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hockingzig
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United States
1450 Posts
 Posted 12/30/2010  9:36 pm  Show Profile   Bookmark this reply Add hockingzig to your friends list Get a Link to this Reply
As I understand it (based on the questions asked in my Turbo Tax)the PROFIT you make on the sale is income and needs to be reported as such. I know that the problem I have is not keeping very good records of what I paid for specific coins,especially if they are gold or silver coins. With prices changing daily and buying at different times ,I don't have records for specific coins.
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Coin Chaser
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United States
307 Posts
 Posted 01/02/2011  8:54 pm  Show Profile   Bookmark this reply Add Coin Chaser to your friends list Get a Link to this Reply
Well Happy New Year All. When I started thinking about taxes a few weeks back I failed to recognize the part of my collection I sold for emergency expense. Reality set in when I was told that amount of sales were taxable less the cost of the items. Turbo Tax is correct. The legal deduction is face value of the coins unless you have receipts to prove other wise. My AARP Tax Preparer thinks I will be ok because I am only drawing one SS and will have 2 deductions. I will investigate some coin software to help me update my info for 2011. I have not kept records in the past as I did not want anyone to know how much I spent on my foolishness. Now I wish I had kept records.
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