Do you keep coin purchase receipts?

Merc

Do you keep your coin receipts after buying a coin? Is it necessary to keep them? Do you print out the page when buying on-line?

nwcs

I don't. And most of the receipts I get do not detail the purchase. Just a total amount.

Steve27

I always print out the page from eBay after I've won the auction. It not only provides me with the information as to what the coin cost me, but if there's a problem or discrepancy between the coin and the original description I have proof.

BlueCole

no, the wife might find them.

B.

gmarguli

No. However, I've got a few lying around of the bigger purchases

I don't really care what I paid for them. When I go to sell them, I'm going to get market value and it doesn't matter what I paid.

izzy452

Welcome to the boards. Yes I keep them so I know the date I purchased, the price, and from whom I purchased the coin.


Walt

g097103

I save every receipt, money order receipt and cancelled check. They are all annotated and filed. I print all the ebay pages of
things I win and they get filed with the receipts.

coinnerd

I keep them all and if I can't get one I record the price. This makes things a lot easier to explain the base cost to the IRS.

relayer

I always record the details in my inventory but just keep receipts for large purchases

paigowjohnny

I keep the "bigger ticket" ones. Also keep invoices from dealers I may sell/trade back to...at least it's some indication that I bought the coin from them, and maybe they'll give me a better deal. If they don't believe me, well I'll take my business elsewhere.

I'm guessing to be technical...if you buy and then sell a coin for a gain/loss, you're probably supposed to claim as a capital gain/loss on your taxes. Fresh can of worms there...

mdwoods

I don't really care what I paid for them. When I go to sell them, I'm going to get market value and it doesn't matter what I paid.

That's my feelings about it too! mdwoods

leothelyon

Yes I do and someday I'll add them all up to see just how worthless my collection is.

I also want to add that once while at a big coin show in Chicago at the Anacs grading table, I had 2-3 slabs out and someone started to say, "where did you get those, did you pick them off the table here and he was looking around at others, getting loud, repeating his line of crap. I laughed at him, gave him a real
hard look, leaning towards him so he could see my face when I simply told him, 'no, these are mine. He was tooken back a bit, got up and left the Anacs table.
Expensive coins I buy or take along to coin shows to sell or show, I carry those receipts with me at all times.

Leo

MadMonk

Yes, absolutely, especially for insurance purposes. In addition, they are stored in a fire proof safe, or a separate safe deposit box (not with the coins.) There are more reasons to keep them than not. My advice is keep them.

agfox

Yeah, I keep everything related to my hobby purchases. I'm pretty anal with an excel spreadsheet too.

1956Quarter

I keep all receipts for everything I buy. I have three shoe boxes with receipts going back to when I purchased my first stereo at Best Electronics for $200. I even have my first check $15 to Almart for toys... , as well as my first pathetic paycheck.

IrishMike

I keep them till I put them on excel, then they go bye bye.

gsaguy

I strongly recommend that collectors save all their receipts, or as IrishMike does, at least keep a detailed record of the date, denomination, and price paid for each coin.

Should the day come that you decide to sell some or all of your coins, you'll likely receive a check, or checks, in payment for them. Should you then be audited by the IRS for that particular year, it's always possible that the check/s will be noted during your audit. Without proof of purchase price, you could be required to pay taxes on an amount close to the total value of the sale, although your gain was no where near that amount.

Just a thought.

GSAGUY

boiler78

I keep them all to establish my cost basis. Gotta keep the tax man happy!

FatMan

I keep every receipt and hide them from my wife.

dpoole

I've kept receipt on all purchases. They will establish the proof of purchase in case of casualty loss or theft. Others have mentioned the tax rationale. I also find the records useful to remind me of details of the sale, and as a confirmation of info about the purchase/sale I have on my software.

Ultimately, I want the records so I'll know how big of a bath I'm taking in this hobby!

coindaughter

You should keep every reciept! I'm glad my dad did. If it weren't for the reciept for the counterfeit $3 gold coin, we never would have had restitution.

Keep 'em!

Keyrock

Yes, for insurance purposes.

If you had a coin and mailed it and it was lost how can you verify you had it to collect on the claim?

PQpeace

I have kept all of mine..even auction receips when I was 9 years old...
stuff was cheap back then

when I sell a coin,the receipt goes in the trash..
Larry

JLW

No, I don't keep them. Description, date purchased, and price goes into log for my own use. Yes I do print out the page from online purchases until coin arrives in case there's any problems with it. Homeowner's insurance will cover any losses as anything over $500.00 is itemized. (coins, jewelry, guns, etc.)
Joe

Pushkin

Absolutely! I keep them all in a very safe place - just wish I could remember where that place is!

Merc

Wow, thanks for all the replies. Ilist the date and purchase price in my records but I have not been saving the receipts. I didn't know if it was necessary for tax purposes or for proof of ownership.

MacCoin

I have a draw fill of the darm things. thats how I know the value of my collection. at last count last month it was $2700.00 and thats not counting the ones I lost before getting home.

Trime

If you have a collection of value you should keep records for tax purposes.
I strongly recommend you do!
The IRS cares about you.

Gilbert

Yes, I keep mine; I'm about as retentive, if not more, than 1956Quarter.

I realize that "I" may have nothing of signifcance now, but, so much historical data you find in current numismatic literature is derived from something as simple as "keeping records of purchase." Maybe one day my records may become as valuable, or more valuable, than the coins I may have.

Taxes and expenditures are secondary for me; my past occupation in the Air Force intel arena has reinforced how "valuable" information can be.

coinrookie

I keep all my reciepts. That includes even a $10.00. mint set. I also keep a list of every coin and what I paid for it. This also includes an up to the date total worth of all the coins.

Lakesammman

Any transaction over $10,000 is automatically reported to the IRS. I keep all receipts of the transactions PLUS the costs associated with acquiring the coin (travel, hotel, mileage, etc). If I ever sell at a gain, I use both to calculate my cost basis, hopefully reducing the capital gain tax (if indeed there is a gain). For small cash transactions, it may be too much trouble.

CharlieB

I have always kept a ledger listing the purchase, date and price paid.

When you decide to sell a coin you will wish you had. Besides I
can flip through my book and see how the prices I paid for certain
coins started to escalate, others remained flat. It's amazing
how I can see in a few pages of purchases how coin prices rose
dramatically somewhere around 1976-1977, doubling and tripling
in prices in some cases. That was a very hot time in the coin
market which followed the severe 1973-1974 recession.

Nysoto

It would be interesting to know how collectors determine cost basis for capital gains tax when large collections are sold, if they did not keep receipts.

Twowood

I pay for everything with Paypal so I let them keep my records for me. However, any buys I make w/o paypal, I print out a copy. Twowood

OnlyBuffalos

I acquired two circulated Indian cents from Max Mehl in 1955 for a dollar. Sold the receipt a couple of years ago and realized more money than the Indian cents are presently worth. Moral: save those receipts.

rays

I once bought a high-grade chain cent for over $30,000. Three years later, I found out that it was stolen from the ANS by Dr. Sheldon in 1946. If I had tried to sell it on the open market (say, by public auction) it would have subject to seizure by court order (see ANS vs Naftzger).

I was very glad I saved the receipt when I asked for a refund from the dealer I bought it from.

Save your receipts.

TONEDDOLLARS

I save all my receipts and also enter all info in my coin data base (coin elite). Sort of a double check.

redhott

Many excellent reasons have been given for keeping receipts, none for disposing of them. At some point a collector whose grading skills have matured might want to look back and try to determine where all the good buys have been coming from, then use the information to raise the odds in his favor on future transactions. The sources that push the grade might need to get a sizable dose of bargaining with each transaction, or to make life easier, limit purchases to those who buy so cheap (or have low overhead) that they can afford to give some good deals when they sell. Adding some patience to the mix, this strategy should greatly improve the financial performance of any collection, regardless of the venue (dealer, auction, or eBay purchases).

fcloud

Some receipts I have and save on the higher dollar stuff, but on some of the cheap stuff, if I get a receipt I toss it in there somewhere the the others. Now, where do I keep those darn things???

SageRad

I always keep a record of the purhcase for many reasons, not the least of which is that sellers will sometimes give you a better price selling back to them, especially on an upgrade.

Gilbert

rays,

I vaguely recall reading something related to stolen from the ANS by Dr. Sheldon.

Forgive me if I should already know, but I would like to refresh my recollection of this event. Can you provide a link to ANS vs Naftzger?

rays

Naftzger story link

Gilbert

damn! I may want to reconsider telling people I'm a coin collector. I hadn't read THAT before. Thanks for the link. Hey what do you think about the Naftzger guy (not you is it ) unloading coins he suspected of being stolen? Sounds like folks were ruthless around that time.