Uncle Sam Getting A Cut Of Our Coin Sales? - Page 2

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Author	Replies: 21 / Views: 2,746	Page: of 2

just carl Bedrock of the Community United States 20753 Posts	Posted 03/25/2011 5:58 pm Quote: Governments are so huge now, they need a constant influx of cash to run that exceeds anything we could have imagined 50 years ago. That one made me laugh. I always think of the info that our own State government publicized about how almost 90% or more of the money taken in on tolls on the toll roads here in Illinois go to pay for the people and machines taking in the money. HUH? Quote: The sales tax would be on the full $2 sale price, and income tax due on the $1 profit. Oh and if you hold the coins for over a year then the profits are taxed as long term capital gains at the collectibles level of 28% Conder101, you should be an accountant, but not mine. You know to much. I'll never tell how much I paid for a coin to a tax man. Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 03/27/2011 12:09 am In which case they will use the face value of the coin as the basis for determining the taxable gain. Report this Post to the Staff
lukkyseven Pillar of the Community United States 880 Posts	Posted 03/28/2011 5:41 pm Wow - this makes me wish I was more educated lol! Too bad I just like collecting coins and don't care about all these tax things. I second paying cash. Report this Post to the Staff
jbuck Moderator United States 188727 Posts	Posted 03/28/2011 5:45 pm Quote: Too bad I just like collecting coins and don't care about all these tax things. I agree. Another reason why I do not ever want to sell my 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
just carl Bedrock of the Community United States 20753 Posts	Posted 03/28/2011 8:21 pm Quote: Wow - this makes me wish I was more educated lol! Too bad I just like collecting coins and don't care about all these tax things. I second paying cash. Quote: I agree. Another reason why I do not ever want to sell my coins. So far in well over 60 years of collecting coins and other items, I too never sell anything I consider a collection. I collect for fun and selling such would be like selling a pet or a wife. Well a pet for sure. Report this Post to the Staff
nod2003 Pillar of the Community United States 3294 Posts	Posted 03/31/2011 09:04 am If the government wants to start charging me on the $ I allegedly make on my hobby, I am going to simply add up all the expenses (including the unsold "inventory" in my collection), get a license as a business, show a huge loss and get a tax refund. If they want to treat this as income, then I get to write off the expenses. Report this Post to the Staff
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