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IRS and ebay

theboz11theboz11 Posts: 6,576 ✭✭✭
in World & Ancient Coins Forum
Just listening to CNBC news and they are talking about a ruling coming down from the IRS regarding Ebay sale and income. Might put a crimp in some wanna be dealers who have been sliding on their taxes.image
My Medals collection

FOR SALE Items

Comments

  • 1jester1jester Posts: 8,637 ✭✭✭
    Thank God that Uncle Sam is always looking after our best interests!

    imageimageimage
    .....GOD
    image

    "Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9

    "Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5

    "For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
  • AuldFartteAuldFartte Posts: 4,597 ✭✭✭✭


    << <i>Thank God that Uncle Sam is always looking after our best interests!

    imageimageimage >>



    Yep ... always tryin' to help the little guys, aren't they ??? image
    image

    My OmniCoin Collection
    My BankNoteBank Collection
    Tom, formerly in Albuquerque, NM.
  • cosmicdebriscosmicdebris Posts: 12,332 ✭✭✭
    What did they say about hobby related selling? For instance selling coins so you can upgrade or buy other coins?
    Bill

    image

    09/07/2006
  • theboz11theboz11 Posts: 6,576 ✭✭✭
    Bill, It has always been true that selling coins to upgrade or buy additional coins did not count. BUT, you need perfect records to show what the SALES money was used for, if the IRS asks.
    My Medals collection

    FOR SALE Items
  • MacCrimmonMacCrimmon Posts: 7,058 ✭✭✭


    << <i>For instance selling coins so you can upgrade or buy other coins? >>

    There has been a provision for 'like-kind exchanges' in the Code for at least 20 years that I'm aware of, however, there are strict rules for those exchanges. Oreville is one I know on this Forum which could address those specifics.

  • ccrdragonccrdragon Posts: 2,697 ✭
    Let 'em come - I'll file updated returns and claim all of the loses that I have incurred selling off coins over the past 5 years and make them give me even MORE money back!!!! imageimageimage
    Cecil
    Total Copper Nutcase - African, British Ships, Channel Islands!!!
    'Do not meddle in the affairs of dragons, for you are crunchy and taste good with ketchup'
  • theboz11theboz11 Posts: 6,576 ✭✭✭
    image Me too. On top of that , they will get the perverbial BOX full of reciepts to sort through. I hear they are trained at that, so let them work for my refunded money.
    My Medals collection

    FOR SALE Items
  • cosmicdebriscosmicdebris Posts: 12,332 ✭✭✭
    Me too image

    I saved all my receipts but who knows where the heck I saved them.
    Bill

    image

    09/07/2006
  • kramerkramer Posts: 102
    Good thing I dont have to pay taxes yet image
  • wybritwybrit Posts: 6,967 ✭✭✭
    What did they say about hobby related selling? For instance selling coins so you can upgrade or buy other coins?

    Selling coins for a profit, even if it is a hobby, is a taxable event, specifically, capital gains. You can only offset that gain amount by expenses you pay into the hobby.

    Former owner, Cambridge Gate collection.
  • theboz11theboz11 Posts: 6,576 ✭✭✭
    Wybrit, I think these transaction fall under a LIKE TRADE rule , where you can upgrade and not pay taxes. yes they are taxable events with a caviat .
    My Medals collection

    FOR SALE Items
  • wybritwybrit Posts: 6,967 ✭✭✭
    Do you have a link to an IRS booklet that has that clause?
    Former owner, Cambridge Gate collection.
  • MacCrimmonMacCrimmon Posts: 7,058 ✭✭✭
    Have fun!!

    "Like" is the key, I believe. In other words, I don't believe you can "exchange" numismatic coins for gold bullion (they are unlike; remember Komrade Roosevelt, and the Gov't definitions back in 1933). Again, maybe one of our foremost CPAs can comment specifically regarding numismatic holdings as related to Section 1031 today.

  • AethelredAethelred Posts: 9,288 ✭✭✭
    CONSIDER THIS.
    If you are in the Western North Carolina area, please consider visiting our coin shop:

    WNC Coins, LLC
    1987-C Hendersonville Road
    Asheville, NC 28803

    wnccoins.com
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