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 Replies: 24 / Views: 4,397 |
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Pillar of the Community
United States
7123 Posts |
coins are valued by the government at face value, sell 25 morgans for 1000.00 your tax burden will be 975.00 taxed at whatever rate is the flavor of the day.
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Valued Member
United States
397 Posts |
Only if you buy the coin from the government. Otherwise use your receipt to show your cost.
No one selling a coin at auction owes taxes on the difference between face and what it sold for - just like with stock, they have an acquisition price and a disposal price, only the difference is taxed.
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Valued Member
United States
499 Posts |
that is true but I don't have a "receipt" for all those coins I received as tips when I was a paperboy, or the coins from Grandpa, so those coins are treated as face value and everyting above that is considered taxable profit. I don't have receipts for those coins I traded with other collectors either. The difference is that now the government will be informed about my transactions and be looking for their cut.
Richard
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Valued Member
United States
397 Posts |
It's always been a taxable event. Just now the government will know about it and be able to enforce the collection of the taxes that were always rightfully due. Right?
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Bedrock of the Community
United States
10284 Posts |
I could easily end up selling 600.00 plus to one person. If they want a 1099 with the purchase, they'll have to go buy somewhere else, otherwise I'll ignore it. The antique / consignment shop I have rented space in with coins will not be doing this either and it is a huge place. Makes me wonder what other surprises they stuffed in here. I don't think they (Gov't) know (yet) either.  |
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Pillar of the Community
United States
7123 Posts |
If its always been a taxable event then why do they need this bill? The simple fact is assets are bought with taxed money, sales tax is a relatively new approach 1921 I believe was the first time it was used and that was within a state, not a tax by the federal government. Heck ever federal income tax with holding is not very old 1943 if memory serves. The 600 dollar rules has been around for quite a while in the casino's and lottery, and small business, it has never been pushed into the living rooms of every citizen of this country, this is unprecedented. The true scope of this bill cannot be known yet, but ebay and Internet sellers are the target there is no doubt about that. |
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Pillar of the Community
 United States
2448 Posts |
I posted this several months ago hoping the members of this forum would write their representatives. The coin dealer association mobilized and sent their letters off and have gotten some congressional support. Gang! The squeaky wheel get the grease! Write your letters, do you want coin dealers having your personal financial information on file just because you sell them $600 in coins; especially you folks that deal with several dealers a year. I don't, and that's what will happen, Drivers Licence, SSN, Passport Info....how far will it go? Write your representatives!
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Pillar of the Community
Canada
3692 Posts |
Yeah, but in a few years with inflation, $600 might be able to buy you a bar of soap.
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Pillar of the Community
United States
717 Posts |
The Beatles - Taxman
One, two, three, four...
Hrmm!
One, two, (one, two, three, four!)
Let me tell you how it will be;
There's one for you, nineteen for me.
'Cause I'm the Taxman,
Yeah, I'm the Taxman.
Should five per cent appear too small,
Be thankful I don't take it all.
'Cause I'm the Taxman,
Yeah, I'm the Taxman.
If you drive a car - I'll tax the street;
If you try to sit - I'll tax your seat;
If you get too cold - I'll tax the heat;
If you take a walk - I'll tax your feet.
Taxman!
'Cause I'm the Taxman,
Yeah, I'm the Taxman.
Don't ask me what I want it for, (ah-ah, Mister Wilson)
If you don't want to pay some more. (ah-ah, Mister Heath)
'Cause I'm the Taxman,
Yeah, I'm the Taxman.
Now my advice for those who die, (Taxman)
Declare the pennies on your eyes. (Taxman)
'Cause I'm the Taxman,
Yeah, I'm the Taxman.
And you're working for no one but me.
Taxman!
Edited by yechi7
09/06/2010 05:43 am
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Replies: 24 / Views: 4,397 |
First Page
Posted 09/05/2010 10:52 am
