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Nothing but amateur tax chatter now....EOT
saintguru
Posts: 7,728 ✭✭✭
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saintguru
Posts: 7,728 ✭✭✭
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you stink, man. you really do!
Very nice Syrup addition!
Too many positive BST transactions with too many members to list.
The name is LEE!
To support LordM's European Trip, click here!
Nice Job...........
Dan
Unbelievable. Nice job!
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>An excellent example of grade inflation. and / or inconsistent grading. Glad it was in your favor, though. >>
If I wanted to hear Tradedollardip I'd say "HEY TDN...Comment here!"
No you dipwad...coins CAN be undergraded. That's the point.
I appreciate the fact that you were glad for me, but the system isn't flawed. the owners of some coins are.
love me TWO times
one for tomorrow
and once just for today...
Hoard the keys.
I sent in a raw walker 10 years ago & it came back in a 5 holder. I lined up a bunch of 5s, mine looked better, and resubmitted it. It came back in a 6 holder, where it should have been in the first place. After that, I buy coins in holders that I think are appropriate and rarely resubmit.
If I was in your shoes, I would have taken the money and not put up a thread bragging about it, only because all this will do is encourage more people to do the same, and the overwhelming majority of them will be SOL.
"Seu cabra da peste,
"Sou Mangueira......."
The original thread was about a MS65 that didn;t sell in auction in March and then upgraded!. The original thread, had you read it, was to make the point that you CAN find great deals in auctions, as I did with both 1909s.
As for anyone's opinion on the grading service...all I can say is LOOK AT THE COIN. You tell me the grade.
hell man...I know Saints and I'll grade against anyone. They were both MS66's.....by any standards. I can't help it if they typed a 65 on them by mistake, twice.
but which one is better - the one you traded, or the one you got in exchange with cash?
if you had them side by side, which one would you pick?
Drunner
That's your opinion. It's nonsense like this that caused me to quit collecting coins.
<< <i> That's the whole point of collecting, finding diamonds in the rough.
That's your opinion. It's nonsense like this that caused me to quit collecting coins. >>
You should also quit posting with neg crap like this. One man's nonsense is another man's goldmine.
Take that to the bank with your attitude.
ok - if you insist: make sure you pay your taxes to support the war effort.
You know that buying a "like commodity" is a non-taxable event.
This could go on forever.
There's quite a lesson to be learned here.......
Have a Great Day!
Louis
<< <i>Sweet!
Have a Great Day!
Louis >>
Sweet like a hand full of Aces!
<< <i>It gets better.
About 5 years ago I bought my first 1909 MS65 for 35K. It was in an old holder, circa 1990. The coin was unbelievable. I sent it in and on the FIRST submission it went to a MS66!
Good thing you bought the first one from an idiot dealer who didn't recognize a MS66 when he looked at one, or none of the 1909 fun that you've described would have occurred.
edited to remove jay's emoticons
YOU SUCK!
Grats!
<< <i>
<< <i>It gets better.
About 5 years ago I bought my first 1909 MS65 for 35K. It was in an old holder, circa 1990. The coin was unbelievable. I sent it in and on the FIRST submission it went to a MS66!
Good thing you bought the first one from an idiot dealer who didn't recognize a MS66 when he looked at one, or none of the 1909 fun that you've described would have occurred.
edited to remove jay's emoticons >>
HAAAAAAAAA HAAAAAAAAA HAAAAAAAAAAA!!
Thanks CHRIS!!
Jay, did you crack it out and send it in or did you keep it in the old holder and send it in as a regrade?
Thanks.
Rick
Check out my current listings: https://ebay.com/sch/khunt/m.html?_ipg=200&_sop=12&_rdc=1
I don't crack out anything.
However, most people -- and that includes most dealers -- can't grade like you grade Saints. I think in the last ten years, I've only found two auction coins that I'd consider to be bargains. One was a correctly graded beautifully toned 1899 Nickel in PC 6 that I got for type $ for the grade. The second was an 1807 Dime in NGC 3 for which I paid full greysheet ask that is outstanding for the grade (have to look at it again re upgrade potential).
The above being said, it is truly frightening how much generally cra**y coins go for at auctions. My concern is that some people who doesn't know how to grade will see this thread, think "if he could do it, I can do it," and eat it bigtime.
"Seu cabra da peste,
"Sou Mangueira......."
<< <i>I sent it in and on the FIRST submission it went to a MS66!
Jay, did you crack it out and send it in or did you keep it in the old holder and send it in as a regrade?
Thanks.
Rick >>
I'd like to know that one too!
<< <i>
<< <i>I sent it in and on the FIRST submission it went to a MS66!
Jay, did you crack it out and send it in or did you keep it in the old holder and send it in as a regrade?
Thanks.
Rick >>
I'd like to know that one too! >>
All you have to do is read the threads.
Will’sProoflikes
The definition sported by numismatic Lawyer Armen Vartain is very specific about like-kind exchanges. But who knows how the FED's will interpret than on any given court case. In any event AV says that only investors may perform these exchanges for them to remain non-taxable. In addition, each party must hold the items for 2+years.
The other list of requirements was mind-boggling. Do a forum search for "like kind exchange" or "AV" and you'll find the details.
Nonetheless, it seems that your exchange was a taxable event since you gained $90K in cash in that transaction (started with $35K into a MS65 and ended up with $90K and a MS65....sure looks like a $90K gain). Hopefully the FED's aren't reading this thread. A straight up trade for a like-commodity (ie coin for coin) is one thing, or if you trade and put more cash in towards the trade. But ending up with an extra $90K is not a L-K-E.
roadrunner
<< <i>You know that buying a "like commodity" is a non-taxable event.
The definition sported by numismatic Lawyer Armen Vartian is very specific about like-kind exchanges. But who knows how the FED's will interpret than on any given court case. In any event AV says that only collectors may perform these exchanges for them to remain non-taxable. In addition, each party must hold the items for 2+years.
The other list of requirements was mind-boggling. Do a forum search for "like kind exchange" or "AV" and you'll find the details.
Nonetheless, it seems that your exchange was a taxable event since you gained $90K in cash in that transaction (started with $35K into a MS65 and ended up with $90K and a MS65....sure looks like a $90K gain). Hopefully the FED's aren't reading this thread. A straight up trade for a like-commodity (ie coin for coin) is one thing, or if you trade and put more cash in towards the trade. But ending up with an extra $90K is not a L-K-E.
roadrunner >>
Send a copy to the Feds. They can read this, comment on it or publish it.
You certainly underestimate old Sainty, rr. You should know better.
You make assumptions without knowing all the facts, and that's because I am not about to disclose every aspect of my coin collecting or transactions. I am a collector who does as much DD as anyone you will meet.
I find this tack to be sour. It's irrelevant to the thread and condescending. You aren't educating me; I've been in the securities business for close to 30 years and I don't have to LOOK anything up. I already know the laws regarding taxes on all types of collectables.
just goes to show you, you throw around the kind of money, sure as chit you'd better know what you're doing...
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
Sean Reynolds
"Keep in mind that most of what passes as numismatic information is no more than tested opinion at best, and marketing blather at worst. However, I try to choose my words carefully, since I know that you guys are always watching." - Joe O'Connor
I've always been in awe of your Registry.
Just curious how many shots did it take to get the upgrade or did you get it first try?
You wouldn't believe how long it took to get him to sit still for this.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
cool giveaway
the_northern_trading_company
ace@airadv.net
I went back to the source document that AV put out in Coin World and summarized his points the best I could. This is just one lawyer's opinion. The next guy (or the court) may have another.
IRS code #1031 on like-kind exchanges:
Under limited and special circumstances only
Both items must be of the same nature or character – (ie truly like-kind)
Transactions must be at arm’s lengths (no close relatives, within the same business, your partner, etc)
Parties in the transaction must hold the items for at least 2 years (prevents sham trading)
Items are held purely for investment purposes (not for collecting purposes)
Intent to hold is purely for profit
Collectors who file their taxes as “dealers” for tax purposes cannot use LKE. (assumes that collector’s collections are then similar to dealer’s “stock-in-trade and
therefore ineligible for 1031 treatment).
File form 8824 to make the IRS aware of the LKE (a requirement since 1990)
LKE’s only defer the tax due, not eliminate it.
Basically I find this interpretation so restrictive as to make LKE's almost impossible to function for coin trades. Unless a separate entity is holding coins for both parties (while your CPA files the form 8824) this type of transaction seems very difficult. While my intent is not to educate CPA's or lawyers who might be conversant in this type of transaction, rest assured that 99.9% of forum members, dealers, and investors, do not know all the rules of 1031 nor are they conversant in those rules. I'm sure some of them would find this information at least informative.
roadrunner
This is a thread about a rather amazing turn of events.
Go to the TAX forum with your OT ramblings. I don;t need your interpretation of the law and bringing Noe into the equation is just poor taste.
Go take a dump in someone else's thread. I'm done addressing you and your "concern."
Would you still have sought the upgrades if a CAC sticker made it easier to realize a premium on sales of the coins in the 65 holders?