What have been your greatest profits in coin buys and sells; also what have been your greatest losses? Personally, my greatest profit was an AU50 1852-O $20 Liberty that upgraded to an AU58, garnering me around a $5K profit! Greatest one coin loss: a toss up between an ANACS 1866 MS60 $20 Liberty that would not cross so I had to sell it back to the dealer I bought it from, losing around $1500; also an 1874-S $20, an ICG MS62 that would not cross, so I had to sell it as an MS61.
Greatest gain - bought 105 sold for 1500. Greatest loss is around $700 on a coin - have to go check, but I remember that one. Bought raw, graded genuine, sold for less. Just a bad buy on my part.
I have no profit or losses, I only collect and never sell. The value of the coins do not matter in my collection once they enter my collection. :thumb:
I'm surprised that some of these guys haven't asked questions like......... > Did you have sex last night? > Did you ever wake up in the morning to find an ugly woman next to you? > When you take a leak, do you hold it or just let it hang? > Have you ever peeked into the bathroom when your sister was bathing? You know, there are certain questions that you just don't ask, but kids today don't know what it is to be discreet. Chris
Wait...those aren't standard IRS questions? Cripes, I need to have a little talk with my accountant! Guy
I bought a gold dollar for a few hundred bucks of eBay. It's now in PCGS 65 plastic and worth a few grand. I've told the story of this coin on this forum many times. I bought lots of gold starting when it was under $400. That was a pretty wise investment. The rest of my coins, I'll be happy when/if I get out breaking even. Coins have never been an investment to me, per se, but rather a hobby.
#1 If they were concerned about under-reporting by any given poster, and were able to identify said poster, and then were able to substantiate the income via bank/cash transactions, and then sent you a notice, you would have ample time to back-up your tax filing. #2 If you do not file at all, you may have cause for concern. http://www.justice.gov/usao/ct/Press2012/20120329.html:devil: IMO full-time coin dealers have much more to fear than collectors/investors. 4rth Amendment rights apply to financial transactions. :thumb:
I'd be more concerned if someone with bad intentions that lived close to me was reading this forum everyday.
Or a competitor or wife if they are privy to knowledge about "killings" you have made in coins and collectibles. An ex-wife has been known to be a big problem in this regard, and I once ran into a fellow at the Baltimore show who said his wife had finked on him to the IRS and they were making his life miserable. When talking to the IRS agent on his case he complained loudly about how they were going overboard in his case and the agent said "...that's how I get out of this cubicle!"
