Tax implications of selling coins on the web

laurentyvan

I recently read a discussion on another forum concerning people who sell coins to others on a frequent basis (in the informal setting of a forum) and what the tax implications might be for a frequent seller-i.e. someone offers a rather expensive coin to someone else in a forum like this but does it often. Are there tax implications?

spinaker2000

laurentyvan

OK, OK, I don't mean anyone will volunteer information. I'm not talking about an infrequent offering which results from a coin upgrade.

Oh well, never mind-just an idle question which results from seeing lightside members selling coins to each other worth thousands of dollars.

CIVITAS

Technically, there are tax implications on any income you make. I believe the way it works with coins, for an individual not established as a business, is that coins are considered a hobby. Any profit is taxable, but any loss cannot be written off against other income.

rhound1977

OT, but on a similar note, did you know that if you use frequent flyer miles to get a ticket and make a trip that you are supposed to claim the value of the ticket as income....

cosmicdebris

CT ain't got no TAX on coins.

CIVITAS

<< <i>OT, but on a similar note, did you know that if you use frequent flyer miles to get a ticket and make a trip that you are supposed to claim the value of the ticket as income.... >>



Yeah, not too surprising.

My favorite section of the tax form is the part where you're supposed to put down all income from "illegal activities." I'm always tempted to put something ludicrous like: Found $1.00 bill while jaywalking.

ajaan

New this year, New York has a tax for any items bought from out of state. Albany is trying to collect sales tax for items bought through the internet, or catalog sales.

CIVITAS

They've had Use Tax here for quite some time too. It really is stupid. Speaking of stupid, maybe we should have a Stupid Tax. If you don't meet a certain level of intelligence, you get taxed. I say apply it to all politicians first. We wouldn't need income tax any more.