Coin Community Family of Web Sites
Like us on Facebook! Subscribe to our Youtube Channel! Check out our Twitter! Check out our Pinterest!
Username:
Password:
Save Password
Forgot your Password?


Welcome Guest! Need help? Got a question? Inherit some coins?
Our coin forum is completely free! Register Now!

When Are Auction Profits Reportable?

First page | Last 15 Replies
 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 23 / Views: 1,086Next Topic
Page: of 2
Bedrock of the Community
United States
17603 Posts
 Posted 09/07/2021  10:18 pm  Show Profile   Bookmark this reply Add Conder101 to your friends list Get a Link to this Reply

Quote:
How on Earth do you work out the capital gains tax on each of these?

You make the best guess you can as to what you paid for them. As long as you try to be honest about it the IRS will probably accept it. If you aren't they may decide to value at face value for your starting basis.
Gary Schmidt
Bedrock of the Community
Learn More...
United States
64326 Posts
 Posted 09/07/2021  10:29 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Most collectors of hard assets do so with the expectation of not paying taxes on a profit at resale.
Edited by Coinfrog
09/07/2021 10:31 pm
Moderator
Learn More...
United States
108320 Posts
 Posted 09/08/2021  09:59 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
I would never advocate someone ignoring a law. Never, totally. But if hypothetically I were to make a joke about it Mr. IRS man it'd only be that. I just said that it was lame
Nothing to see here, Big Brother! Just a couple of coin chaps performing an academic social experiment to flush out the real criminals.


Quote:
Most collectors of hard assets do so with the expectation of not paying taxes on a profit at resale.
Another reason why I do not sell coins.
Pillar of the Community
Learn More...
United States
3606 Posts
 Posted 09/17/2021  11:16 am  Show Profile   Bookmark this reply Add BStrauss3 to your friends list Get a Link to this Reply
Step-up at death, baby, all the way.
-----Burton
47 year / Life ANA member (joined 12/1/1973)
Life member: Numismatics International, CONECA
Member: TNA, FtWCC, NETCC, OnLinw Coin Club
Owned by four cats and a wife of 37 years (joined 1983)
New Member
United States
27 Posts
 Posted 09/18/2021  6:26 pm  Show Profile   Bookmark this reply Add OldSilverDollar to your friends list Get a Link to this Reply
Starting in 2022 as dictated by the current administration and the new 30K IRS agents they hired any sale of anything over $600 has to automatically be reported by any auction house including EBAY. starting at end of year you will need to provide to your auctioneer your I.D S.S Card and sign full tax paperwork for the government to get its 25% cut.
Pillar of the Community
United States
1839 Posts
 Posted 09/18/2021  8:03 pm  Show Profile   Bookmark this reply Add NumisEd to your friends list Get a Link to this Reply
Even though I am not running a numismatic business, I have started to track all my coin buys and sales in an Excel spreadsheet. I also always keep receipts.
Pillar of the Community
Learn More...
United States
5234 Posts
 Posted 09/18/2021  8:07 pm  Show Profile   Bookmark this reply Add tdziemia to your friends list Get a Link to this Reply

Quote:
any sale of anything over $600 has to automatically be reported by any auction house including EBAY.


As it should be ...

Why should the capital gains on coins be treated any differently form the capital gains on real estate, stock, or anything else?




Edited by tdziemia
09/18/2021 8:09 pm
New Member
United States
27 Posts
 Posted 09/19/2021  12:00 am  Show Profile   Bookmark this reply Add OldSilverDollar to your friends list Get a Link to this Reply
Well some examples of the 2022 change that hurts people who might be selling things to pay for expensive medications or the coins owner has passed away and the money is needed for burial fee's.
Page: of 2 Previous TopicReplies: 23 / Views: 1,086Next Topic  
 
To participate in the forum you must log in or register.





Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Coin Community assumes no liability for errors. Copyright 2005 - 2022 Coin Community Family- all rights reserved worldwide. Use of any images or content on this website without prior written permission of Coin Community or the original lender is strictly prohibited.
Contact Us  |  Advertise Here  |  Privacy Policy / Terms of Use

Coin Community Forum © 2005 - 2022 Coin Community Forums
It took 0.28 seconds to rattle this change. Powered By: