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DadsWatch72 · 25 November 2009, 06:00 AM

I have been thinking of selling my watch for a while now. IF I were to sell it, I would want the most I can sell it for (of course). I have seen auctions where Paul Newman Daytona's have sold for over 100K as well as other very nice vintage Rolex that fetched top dollar.

I see some pros and cons to auctions. They allow bidding wars and in return, you maximize your sale. On the downside, you have to pay a percent to the house. I'm not sure how taxes play into a sale either.

If you directly sell it to a buyer, your not sure if someone else would have paid more for the same watch. And again, I don't know how taxes come into play for selling a watch. Do you have to report that on your taxes?

eddieo396 · 25 November 2009, 06:05 AM

yes you HAVE TO report it to the IRS as a gains

Quote:

Originally Posted by DadsWatch72

I have been thinking of selling my watch for a while now. IF I were to sell it, I would want the most I can sell it for (of course). I have seen auctions where Paul Newman Daytona's have sold for over 100K as well as other very nice vintage Rolex that fetched top dollar.

I see some pros and cons to auctions. They allow bidding wars and in return, you maximize your sale. On the downside, you have to pay a percent to the house. I'm not sure how taxes play into a sale either.

If you directly sell it to a buyer, your not sure if someone else would have paid more for the same watch. And again, I don't know how taxes come into play for selling a watch. Do you have to report that on your taxes?

DadsWatch72 · 25 November 2009, 06:23 AM

Taxes suck......

swatty · 25 November 2009, 06:27 AM

I dislike auctions for buying , selling maybe OK as long as you set your reserve.

tkc324 · 25 November 2009, 07:24 AM

Quote:

Originally Posted by DadsWatch72

Taxes suck......

Definitely~

mfer · 25 November 2009, 06:28 AM

VRF. You'll get some of the most visibility there for what you are trying to sell. If you talking an expensive watch, fly to a mutual place to seal the deal. Cash money only.

As long as you are happy with your sale price, you're set.

DadsWatch72 · 25 November 2009, 06:42 AM

Quote:

Originally Posted by mfer

VRF. You'll get some of the most visibility there for what you are trying to sell. If you talking an expensive watch, fly to a mutual place to seal the deal. Cash money only.

As long as you are happy with your sale price, you're set.

Well, it seems that Rolex valued my watch at $7,000 sooo, I could sell it and pay taxes on that amount. The rest of the value could be...........

mfer · 25 November 2009, 06:45 AM

What watch are we talking about here? Is it the one in the Avatar?

DadsWatch72 · 25 November 2009, 06:46 AM

Quote:

Originally Posted by mfer

What watch are we talking about here? Is it the one in the Avatar?

Yes, been thinking about it for a while.

mb hawaii · 25 November 2009, 08:07 AM

Quote:

Originally Posted by DadsWatch72

Yes, been thinking about it for a while.

Man, I love your watch! That thing is freaking gorgeous!

mfer · 25 November 2009, 06:50 AM

It's ultimately up to you, but I wouldn't sell it unless I HAD to.

I'm not talking b/c its a DRSD, I'm talking b/c of how you got it.

Take your time before doing anything final. Also keep in mind the market is LOW. So if you are cashing out, it is a BAD time, but if you are trading up, it is a fine time.

I'd still think about it more if I were you, but if I would sell it, direct all the way. Set your price and if it sells, you "should" be happy.

SLS · 25 November 2009, 06:53 AM

Quote:

Originally Posted by mfer

It's ultimately up to you, but I wouldn't sell it unless I HAD to.

I'm not talking b/c its a DRSD, I'm talking b/c of how you got it.

Could not agree more

Scott

smallcandle · 25 November 2009, 06:53 AM

Also remember that the only way you'll maximize the value of your watch in an auction is if at least two people show up that want your watch. You always have a lot of "watchers" who have no intention of bidding, so in that regard an auction can be much more of a "crap shoot".

scottjal · 25 November 2009, 07:01 AM

Quote:

Originally Posted by smallcandle

Also remember that the only way you'll maximize the value of your watch in an auction is if at least two people show up that want your watch. You always have a lot of "watchers" who have no intention of bidding, so in that regard an auction can be much more of a "crap shoot".

But also if you know you have a popular item I have started many auctions at $1 which translates into a LOT of watchers tracking that item. As long as it is a popular piece I have never lost money doing that, always gets bids up to True Market Value because a percentage of watchers turn into bidders. TMV being what people are actually willing to pay for the piece at that time. You have to have balls to start a Rolex at $1 though but I did a couple hundred dollar camera a couple weeks ago like this.

Omega_Precision · 25 November 2009, 07:59 AM

Schedule D IRS Form (Capital gain/losses)

....you have held the watch for longer than a year, so it's a longterm gain.

You can also deduct the cost of servicing or expenses towards the watch.

Good luck

If, somehow, you can prove that you bought the watch for it's fair market value, you report a smaller gain. But it would be tax evasion.

DadsWatch72 · 25 November 2009, 08:12 AM

Quote:

Originally Posted by Omega_Precision

Schedule D IRS Form (Capital gain/losses)

....you have held the watch for longer than a year, so it's a longterm gain.

You can also deduct the cost of servicing or expenses towards the watch.

Good luck

If, somehow, you can prove that you bought the watch for it's fair market value, you report a smaller gain. But it would be tax evasion.

In a private sale, it's all gravy....your occupation isn't "selling" watches.

The more I think about it the more I realize that you never really get away with anything. I would be wrong, even if I got away with not paying taxes on it. Give to Caesar what is Caesar's. Money isn't worth going to HE double hockey sticks.

Omega_Precision · 25 November 2009, 08:19 AM

Quote:

Originally Posted by DadsWatch72

The more I think about it the more I realize that you never really get away with anything. I would be wrong, even if I got away with not paying taxes on it. Give to Caesar what is Caesar's. Money isn't worth going to HE double hockey sticks.

yep.

I would advise you to talk to a CPA or Enrolled Agent.

datejust1 · 25 November 2009, 08:28 AM

I wouldn't let go of it. But contact this guy,

http://www.collection-heure.be/

He's a Buyer and a Seller.

Omega_Precision · 25 November 2009, 08:31 AM

15% tax rate on the sale of your watch...no matter what your income tax rate is, this is based on, your watch being a long-term gain, which it is.....and whatever the fee with the auction house.

In 2011, it would be 20%, as taxes keep hiking up!

DadsWatch72 · 25 November 2009, 08:44 AM

Quote:

Originally Posted by Omega_Precision

15% tax rate on the sale of your watch...no matter what your income tax rate is, this is based on, your watch being a long-term gain, which it is.....and whatever the fee with the auction house.

In 2011, it would be 20%, as taxes keep hiking up!

20 percent!!!!!!?????? Geez!!!!!

sofla · 29 November 2009, 06:19 AM

Taxes- that's a state down by Mexico isn't it?

Pep04 · 25 November 2009, 09:03 AM

You can sell me your watch for $1,000 and take the loss. If it is worth $7,000 you can deduct $6,000 from your taxes. I will declare $6,000 earning and pay the gift tax!!!

PM if you are interested.

Omega_Precision · 25 November 2009, 10:00 AM

Quote:

Originally Posted by Pep04

You can sell me your watch for $1,000 and take the loss. If it is worth $7,000 you can deduct $6,000 from your taxes. I will declare $6,000 earning and pay the gift tax!!!

PM if you are interested.

DadsWatch72 · 25 November 2009, 09:51 AM

What about Ebay? I know its not a good place to buy a watch since your not really sure of what your getting. But how about selling it on Ebay? I could put it on there for what I want and not take a penny less. I have an idea of what I would like to sell it for. Lets just say it X amount of dollars. And lets say the Y is the amount I will have to pay as a percentage of the sale. Lets say that Z is the amount of tax I have to pay. In order to actually get all of X (the profit I want to make), then I have to actually make X higher to compensate for taxes and sale percentage to realize the profit that I hope to make. It will either sell for what I want, sell for more than what I expected, or not sell at all. Either way I'm fine. The only way to loose is to sell for less than what I want.

Idle Swede · 25 November 2009, 09:59 AM

Quote:

Originally Posted by DadsWatch72

What about Ebay? I know its not a good place to buy a watch since your not really sure of what your getting. But how about selling it on Ebay? I could put it on there for what I want and not take a penny less. I have an idea of what I would like to sell it for. Lets just say it X amount of dollars. And lets say the Y is the amount I will have to pay as a percentage of the sale. Lets say that Z is the amount of tax I have to pay. In order to actually get all of X (the profit I want to make), then I have to actually make X higher to compensate for taxes and sale percentage to realize the profit that I hope to make. It will either sell for what I want, sell for more than what I expected, or not sell at all. Either way I'm fine. The only way to loose is to sell for less than what I want.

What's up with the speculations, is this the first time you sell a watch?

Put it on e-bay with a reserve you feel comfortable with and if it sells, over and done with.

DadsWatch72 · 25 November 2009, 10:01 AM

Quote:

Originally Posted by Idle Swede

What's up with the speculations, is this the first time you sell a watch?

Put it on e-bay with a reserve you feel comfortable with and if it sells, over and done with.

Yes, I have never sold a watch.

I have never sold anything on Ebay either.

I have never bought anything off Ebay.

Idle Swede · 25 November 2009, 10:07 AM

Quote:

Originally Posted by DadsWatch72

Yes, I have never sold a watch.

I have never sold anything on Ebay either.

I have never bought anything off Ebay.

Well, there's always a first time and it will only cost you a few bucks if you don't sell it.

Omega_Precision · 25 November 2009, 10:00 AM

Quote:

Originally Posted by DadsWatch72

What about Ebay? I know its not a good place to buy a watch since your not really sure of what your getting. But how about selling it on Ebay? I could put it on there for what I want and not take a penny less. I have an idea of what I would like to sell it for. Lets just say it X amount of dollars. And lets say the Y is the amount I will have to pay as a percentage of the sale. Lets say that Z is the amount of tax I have to pay. In order to actually get all of X (the profit I want to make), then I have to actually make X higher to compensate for taxes and sale percentage to realize the profit that I hope to make. It will either sell for what I want, sell for more than what I expected, or not sell at all. Either way I'm fine. The only way to loose is to sell for less than what I want.

You are right.

You just sell it at an amount that you are willing to part +plus the premium to cover tax and fees.

Best of luck!

I would really try to keep a beautiful watch like that but it is your decision.

DadsWatch72 · 25 November 2009, 10:13 AM

It costs you money even if it doesn't sell. There is always a catch isn't there? Does it go by a percentage of how much you listed it for?

Idle Swede · 25 November 2009, 10:14 AM

Quote:

Originally Posted by DadsWatch72

It costs you money even if it doesn't sell. There is always a catch isn't there? Does it go by a percentage of how much you listed it for?

Catch? It's called cost of doing business.

25 November 2009, 06:00 AM	#1
DadsWatch72 Banned Join Date: Jul 2009 Location: USA Watch: DRSD 1665 #3551XXX Posts: 2,401	HOW TO SELL A WATCH: Auction or Direct selling I have been thinking of selling my watch for a while now. IF I were to sell it, I would want the most I can sell it for (of course). I have seen auctions where Paul Newman Daytona's have sold for over 100K as well as other very nice vintage Rolex that fetched top dollar. I see some pros and cons to auctions. They allow bidding wars and in return, you maximize your sale. On the downside, you have to pay a percent to the house. I'm not sure how taxes play into a sale either. If you directly sell it to a buyer, your not sure if someone else would have paid more for the same watch. And again, I don't know how taxes come into play for selling a watch. Do you have to report that on your taxes?

25 November 2009, 06:28 AM	#6
mfer "TRF" Member Join Date: Mar 2007 Real Name: Mik Location: USA Posts: 13,724	VRF. You'll get some of the most visibility there for what you are trying to sell. If you talking an expensive watch, fly to a mutual place to seal the deal. Cash money only. As long as you are happy with your sale price, you're set. __________________ member#3242

25 November 2009, 06:45 AM	#8
mfer "TRF" Member Join Date: Mar 2007 Real Name: Mik Location: USA Posts: 13,724	What watch are we talking about here? Is it the one in the Avatar? __________________ member#3242

25 November 2009, 06:50 AM	#11
mfer "TRF" Member Join Date: Mar 2007 Real Name: Mik Location: USA Posts: 13,724	It's ultimately up to you, but I wouldn't sell it unless I HAD to. I'm not talking b/c its a DRSD, I'm talking b/c of how you got it. Take your time before doing anything final. Also keep in mind the market is LOW. So if you are cashing out, it is a BAD time, but if you are trading up, it is a fine time. I'd still think about it more if I were you, but if I would sell it, direct all the way. Set your price and if it sells, you "should" be happy. __________________ member#3242

25 November 2009, 09:03 AM	#22
Pep04 "TRF" Member Join Date: Oct 2009 Real Name: Pep Location: Miami Watch: GMTIIc, Pam320 Posts: 2,773	You can sell me your watch for $1,000 and take the loss. If it is worth $7,000 you can deduct $6,000 from your taxes. I will declare $6,000 earning and pay the gift tax!!! PM if you are interested. __________________ "Beer is proof that God loves us and wants us to be happy." -Benjamin Franklin Prick #8

25 November 2009, 06:23 AM	#3
DadsWatch72 Banned Join Date: Jul 2009 Location: USA Watch: DRSD 1665 #3551XXX Posts: 2,401	Taxes suck......

25 November 2009, 06:27 AM	#4
swatty 2024 SubLV41 Pledge Member Join Date: Dec 2007 Real Name: Peter Location: Sydney Watch: The Game Posts: 17,415	I dislike auctions for buying , selling maybe OK as long as you set your reserve.

25 November 2009, 06:53 AM	#13
smallcandle "TRF" Member Join Date: Mar 2009 Real Name: Brian Location: Kansas Watch: 16610, Omega PO Posts: 1,898	Also remember that the only way you'll maximize the value of your watch in an auction is if at least two people show up that want your watch. You always have a lot of "watchers" who have no intention of bidding, so in that regard an auction can be much more of a "crap shoot".

25 November 2009, 07:59 AM	#15
Omega_Precision Banned Join Date: Dec 2008 Real Name: Henry Location: CA, US Watch: ing basketball Posts: 2,977	Schedule D IRS Form (Capital gain/losses) ....you have held the watch for longer than a year, so it's a longterm gain. You can also deduct the cost of servicing or expenses towards the watch. Good luck If, somehow, you can prove that you bought the watch for it's fair market value, you report a smaller gain. But it would be tax evasion.

25 November 2009, 08:28 AM	#18
datejust1 Banned Join Date: Sep 2009 Real Name: G Location: N/A Watch: N/A Posts: 6,042	I wouldn't let go of it. But contact this guy, http://www.collection-heure.be/ He's a Buyer and a Seller.

25 November 2009, 08:31 AM	#19
Omega_Precision Banned Join Date: Dec 2008 Real Name: Henry Location: CA, US Watch: ing basketball Posts: 2,977	15% tax rate on the sale of your watch...no matter what your income tax rate is, this is based on, your watch being a long-term gain, which it is.....and whatever the fee with the auction house. In 2011, it would be 20%, as taxes keep hiking up!

29 November 2009, 06:19 AM	#21
sofla Member Join Date: Nov 2009 Real Name: Ed Location: Florida Watch: GMT 1675 ss Posts: 17	Taxes- that's a state down by Mexico isn't it?

25 November 2009, 09:51 AM	#24
DadsWatch72 Banned Join Date: Jul 2009 Location: USA Watch: DRSD 1665 #3551XXX Posts: 2,401	What about Ebay? I know its not a good place to buy a watch since your not really sure of what your getting. But how about selling it on Ebay? I could put it on there for what I want and not take a penny less. I have an idea of what I would like to sell it for. Lets just say it X amount of dollars. And lets say the Y is the amount I will have to pay as a percentage of the sale. Lets say that Z is the amount of tax I have to pay. In order to actually get all of X (the profit I want to make), then I have to actually make X higher to compensate for taxes and sale percentage to realize the profit that I hope to make. It will either sell for what I want, sell for more than what I expected, or not sell at all. Either way I'm fine. The only way to loose is to sell for less than what I want.

25 November 2009, 10:13 AM	#29
DadsWatch72 Banned Join Date: Jul 2009 Location: USA Watch: DRSD 1665 #3551XXX Posts: 2,401	It costs you money even if it doesn't sell. There is always a catch isn't there? Does it go by a percentage of how much you listed it for?

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