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Tax ramifications

slipgateslipgate Posts: 2,301 ✭✭
in U.S. Coin Forum
If you consign a bunch of coins to an auction house, and they sell them all, do they notify the IRS or take any tax cut out of your net? Say you sold $15k of coins.
My Registry Sets! PCGS Registry

Comments

  • JulianJulian Posts: 3,370 ✭✭✭
    I do not believe that the auction house makes any report of normal activity to the IRS.
    PNG member, numismatic dealer since 1965. Operates a retail store, also has exhibited at over 1000 shows.
    I firmly believe in numismatics as the world's greatest hobby, but recognize that this is a luxury and without collectors, we can all spend/melt our collections/inventories.

    eBaystore
  • BarryBarry Posts: 10,100 ✭✭✭
    I've never received any kind of tax document (1099, etc.) from an auction house.
  • DoubleEagle59DoubleEagle59 Posts: 8,402 ✭✭✭✭✭
    I believe it's totally up to you.
    "Gold is money, and nothing else" (JP Morgan, 1912)

    "“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)

    "I only golf on days that end in 'Y'" (DE59)
  • derrybderryb Posts: 37,970 ✭✭✭✭✭
    In an audit of the auction house your proceeds would become known to the IRS.

    If you understand what is coming, then you can duck. If not, then you get sucker-punched. - Martin Armstrong

  • BigRickBigRick Posts: 1,334
    No & No.
    My Sets
  • yellowkidyellowkid Posts: 5,486 ✭
    No 1099, no report.
  • bouchardaboucharda Posts: 2,941


    << <i>In an audit of the auction house your proceeds would become known to the IRS. >>




    Only if you give your social security # to the auction house.....

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