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Do you (collectors only) report coin sales on tax returns?

RYKRYK Posts: 35,788 ✭✭✭✭✭
in U.S. Coin Forum
Let's keep this poll anonymous image
My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132

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    theboz11theboz11 Posts: 6,576 ✭✭✭
    Collecting and Selling seem diametrically opposed.
    My Medals collection

    FOR SALE Items
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    ldhairldhair Posts: 7,121 ✭✭✭✭✭
    I always sell at a loss so there is no need to bother them with my problems.image
    Larry

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    LouisLouis Posts: 3,687
    Sure I do. image (big brother may be watching)
    image

    image
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    barberloverbarberlover Posts: 2,229 ✭
    The government never gave me one penny back for coin losses.

    I have alot I'd like to say but I better not.
    The President claims he didn't lie about taxes for those earning less then $250,000 a year with public mandated health insurance yet his own justice department has said they will use the right of the government to tax when the states appeals go to court.
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    LanLordLanLord Posts: 11,681 ✭✭✭✭✭
    How much would my tax be on NOTHING?
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    izzy452izzy452 Posts: 929 ✭
    What Coins ?

    Walt image
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    barberloverbarberlover Posts: 2,229 ✭
    Any treasury department peple or Feds. listening to this ???? LOL
    The President claims he didn't lie about taxes for those earning less then $250,000 a year with public mandated health insurance yet his own justice department has said they will use the right of the government to tax when the states appeals go to court.
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    khaysekhayse Posts: 1,336 ✭
    Not looking good for Uncle Sam. image

    -KHayse
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    Skipper53Skipper53 Posts: 723
    Considering the many coins I've paid too much for , and paid taxes when I bought 'em,
    when it comes time, if ever, to sell, I will figure in a LOT of losses before I pay any taxes.
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    BAJJERFANBAJJERFAN Posts: 30,987 ✭✭✭✭✭
    "How much would my tax be on NOTHING?"

    Uhhh Lets see now!!! that would put you right about in the UMMM Uh 27.94 % bracket.
    theknowitalltroll;
    MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
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    MacCoinMacCoin Posts: 2,545 ✭✭
    image
    image


    I hate it when you see my post before I can edit the spelling.

    Always looking for nice type coins

    my local dealer
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    mrdqmrdq Posts: 1,186 ✭✭✭
    I pay so )%$)(* much in taxes I openly take every chance I can to avoid, dodge, misreport and down right NOT pay any tiny loophole that I can get away with and coin transactions is one of them.

    I'm paying my share for sure. I pay more now in taxes than I grossed 10 years ago so mark me on the no column image

    --------T O M---------

    -------------------------
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    DanCDanC Posts: 1,189
    Yes, absolutely.

    I dutifully follow every law, every ordinance that those who are elected to preside over and govern us pass into law.

    I btw have some swamp land for sale...
    Coins currently for sale
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    RussRuss Posts: 48,515 ✭✭✭


    << <i>I always sell at a loss so there is no need to bother them with my problems. >>



    Ditto.

    Russ, NCNE
    eBay consignment sales | | Collectibles from Resco CCC
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    ms70ms70 Posts: 13,946 ✭✭✭✭✭


    << <i>

    << <i>I always sell at a loss so there is no need to bother them with my problems. >>



    Ditto. >>



    Ditto ditto.

    Great transactions with oih82w8, JasonGaming, Moose1913.

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    bozboz Posts: 1,405 ✭
    !@#$%^&amp;*
    The great use of life is to spend it on something that will outlast it--James Truslow Adams
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    RaynmanRaynman Posts: 36
    I would never part with my precious coins for simple financial gain. That being said, I have given coins away to some members of America's youth in my attempt to spur future growth in this hobby that I have grown to love. Sell a coin, sounds like heresy to me
    Robert Raynor

    My Proof Roosevelt dimes 1965-present
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    barberloverbarberlover Posts: 2,229 ✭
    Your all BUSTED!!!!

    Anything you say can and will be used against you in a court of law [but I can be bribed]
    The President claims he didn't lie about taxes for those earning less then $250,000 a year with public mandated health insurance yet his own justice department has said they will use the right of the government to tax when the states appeals go to court.
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    callawayc7callawayc7 Posts: 303 ✭✭✭
    uhhh....oh.......Sure I do.....image
    All kidding aside, I try not to sell any of my collection until I really need to. So, I haven't sold anything this year.
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    ldhairldhair Posts: 7,121 ✭✭✭✭✭
    On the serious side of this topic.

    If you were to be ask by the IRS what you paid for the coin you sold. (the basis)
    You best have an invoice or a record of the deal.

    If you say you don't know and have no record, your basis is $0
    100% capital gain.

    Good records will allow you to offset your gains with any losses.

    The truth is I don't cheat. It's not worth the risk.
    This brings all your financial dealings in question.

    One small hint.
    Deposits to any account you have that you can't explain can hang you. image


    Larry

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