture, even family heirlooms, are they taxed You bet. I was a Revenue Agent enforcement officer for 34 years. If you don't have serial numbers it can be hard to categorically prove any one item is yours so there's unlikely to be much you can do to stop any of it being sold on. Decide if you are going to pawn or sell At a pawn shop, you can borrow money, using your property as collateral. Interest rates and finance charges for pawn shop loans are often high. Pawn shops are a great pick for selling your old phone and one of the fastest ways to get money from it. theres a chance they dont resell the item they bought. The item legally still belongs to you. Other sought-after goods. Here is a list of a lot of the things you can pawn or sell, but this isn&39;t all of it. Also, if you want something for home protection, pawn shops often carry handguns as well. Zillow Groups Move Forward. But in certain situations you should, such as If you&x27;re essentially running an online auction house or. WHAT WE BUY. And if youre reading this article, youre probably curious to know what exactly youre paying for. If you want your item back, you will have to pay the loan back with interest. If you want to get more than 50 from the pawn shop, try to have your goods in perfect, ready-to-sell condition. These are some of the things you didnt know you could pawn for 50 Pawn shops are always interested in a variety of items. They also have the potential to act as a meaningful reminder of an essential personal symbol or cultural emblem. After that point, the item becomes the legal property of the pawn shop owner. For this purpose, the government views the value of the ring as the fair market value at the time you purchase it. Do I owe tax on that 1200. Research your item (s). S candidates For taxing concerns, if you work with us, in the beginning of next year, you will receive a 1099-k tax form, which considers you as a shop owner. However, the Connecticut Supreme Court has firmly maintained that a drop shipper did not deliver any sold items in Connecticut, where property was shipped involving a ""Free on Board. The short answer is yes. Xtreme Pawn is a great place to pawn or sell old stuff for cash. If your bike is insured, theres also an excess to pay, if not, youre left to pay for everything. If your store averaged 1. 0 Seller feedback (48,449) 8 (391) ti. In that scenario, if you back that tax into your gross sale amount, you are eating more than 10 of its gross sale amount by doing that. You only. If you get a deal and pay less than it is worth, the IRS treats it like buying any item that you buy on sale. In that scenario, if you back that tax into your gross sale amount, you are eating more than 10 of its gross sale amount by doing that. If a shop is selling guns illegally, youd be wise to refuse to buy a firearm from that shop. Your state department of revenue will provide information about filing paperwork for any required sales taxes. In fact, in 2017, the government agreed to a trading allowance that gave sellers the freedom to earn up to &163;1,000 in sales without paying anything in tax. Capital gains are the profits you make when you sell a stock, real estate or other taxable asset that increased in value while you owned it. 'Lookism' Official ProductPackage Included1 &215; Manhwa(148 &215; 210 mm). But, if you have a side hustle where. Wing Pawn Shop, a sole proprietorship owned by Michael Whalen (taxpayer),. As noted above, the Internal Revenue Service (IRS) requires estates with combined gross assets and prior taxable gifts exceeding 12. com or using the Ulta Beauty App. In fact, most pawn shops will pay you about 50 of the value of the item you bring in. There is a federal estate tax, but that tax is charged to the estate of the person who died, so as long as the estate paid, once you receive the property you don't pay any taxes on it. Do you want to sell or get a loan You&39;ll get more money by selling something, but a pawnshop owner with a long-term view would prefer to make . Dey 7, 1397 AP. The rule of thumb is that if you used the items and then sold them for less than you bought them for, then you owe no taxes on the sale. 9 Communication 5. Bahman 6, 1390 AP. Losses on personal use property are not deductible on online sellers&39; tax returns. Apr 3, 2021 Pawn shops are in the business to make money, so you will never get the resale value of your items at a pawn shop. 95 See details No returns accepted See details Get more time to pay. But you must follow the proper steps. The Internal Revenue Service expects both the consignment shop and the seller to pay taxes on profits earned from consignment sales. If youre looking to buy new home decor items, retailers such as HomeGoods, Michaels, Ikea, Target, and Walmart are some of the best places to buy home decor inexpensively. WHAT&39;S BETTER BUYING OR RENTING A NEON SIGN When displayed in a person&39;s living room, workplace, or even at an event, neon signs are an excellent way to kickstart a discussion about various topics. Bahman 2, 1393 AP. In Colorado, you are required to get your pawnbroker License through your City or County officials. So, realistically, unless you are buying or selling volumes of items, your tax obligation will likely be minimal. The pawn shop may offer you a bit more money (and take less profit for themselves) if they see that your goods would make for a quick sale. " Again, if this is actually true, by all means report it and be prepared to. You bet. If you bought it for 35K and sold it for 50K, youd owe tax on 15K. If youre a hunter, you can find a wide variety of rifles and shotguns at area pawn shops. A fast and easy way to check your items current market value is to search it on eBay, and then filter to sold listings. Former U. However, unless you can show proof that the item is yours, you&39;ll have a hard time retrieving it. People shop at pawn shops to get a good deal on pre-owned items. Very few will pay you more for an item you have already given over. Beneficiaries are liable to end up paying taxes on stock inheritance only if they decide to sell. How is GST applied in these case for Sale income and . Avvo Q&A Real questions about tax law from people like you. If you would like to read more about 1099-Misc, please visit this IRS page. You may have to pay Capital Gains Tax if you make a profit (gain) when you sell (or dispose of) a personal possession for &163;6,000 or more. Depending on local laws, the value of the goods donated can be used as a tax deduction. If a stock pays dividends, you generally must pay taxes on the dividends as you receive them. S candidates For taxing concerns, if you work with us, in the beginning of next year, you will receive a 1099-k tax form, which considers you as a shop owner. So, realistically, unless you are buying or selling volumes of items, your tax obligation will likely be minimal. Do I owe tax on that 1200. Theres an incredibly large inventory. Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28 rate. Shop Owner's Agreement Bodhi Seven Corporation, DBA Mindful Market, a New York State S corporation (sometimes herein Mindful Market, We, Us or Our), offers services through the domain www. In fact, this is a key step in the process for how to earn money on eBay too. And yes, I KNOW the law. Biggest reasons for low offers from pawn shops pawn shops need to buy low enough to still have room for profit when they resell it. Typically you can expect to get somewhere between 30 and 60 percent of the value of your items. If you would like to read more about 1099-Misc, please visit this IRS page. If you want your item back, you will have to pay the loan back with interest. People creating, buying and selling non-fungible tokens (NFTs) in the United States might soon be forced to disclose information about their business partners. However, unless you can show proof that the item is yours, you&39;ll have a hard time retrieving it. You may have to go through small claims court, but if you do it right the pawn shop will not only have . Contact your local authority to see who your Pawnbroker License is through. Figuring out what your item is worth beforehand lets you determine if youre getting a good deal. Kingcraft 16" scroll saw MQ50 for auction. Some countries permit gifts to be imported free of duties and taxes, however, they often have strict criteria which must be followed including The sender must be a private individual and the recipient must accept the delivery at a. But not for the profits from the sale of. The item legally still belongs to you. Retailers Collectors Hoarders Which one are you If the product begins to age, it goes through an automatic price reduction process in our world, till it eventually gets sold. Mehr 12, 1396 AP. Just keep that form in. You need to send 1099&x27;s to the people whose work you sold IF you sold more than 600. Some shops give more money if youre selling outright, rather than pawning. Do I owe tax on that 1200. The former is a tax issue and will be discussed below. Cons There is one big disadvantage to selling. After an agreed-upon time (usually 30 or 60 days), the pawn shop will own your goods and be able to re-sell them if you dont repay the loan. "Occupation tax certificate" means permission to operate a pawnshop pursuant . If you&39;re within the time period, you still have a legal right to the property, so you need to list it on your bankruptcy forms. Laser engraving will allow you to explore working with a wide range of materials to create unique items that people are willing to pay a premium for. Either on craigslist, facebook, ebay, or even at the local pawn shop. For example, you might give them your mountain bike as collateral for a 75 loan. Apr 26, 2019 For particularly valuable items you should have their FMV estimated by a professional appraiser. ) Since the initial pawnshop transaction is a loan, no tax paperwork is issued. There are numerous online pawn shops, as well as online bidding sites like ebay. If sprucing up a space with neon signs is something you&39;ve been thinking about. If an item you owned was stolen and showed up in a pawn shop, you do not have to pay to get it back. (This is actually down from 2019, when the average rang in at a whopping 7,750. Cycling is so important, not in the least because of the environmental and health aspects. For example, if the total gross receipt amount is 200, and the tax rate is 8. Also, selling sporting goods, smartphones, laptops, and antiques. I would ask, why should that be a customary action in our industry That could be followed along with how your pricing your inventory. mamacachonda, bulma navbar examples
Thats because your property serves as collateral securing the loan. . Do you have to pay taxes on items sold at a pawn shop
If an investor sells a collectible at a loss, the loss is a capital loss. Learn more Add to cart Star Seller. Dec 20, 2022 1. If you fail to repay the loan, the pawnbroker can sell the property to recoup the money it loaned you. If you did not sell more than 600 for that person, then you do not need to send a 1099-Misc. Start by subtracting transaction costs from the sale price to find. After an agreed-upon time (usually 30 or 60 days), the pawn shop will own your goods and be able to re-sell them if you dont repay the loan. When they sell the items to the end user, they have to collect sales tax, but they dont have to pay it when they buy the items. Also, if you want something for home protection, pawn shops often carry handguns as well. Australia requires Etsy to collect and remit GST on applicable goods sold to Australian buyers on orders that meeting the following criteria Less than or equal to. If an item you owned was stolen and showed up in a pawn shop, you do not have to pay to get it back. Cycling is so important, not in the least because of the environmental and health aspects. Jun 7, 2022 This is the difference between pawning vs. Should you choose to accept the pawn loan based on your items value, youll get cash on the spot and will have a set period of time in which to repay your loan. 8 net investment income tax, depending. Unless you absolutely have to. Other popular items that are sold at pawn shops include precious gems, guns and pistols, and rare coins. For example, if a customer offers a working DVD player, the pawnbroker knows that he may be. Should you choose not to repay your pawn loan, the pawnbroker keeps your valued item and is able to sell it to recoup the loan amount. The first is that most pawn shop owners arent diamond experts. Years later I pawn it for 1200 and do not repay the loan. At a pawn shop, you're not hitting any. Selling your old bicycle on Craigslist is an example of these types of sales. Capital Gains Taxes on Timber Sales. Stolen Items. Making back more than you paid (once in a while) Lets say youre getting rid of a painting that cost you 30. Pawn shops charge anywhere from 10 to 25 per month in interest. There are some similarities between lines of credit and payday and pawn loans, including the fact that you can use the funds as you would like. While your item is in pawn, you still own it. Any income over 600 is reportable and theoretically taxable. If you have unsold inventory, . Some of the best items to sell are expensive jewelry, digital tablets, and tools in good condition. Feb 20, 2012 If you know you want 1,000 for your gold coin, then let the pawn dealer make the first offer. Xtreme Pawn is a great place to pawn or sell old stuff for cash. If you sell unwanted clothes, cars, furniture, even family heirlooms, are they taxed You bet. (4) "Jewelry" means things consisting of precious stones andor precious metals. There is a federal estate tax, but that tax is charged to the estate of the person who died, so as long as the estate paid, once you receive the property you don't pay any taxes on it. I enter the purchase as a 108 credit card charge with two accounts 5120 COGS 100 - Hard drive. 49Unit) &163;11. Theyre often purchased by those looking for a quality second-hand piece, or a shop that is looking to boost its collection to sell. The differences, however, are considerable The. Most places do what you say make the victim pay what the pawn shop paid for the item. I closed several pawn shops over the years for cheating on their taxes. Typically you can expect to get somewhere between 30 and 60 percent of the value of your items. You dont have to pay a tax on what you theoretically saved. In fact, this is a key step in the process for how to earn money on eBay too. Once you sell the item, you relinquish any ownership of it, and you cannot rely on it for getting another loan. When you sell any of these . If you ran a business buying and selling, you could deduct losses, but normally, personal property losses are not deductible. We adopts DDU method to trade and arrange international transportation. If you mean what would it be worth in another setting, I mean I don&39;t know. The income derived by pawnshop operators from pawnbroking business and. Interest rates and finance charges for pawn shop loans are often high. The beneficiary who receives the inheritance has to pay the tax. Resale businesses buy products from. WHAT&39;S BETTER BUYING OR RENTING A NEON SIGN When displayed in a person&39;s living room, workplace, or even at an event, neon signs are an excellent way to kickstart a discussion about various topics. And I also have avoided it. In case of a sale or default, the pawnshop then resells your item to make a profit. Think of a pawnbroker as any other potential buyer. Consumers May Be Required to Report and Pay Sales or Use Taxes For consumers that order tax-free items online, but live in states that charge a sales tax, they are technically required to report that purchase to their state tax agency and pay the sales tax directly to the agency. Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28 rate. Figuring out what your item is worth beforehand lets you determine if youre getting a good deal. Condition Like New Price &163;14. Pawn shops charge anywhere from 10 to 25 per month in interest. However, there are some things that. If an investor sells a collectible at a loss, the loss is a capital loss that may be deducted from any capital gains realized during the year. Answer It depends on many things, one of the biggest is what jurisdiction you live in and the applicable tax laws. Any income over 600 is reportable and theoretically taxable. If you have gold or something call a few of those cash for gold places and take it in for basically a quote then use the highest place. When you pawn, you essentially loan the item to the shop in exchange for cash. )However, before you tear up your sales tax permit or use all that sales tax you didnt pay to buy a pony, lets dig into whats going on with. Your purchased products worth 18,000 over the year, and you have 4,000 in unsold merchandise at the end of the year. If both you and your dropshipping vendor have nexus in your customer's state, then your vendor might ask you for a resale certificate or charge you the appropriate tax, and you're obligated to charge tax to your customer. Zillow Groups Move Forward. By all means take a visit to your local pawn shops and circulate a list of your stuff but unless one person stupidly comes in with the full list of your stuff in one visit the shops probably aren't going. When you sell something, you will have to pay income tax on the money. How much tax you would need to pay would depend on whether the proceeds of the sale of an item come to between &163;6,000 and &163;15,000 or exceed &163;15,000, as different calculations are used to determine the so-called chargeable gain. While the details of. This business offers great potential for a large profit margin. However, unless you can show proof that the item is yours, you&39;ll have a hard time retrieving it. Also, selling sporting goods, smartphones, laptops, and antiques. As with any firearm purchase, be sure to practice safe gun handling and transporting rules as you make your purchase. The pawn shop may offer you a bit more money (and take less profit for themselves) if they see that your goods would make for a quick sale. Without having at least a general idea of the market value of your item, youll be negotiating with the pawn shop from a disadvantage. The item is kept by the pawn shop as collateral until the loan is repaid. Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28 rate. If it works and is in excellent condition, we will usually buy it. Effective this year (2021), third party network sellers like Amazon, eBay, and Etsy and Merchant Service Providers like PayPal, Square and Stripe, have to submit a Form 1099-K for every seller who sells 600 or more in the year. For example, if you bought a power drill for 300, a pawn shop would typically offer between 21-105 for the item. If your bike is insured, theres also an excess to pay, if not, youre left to pay for everything. Surgeon General Regina Benjamin, MD, MBA, is serving as Zillows. Is Money from a Pawned Item Taxable If I obtained something for Less than it is worth, and then years later pawned it for more, would I owe tax on the difference Example I get a gift worth 2000, so it cost me nothing. If you fail to repay the loan, the pawnbroker can sell the property to recoup the money it loaned you. There is a federal estate tax, but that tax is charged to the estate of the person who died, so as long as the estate paid, once you receive the property you don't pay any taxes on it. If you hit a jackpot of 1,200 or more in a casino, you receive a W-2G, an IRS form pertaining to Certain Gambling Winnings. Eric Moore Former Pawn Broker at Pawnbrokers (20142016) Author has 248 answers and 816. " Again, if this is actually true, by all means report it and be prepared to. Anime color imited to 200. Keep reading to find out what steps you should take to ensure you get your item back. Whether you own a brick-and-mortar business or you earn most of your income by freelancing from home, the way you earn money could create a unique tax situation for you. The item legally still belongs to you. You Don't Have to Report Cash Gifts of up to 16,000 a Year Cash gifts can be subject to tax rates that range from 18 to 40 depending on the size of the gift. Keep a pawnbrokers record · Where can I enter into contracts · Redemption of goods · Pledge tickets · Pawned goods · Can I sell unredeemed goods after the . Nor do you have a loss you can . It is essential to understand this from the beginning and make sure that the pawn shop route is the smartest for you. Whether you are preparing to do your own taxes or working with tax professionals, it is essential that you document all your income streams carefully. If youre a hunter, you can find a wide variety of rifles and shotguns at area pawn shops. There are numerous online pawn shops, as well as online bidding sites like ebay. Youll need to collect and pay sales taxes according to the rules for your state Youll pay income taxes based on your profits (selling price minus what you pay. If the item is not recovered without charge, the person may sue the pawnshop for its return. . best cargo vans