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Please Help!! Question for anyone who knows anything about starting up a coin business?
BowTieCoins
Posts: 899
in Q & A Forum
Hello anyone,
My name is Katrina I've started a new company (BTC, Bow Tie Coins), so I have purchased many coins recently, but I have been a collector for ever and I have had many people in my family for B-day's and what not contribute to my collections. Now I want to use these same coins I've collected over many years and add them to my company.
Here is my question. Do I add them as owners equidy at current market value? I don't have reciepts to account for everything and I don't want to add all of my collections at once. So how do you add this to your business without paying a fortune in taxes?
Thank You,
Katrina
BTC Bow Tie Coins
My name is Katrina I've started a new company (BTC, Bow Tie Coins), so I have purchased many coins recently, but I have been a collector for ever and I have had many people in my family for B-day's and what not contribute to my collections. Now I want to use these same coins I've collected over many years and add them to my company.
Here is my question. Do I add them as owners equidy at current market value? I don't have reciepts to account for everything and I don't want to add all of my collections at once. So how do you add this to your business without paying a fortune in taxes?
Thank You,
Katrina
BTC Bow Tie Coins
0
Comments
This is an accoutnig question and I'm not very good at accounting issues. I think this is a question for a pro. Talk to an accountant.
Good luck with your new business.
David