That's not correct. Effective this year, you will get a 1099-K if you have total sales of $600 or more, regardless of the number of sales. That could be a pain filing taxes if you don't have documentation of the acquisition cost of the sold coins.
Run it as a business in a proper manner . Chances are if you do less than a 100K a year in sales take ALL of your legitimate expenses , deductions and depreciation You will pay little to no taxes in the first few years of operation. The Feds in any country run around like the house is on fire Over this stuff . They rarely raise what they think they will , often less . Best advice ..always seek accounting and legal advice for any business venture. Best money you will ever spend . Personally , I have been in the coin business ( vest pocket , retail coin shop , online for over 45 years ) and have an idea Or two as to how to stay out of trouble legally .
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 - 2026 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