Investor or Collector?

Comments

• Outhaul Posts: 7,440 ✭✭✭✭✭

  January 26, 2020 4:05PM

  I just say that I collect classic commems. They just shake their heads and walk away.

  11
• jmlanzaf Posts: 38,317 ✭✭✭✭✭

  January 26, 2020 4:22PM

  @cameron12x said:
  How does the IRS determine whether a person collected coins as a hobby or purchased them as an investment?

  What are the rules? TIA.

  https://www.irs.gov/newsroom/hobby-or-business-irs-offers-tips-to-decide

  All comments reflect the opinion of the author, even when irrefutably accurate.

  1
• jmlanzaf Posts: 38,317 ✭✭✭✭✭

  January 26, 2020 4:25PM

  If you never declare a profit and pay the corresponding capital gains tax, you'll have a hard time convincing the IRS that it is an investment.

  All comments reflect the opinion of the author, even when irrefutably accurate.

  0
• Baley Posts: 22,663 ✭✭✭✭✭

  January 26, 2020 5:39PM

  Pay 28% minus expenses on your profits and sleep well every night.

  Liberty: Parent of Science & Industry

  2
• BStrauss3 Posts: 3,828 ✭✭✭✭✭

  January 26, 2020 6:25PM

  U forgot hoarder

  -----Burton
  ANA 50+ year/Life Member (now "Emeritus")
  Author: 3rd Edition of the SampleSlabs book, https://sampleslabs.info/

  1
• rte592 Posts: 2,080 ✭✭✭✭✭

  January 26, 2020 9:01PM

  @Baley said:
  Pay 28% minus expenses on your profits and sleep well every night.

  Repeat after me...
  Nobody makes a profit on coins, silver, gold, etc.

  2
• jmlanzaf Posts: 38,317 ✭✭✭✭✭

  January 27, 2020 3:11AM

  @rte592 said:

  @Baley said:
  Pay 28% minus expenses on your profits and sleep well every night.

  Repeat after me...
  Nobody makes a profit on coins, silver, gold, etc.

  If true, hobby it is!

  All comments reflect the opinion of the author, even when irrefutably accurate.

  0
• ricko Posts: 98,724 ✭✭✭✭✭

  January 27, 2020 5:27AM

  Not even up for debate in my case....Hobby all the way.... no sales, only expenses.... Cheers, RickO

  0
• cagcrisp Posts: 1,063 ✭✭✭✭✭

  January 27, 2020 6:50AM edited January 27, 2020 6:51AM

  It's not hard for the IRS to determine whether it's a hobby or an investment. IF you're even asking the question, you Probably not an investor...

  0