New Relevant Legislation Included In The Newest Passed Covid Relief Bill. - Page 2

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NumisEd Pillar of the Community United States 5192 Posts	Posted 03/13/2021 4:43 pm Quote: Under current IRS guidelines homes & coins are classified as investments. Selling either one triggers a tax if you make a profit. Investments are handled by 1099-INT or 1099-DIV, not 1099-K. Report this Post to the Staff
trdhrdr007 Pillar of the Community United States 2335 Posts	Posted 03/14/2021 12:09 pm I'm aware of the various types of 1099 and am not sure what your point is. The fact is the underlying transaction triggers the tax. The 1099 form itself is what the IRS refers to as an "information returns". Maybe I shouldn't have used the term investments. Sale of a house generates a form 1099-S. I'm not sure what form is used for collectibles. In either case when a profit is made taxes are due whether or not a 1099 (of whatever type) is issued. Edited by trdhrdr007 03/14/2021 12:10 pm Report this Post to the Staff
KenKat Pillar of the Community United States 4085 Posts	Posted 03/14/2021 12:17 pm Homes and coins are treated differently due to the way the tax law was written. Capital gains from the sale of your home are excluded unless they exceed $250k for a single or $500k for a married/joint owner. When the tax law was passed, somebody decided that would be a good idea and it was made part of the law that was passed. No one decided something like that was a good idea for coins. So there's nothing in the law regarding special treatment for coins. So it's just how the laws were written. I do get the hassle this introduces for people, especially the little guy just trying to sell a few coins to fund a hobby. My 7070 US Type Set My 7100 Lincoln Cent Set (now with updates!) Report this Post to the Staff
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