<< <i>The big, huge difference is you aren't going to use the coin for it's as-designed use. Without regard to that, if you had sold the car for $ 100,000 you would owe taxes on the gain
Both of them are personal property. It doesn't any difference what I use it for, and I'm not claiming that it's being used for business purposes. My question is why I cannot offset my gain from the sale of personal property (coin, car, alarm clock, whatever) with loss on the sale of personal property (toothbrush, shoes, car, coin, whatever). >>
The answer to your question, I believe, is that it is personal use property. I doubt you could go before a judge and convince the judge that a $ 20,000 coin is for personal use. Additionally, we can't deduct losses on the value of personal property yet were are taxed on gains in value of those same things. I agree it appears to be unfair but that's the way the system is built.
Proud recipient of YOU SUCK more than once and less than 100 times.
Earlier in this thread, smoeone mentioned estimating aquisition costs for coins. Is that acceptable to the IRS? Or does one need a receipt for every coin to prove purchase price??
"Wars are really ugly! They're dirty and they're cold. I don't want nobody to shoot me in the foxhole." Mary
<< <i>Earlier in this thread, smoeone mentioned estimating aquisition costs for coins. Is that acceptable to the IRS? Or does one need a receipt for every coin to prove purchase price?? >>
In my limited personal experience estimating is just fine until the IRS asks for supporting documentation.
Proud recipient of YOU SUCK more than once and less than 100 times.
Just pay your taxes and stop complaining. Funny thing is the ones that complain the most about the government are the ones that cheat the most on their taxes.
You sell something on ebay, you are a business. If you make a profit on your business, you owe taxes. The ones that do not pay are probably the same ones that complain when there are tax breaks to businesses. You are getting a 100% tax break right now, you took advantage, and now you will have to pay.
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<< <i>The big, huge difference is you aren't going to use the coin for it's as-designed use. Without regard to that, if you had sold the car for $ 100,000 you would owe taxes on the gain
Both of them are personal property. It doesn't any difference what I use it for, and I'm not claiming that it's being used for business purposes. My question is why I cannot offset my gain from the sale of personal property (coin, car, alarm clock, whatever) with loss on the sale of personal property (toothbrush, shoes, car, coin, whatever). >>
The answer to your question, I believe, is that it is personal use property. I doubt you could go before a judge and convince the judge that a $ 20,000 coin is for personal use. Additionally, we can't deduct losses on the value of personal property yet were are taxed on gains in value of those same things. I agree it appears to be unfair but that's the way the system is built.
and they're cold.
I don't want nobody to shoot me in the foxhole."
Mary
Best Franklin Website
<< <i>Earlier in this thread, smoeone mentioned estimating aquisition costs for coins. Is that acceptable to the IRS? Or does one need a receipt for every coin to prove purchase price?? >>
In my limited personal experience estimating is just fine until the IRS asks for supporting documentation.
You sell something on ebay, you are a business.
If you make a profit on your business, you owe taxes.
The ones that do not pay are probably the same ones that complain when there are tax breaks to businesses. You are getting a 100% tax break right now, you took advantage, and now you will have to pay.
<< <i>Just pay your taxes and stop complaining. >>
Said the crown to the colonies