Coins and taxes

Longacre

Assuming that everyone on the board is anonymous, who here reports their coin sales properly on thier tax returns (i.e., items sold at a capital gain or capital loss), or do you not report at all? This question is for those that are not in the trade or business of being a dealer (I assume they report their ordinary gains and losses properly). Just curious.

Louis

Shhhh...Big Brother is watching.

coinlieutenant

I do...

but only since I have become a dealer. I file a schedule C and all that crap...pay into social security twice etc...

Bummer but I want to be legit.

J

Catch22

You mean smoe people actually MAKE money on coins? I never thought of that....

ibzman350

ahmm...ah...yes I report all my income to the IRS, doesn't everyone??


Herb

ksteelheader

I report all of mine! I want to make sure there is plenty there for the "Dumbocrats" to give out to the "needy!"..

fishcooker

I pay every dollar, and on time.

nwcs

All I would ever report is a loss so I'm sure Uncle Sam would be quite pleased that I don't report. Besides, when it comes to hobby vs. hobby business there is a difference.