Question about Selling

Clawdia · April 27, 2011 6:38AM

If coins are sold to one of the big dealers, use Apmex for an example, and the total amount sold is less than $10,000, do they file any kind of reporting form with the IRS, or is that left up to the individual to report the sale and profit? I know anything $10K or more is reported for any kind of transaction, and I know the rules are changing as of January 2012, but I don't know what the current policy is, and I'm curious about how it works.

AUandAG · April 27, 2011 6:47AM

Do a search on the IRS website for Rev. Proc. 92-103.
Any combination of dimes, quarters, or half dollars totaling $1,000 face value
or more would require a Form 1099-B.

I presume that this would also include silver dollars.

bob

Clawdia · April 27, 2011 6:53AM

Thanks - I would 'presume' that the face value of a silver American eagle would be $1?

I inherited a couple of dozen Peace/Morgan dollars a few years ago, and when they came out of the safe deposit box they were
counted as $1 each for tax purposes. Those, of course, wouldn't be what I might consider selling sometime later this year.

Res · April 27, 2011 6:54AM

What is the minimum face value that Apmex will buy?

Bigrig52 · April 27, 2011 7:14AM

I would say they yes, they are suppose to file but as far as dealers go a very high migarity of them don't claim them because when you sell or buy from dealers they just put them up in the shelve..I never seen any dealer write down or make a log of what they buy or sell (ever)..

timber100 · April 27, 2011 9:24AM

While on this topic, what level of sales will ebay start reporting your account to the IRS this year. I thought I read somewhere that if you sell 12,000, your account will be reported to the IRS. Is this new for 2011 or has this always occured, thanks

Bigrig52 · April 27, 2011 9:31AM

<< While on this topic, what level of sales will ebay start reporting your account to the IRS this year. I thought I read somewhere that if you sell 12,000, your account will be reported to the IRS. Is this new for 2011 or has this always occured, thanks >>

I've heard this also

Russ · April 27, 2011 9:55AM

<< While on this topic, what level of sales will ebay start reporting your account to the IRS this year. I thought I read somewhere that if you sell 12,000, your account will be reported to the IRS. Is this new for 2011 or has this always occured, thanks >>

It is $20K and 200 transactions. It is new for 2011.

Russ, NCNE

Bankerbob56 · April 27, 2011 10:20AM

<< 

<< While on this topic, what level of sales will ebay start reporting your account to the IRS this year. I thought I read somewhere that if you sell 12,000, your account will be reported to the IRS. Is this new for 2011 or has this always occured, thanks >>

It is $20K and 200 transactions. It is new for 2011.

Russ, NCNE >>

Ebay sales should be reported to the IRS on your tax return REGARDLESS of the dollar volume!

illini420 · April 27, 2011 10:22AM

<< 
Ebay sales should be reported to the IRS on your tax return REGARDLESS of the dollar volume!

>>

Exactly, as should the type of sales contemplated in the OP, regardless of whether it's a $10 transaction or a $10,000 transaction...

Russ · April 27, 2011 10:37AM

<< 

<< 

<< While on this topic, what level of sales will ebay start reporting your account to the IRS this year. I thought I read somewhere that if you sell 12,000, your account will be reported to the IRS. Is this new for 2011 or has this always occured, thanks >>

It is $20K and 200 transactions. It is new for 2011.

Russ, NCNE >>

Ebay sales should be reported to the IRS on your tax return REGARDLESS of the dollar volume!

>>

What? You mean there are eBay sellers who haven't been reporting their income? Color me shocked.

Russ, NCNE

mrpotatoheadd · April 27, 2011 10:43AM

If the posts on this forum about how badly collectors do financially when selling coins are to be believed, there have to be a lot of eBay sellers who aren't making anything on their sales.

Question about Selling

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