Information on Tax code 1031 (like-kind) as it relates to coins?

jmcu12

I know I know - consult my tax advisor....

But anyone have any general thoughts on it? Does it work the same as it would for a house?

For those who have used this section of the tax code? Did it work out well for you?

oreville

1031 like kind exchange works very well for coins as long as you do not use junk silver or gold coins with a very high generic bullion component to the value of the coins.

Same with all other precious metals. Even copper coins could be a concern.

We have discussed 1031 exchange here many times. There should be numerous threads you can look up.

oreville

1031 exchanges works better for coins than for houses.

Primary homes gets a specific $250K/$500K exemption from capital gains upon sale of such home without having to use a like kind exchange. It is NOT a once in a lifetime event and can be done over and over every two plus years.

jmcu12

<< <i>We have discussed 1031 exchange here many times >>



Thanks! I was searching for 1031 with no luck but like-kind brings up a couple

LanceNewmanOCC

<< <i>

<< <i>We have discussed 1031 exchange here many times >>



Thanks! I was searching for 1031 with no luck but like-kind brings up a couple >>



if you used the advanced search feature, be sure to change In: Title to Body and make sure to select U.S. Coin Forum

i just searched "1031" via that method and turned up (give or take) 100 threads.
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edited to add:

i would have linked that page but it doesn't work linking searched results.
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BAJJERFAN

Just typing like kind into the search box brings up 5 threads. AS a FYI that searches only titles.

LanceNewmanOCC

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this is all the threads i see when searching (i think, i did it quick this time) "1030" w/o quotes (every active thread with the numerical combination 1031 contained within)

also, here are my custom forum settings and what the advanced search box looks like when i searched 1031

i highly recommend (for those interested in taking their forum to the next level) downloading/drag-n-drop this image for use now or later.

truly hope it helps

LanceNewmanOCC

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ok, i think this is the one i wanted to find. FFFFFFFFFFIIIIIIIIINNNNNNNNNAAAAAAAAAALLLLLLLYYYY!!!!

you can do multiple variables. "search phrase" combined with "author"

no BS, it is how it just found this thread again. L-O-freakin-L

searched "body" and "lancenewmanocc" as i remembered using some of teh terms from teh advanced search page. now i'm bookmarking this baby.
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roadrunner

Like kind exchange, like-kind exchange, LKE, or other variations might show up. I don't think the 1031 was used all that often unless Oreville was in the thread.

There are so many variations of what would generate a viable LKE trade that there's no way to list all the possibilities. There are different views from different CPA's, different lawyers, and different IRS people. The only way to be sure is if it floats when/if they review it. Obviously the more like-in-kind you can make it the better chances you have. Oreville has posted details in the past on the documents he would require.

TopographicOceans

So if I trade a PCGS 1797 10X6 Stars Drapped Bust Dollar in MS60 for a NGC Trade Dollar in NGC PF67 CAM and then cross it over to PCGS at PR67 DCAM and sell it for more than I paid for the Drapped Bust, do I have to declare a capital gain?

Tax law can be confusing.

oreville

So if I trade a PCGS 1797 10X6 Stars Drapped Bust Dollar in MS60 for a NGC Trade Dollar in NGC PF67 CAM and then cross it over to PCGS at PR67 DCAM
no tax so far...........

sell it for more than I paid for the Drapped Bust, do I have to declare a capital gain?
sure you have a tax at this point............