When Are Auction Profits Reportable? - Page 2

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Author	Replies: 23 / Views: 3,155	Page: of 2

Conder101 Bedrock of the Community United States 17884 Posts	Posted 09/07/2021 10:18 pm 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. Report this Post to the Staff
Coinfrog Bedrock of the Community United States 94367 Posts	Posted 09/07/2021 10:29 pm 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 Report this Post to the Staff
jbuck Moderator United States 188560 Posts	Posted 09/08/2021 09:59 am 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. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
BStrauss3 Pillar of the Community United States 4592 Posts	Posted 09/17/2021 11:16 am Step-up at death, baby, all the way. -----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ Report this Post to the Staff
OldSilverDollar New Member United States 27 Posts	Posted 09/18/2021 6:26 pm 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. Report this Post to the Staff
NumisEd Pillar of the Community United States 5185 Posts	Posted 09/18/2021 8:03 pm 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. Report this Post to the Staff
tdziemia Pillar of the Community United States 7941 Posts	Posted 09/18/2021 8:07 pm 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 Report this Post to the Staff
OldSilverDollar New Member United States 27 Posts	Posted 09/19/2021 12:00 am 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. Report this Post to the Staff
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