Taxation On Cherrypicking?

Ask your tax preparer, plain and simple. If you buy and sell coins your tax man should know. What we think or anyone here advises on CCF do not pay any mind.

1893S...that is not true. magicalmke gave a good and accurate summary. In many other cases though, you are correct.

Erns...no need for a tax guy on this one. Net sales proceeds less cost and selling expense is taxable. Why? Because that is the tax code law. Whether you choose to declare the income is another issue, but legally, you must. The applicable tax rate will depend upon your individual circumstances, including as magicalmke mentioned, whether this is a business or hobby.

And west, really, I would have to recommend against admitting to tax fraud on a public forum. That noise you heard is your CPA slapping his forehead after reading this.

I'm all for redoing the current tax code.

That said our current leaders would take the existing code and add in so much fluff and filler the original document would swell to 4 times the current one and be even more complicated. Heck they can't even make a simple task such as securing the border and defining immigration/immigrants without creating mammoth documents. They write healthcare laws with so much tax law in them even the courts declare they are nothing but new tax laws - with thousands of pages - and the issue they wanted to address was getting insurance to the uninsured and then they left millions of them out of that vision... Too many people want to sit in on the conversations at the big table in Washington for anything to ever be about what is right for Americans anymore.

Oh an too the original question... if you made money you probably should pay a tax to someone...that is the way it works around here...