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How Do I Calculate My IRS Reporting?

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99353 Posts
 Posted 03/16/2021  11:38 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
@ Carl ......a most terrible piece of advice !


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United States
1800 Posts
 Posted 03/16/2021  11:48 am  Show Profile   Bookmark this reply Add Bump111 to your friends list Get a Link to this Reply
Did you happen to sell the items as a small business or as an individual? That may make a difference in the requirements for listing and tax rate. (I'm definitely not a tax expert, just looking at the IRS info.)
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United States
78 Posts
 Posted 03/16/2021  1:37 pm  Show Profile   Bookmark this reply Add 1847bill to your friends list Get a Link to this Reply
There is nothing better than a really good cpa.
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 Posted 03/16/2021  2:01 pm  Show Profile   Bookmark this reply Add Kcm to your friends list Get a Link to this Reply
NOTHING?!?

Given the option of choosing between a very interesting coin or a rather valuable one, I'd choose the former every time . My vexation lies in the fact that the two so often coincide.
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United States
144 Posts
 Posted 03/16/2021  3:37 pm  Show Profile   Bookmark this reply Add coin rejector to your friends list Get a Link to this Reply
"A capital gain occurs when you sell an asset for more than you paid for it. If you hold an investment for more than a year before selling, your profit is typically considered a long-term gain and is taxed at a lower rate."

Those suggesting to "do nothing" regarding non reporting of capital gains.... if you want to go to prison, feel free to say nothing to the IRS. If not.... as 1847bill alluded to, talk to a cpa.
Edited by coin rejector
03/16/2021 3:39 pm
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United States
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 Posted 03/16/2021  3:51 pm  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply
Collectibles such as coins are taxed at a higher rate of 28%. Short term or long term.
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United States
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 Posted 03/16/2021  4:02 pm  Show Profile   Bookmark this reply Add Zurie to your friends list Get a Link to this Reply

Quote:
Collectibles such as coins are taxed at a higher rate of 28%. Short term or long term.


Actually, the long term capital gain rate is a max of 28% for collectables, but the short term cap gain rate is your ordinary income tax rate, same as for other short term cap gains.
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United States
306 Posts
 Posted 03/16/2021  11:10 pm  Show Profile   Bookmark this reply Add goldnugget to your friends list Get a Link to this Reply
*** Political Commentary Removed by the Staff ***
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Australia
998 Posts
 Posted 03/17/2021  12:18 am  Show Profile   Check ryurazu's eBay Listings Bookmark this reply Add ryurazu to your friends list Get a Link to this Reply
depends on how much more money your making say its 500 dollars in gains post expense then I don't think the IRS going to chase you for that. However if your making like 100K+ then yeah there going to be some serious question asked and you should definitely ask a account or a CFA as you would want to minimise you taxes including what to do with the money once it comes into your account, such as 401K.
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 Posted 03/26/2021  4:23 pm  Show Profile   Bookmark this reply Add machine20 to your friends list Get a Link to this Reply
Why not claim as a small business and acknowledge other costs, home office, packing, gas, fees, that come with it?
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