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Taxes - How do you file your coin income profits?

derrybderryb Posts: 37,579 ✭✭✭✭✭
in U.S. Coin Forum
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No Way Out: Stimulus and Money Printing Are the Only Path Left

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  • 2manycoins2manycoins Posts: 116
    What profit?
  • timber100timber100 Posts: 863 ✭
    TTT neat topic, results should be interesting, no fibbingimage
  • BuzzybestBuzzybest Posts: 932
    I know somebody very well who does his own income taxes manually without an accountant or online service. If it isn't on a 1099,it doesn't exist to him.
  • rainbowroosierainbowroosie Posts: 4,875 ✭✭✭✭
    "What profit?"

    This probably would be the most common honest answer..... image
    "You keep your 1804 dollar and 1822 half eagle -- give me rainbow roosies in MS68."
    rainbowroosie April 1, 2003
  • derrybderryb Posts: 37,579 ✭✭✭✭✭


    << <i>I know somebody very well who does his own income taxes manually without an accountant or online service. If it isn't on a 1099,it doesn't exist to him. >>


    unfortunately the same law that created additional 1099s also created tens of thousands of new IRS employees. Just because it can't be tracked on a 1099 doesn't mean it can't be tracked through electronic banking records. Even cash transactions are not invisible if the funds get deposited into an account.

    Even "no profit" is required to be reported. If there is any income from a transaction it is reportable income. IRS requires profit or loss to be determined/documented on the forms.

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • LindeDadLindeDad Posts: 18,766 ✭✭✭✭✭
    It's a lot of paper to show how much of a bad invesment a coin hobby can be.
    image
    My Current project....https://www.pcgs.com/setregistry/mysetregistry/album/160794
  • BuzzybestBuzzybest Posts: 932


    << <i>It's a lot of paper to show how much of a bad invesment a coin hobby can be.
    image >>



    Perfect answer!
  • derrybderryb Posts: 37,579 ✭✭✭✭✭


    << <i>It's a lot of paper to show how much of a bad invesment a coin hobby can be.
    image >>


    If properly documented and reported, those losses can offset other taxable investment gains such as stock holdings and even be carried over to future years to offset taxable gains. image

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • orevilleoreville Posts: 12,130 ✭✭✭✭✭
    Rainbowroosie said "what profit?"

    A much better answer would be

    "what coins????" image
    A Collectors Universe poster since 1997!
  • KoveKove Posts: 2,038 ✭✭✭✭
    1120-S
  • derrybderryb Posts: 37,579 ✭✭✭✭✭
    sorry Kove forgot about you S guys. Poll updated.

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • orevilleoreville Posts: 12,130 ✭✭✭✭✭
    There is also 1120 C corps

    As well as 1065 partnerships.

    Of course, there are LLC and LLPs that are blended within.
    A Collectors Universe poster since 1997!
  • RYKRYK Posts: 35,799 ✭✭✭✭✭
    I do Schedule D. I do my best to balance losses with gains and vice versa, to minimize net realized income. Sometimes you cannot help but have a decent year. Remember, the only thing worse than paying taxes is not having to pay taxes.
    My Box of 20: https://pcgs.com/setregistry/collectors-showcase/box-20/ryks-gold-box-20/17132
  • droopyddroopyd Posts: 5,381 ✭✭✭


    << <i>"What profit?"

    This probably would be the most common honest answer..... image >>



    image
    Me at the Springfield coin show:
    image
    60 years into this hobby and I'm still working on my Lincoln set!
  • jdimmickjdimmick Posts: 9,764 ✭✭✭✭✭
    schedule C
  • agentjim007agentjim007 Posts: 6,256 ✭
    This is a hobby and costs me money.
  • BaronVonBaughBaronVonBaugh Posts: 1,837 ✭✭✭✭


    << <i>This is a hobby and costs me money. >>



    image
    1938-64_Jefferson_Nickel_Proofs
  • johnny9434johnny9434 Posts: 29,091 ✭✭✭✭✭
    its a hobby to me as well and thats what i like about it
  • LakesammmanLakesammman Posts: 17,447 ✭✭✭✭✭
    I give an Xcel spreadsheet to my CPA and he figures it out - hobby gains/losses, typically 28%.
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
  • LakesammmanLakesammman Posts: 17,447 ✭✭✭✭✭
    If your getting 5-6 figure checks and think big brother doesn't know about it, think again.
    "My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
  • JustacommemanJustacommeman Posts: 22,852 ✭✭✭✭✭


    << <i>If your getting 5-6 figure checks and think big brother doesn't know about it, think again. >>



    In an audit any check may have to be explained. The five and six figure checks for sure. MJ
    Walker Proof Digital Album
    Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
  • erickso1erickso1 Posts: 1,705 ✭✭✭
    I'm in the bring in phase right now, but I track my majors purchases on excel and by sticker (on the back of the slab, date and cost). Not much leaving the stable. Maybe a circ Morgan for melt here or there, but if the IRS comes after me for 5 dollars in unreported, well, we've got bigger problems.
  • NicNic Posts: 3,403 ✭✭✭✭✭
    Collectibles cap gain 28%. File the 4th quarter ETP!

    K

    My 1866 Philly Mint Set

  • crazyhounddogcrazyhounddog Posts: 14,055 ✭✭✭✭✭
    If ya just buy & never sell = no profit...Joe
    The bitterness of "Poor Quality" is remembered long after the sweetness of low price is forgotten.
  • BuzzybestBuzzybest Posts: 932
    I can't wait for the followup thread describing the audit experiences of any members here.
  • TWQGTWQG Posts: 3,145 ✭✭
    My accountant doesn't ask about my hobbies just as I don't ask what color his wife's pajamas are.

    My eBay store
  • BAJJERFANBAJJERFAN Posts: 31,234 ✭✭✭✭✭


    << <i>I can't wait for the followup thread describing the audit experiences of any members here. >>



    There is always a chance that you can get picked for a random audit even tho there aren't any of the usual flags with your return. I would guess that if there was little chance of recovering additional taxes they probably wouldn't waste their time on it.
    theknowitalltroll;
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,537 ✭✭✭✭✭
    Profits are filed as income.
    image
    image
    and here's coin to keep you from getting too far off topic. image

    ``https://ebay.us/m/KxolR5

  • BuzzybestBuzzybest Posts: 932
    OMG!!!! That buffalo is missing a leg!!
  • BAJJERFANBAJJERFAN Posts: 31,234 ✭✭✭✭✭


    << <i>OMG!!!! That buffalo is missing a leg!! >>



    The taxman took it.
    theknowitalltroll;
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,537 ✭✭✭✭✭


    << <i>

    << <i>OMG!!!! That buffalo is missing a leg!! >>



    The taxman took it. >>

    LOL
    It costs an arm and a leg, selling on eBay.

    ``https://ebay.us/m/KxolR5

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