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Can you collect coins and same time save on taxes?

CoinMaverickCoinMaverick Posts: 4
in Precious Metals
I do because I collect coins as a business, so I have tax write off's.
We are the only company in this gigantic ten billion dollar market
only in US alone. Something to consider.
I'm a numismatic coin collector and Numis Network's Executive Sales Representative.Coins are cool and so are you!
Numis Network

Comments

  • yellowkidyellowkid Posts: 5,486 ✭
    I love salesmen that want to help me.image
  • morgantypemorgantype Posts: 456
    Spameroni and cheese!!
    Many buy and sell transactions. Let's talk!
  • fishcookerfishcooker Posts: 3,446 ✭✭

    We have property taxes on businesses. Might think about that before claiming the collection as a business.
  • jmski52jmski52 Posts: 22,825 ✭✭✭✭✭
    I wonder if his firm accompanies you to tax court when you get audited.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    They probably give advice on NOT paying your mortgage tooimage
    Avid collector of GSA's.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    Can you collect coins and same time save on taxes?

    Yes, but if you start claiming things like home office deduction and other red flag items, you can also significantly increase your audit chances. Not to mention that if a collector wants to minimize their "profile" this is not the way to go about it. The op's original concept makes more sense for those who spend thousands per year attending shows, grading fees, and there is a clear intent to earn a profit.

    roadrunner
    Barbarous Relic No More, LSCC -GoldSeek--shadow stats--SafeHaven--321gold
  • Classof67Classof67 Posts: 1,502 ✭✭✭
    SPAM!image
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  • secondrepublicsecondrepublic Posts: 2,619 ✭✭✭
    Yawn.... please take this elsewhere.
    "Men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large." Fiat Money Inflation in France, Andrew Dickson White (1912)
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