Keeping the receipt from coin purchases

Actually, you have the proof you paid at least face value if they accept you sold it and you owned it. Of course, they could try to claim you found it, so your basis is zero, but you’d probably win in court, since it’s highly unlikely you found a valuable coin or lots of coins. If it went to court (it wouldn't, they'd settle) you could argue for the price you actually paid, since it would be equally unlikely you paid face. Easier to keep receipts.

 

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I bought some coins and flips at a local coin shop and didn't get a receipt. I thiink he got distracted.

 

Did he use a cash register or record it in some log/ledger? If he did not record it and you paid cash, it never happened.

 

I keep track in a spreadsheet but do keep all receipts from the US mint to show that I'm the original buyer.

 

Which would be adding insult to injury if you were selling at a loss.

For example, buy $5000 worth of coins and sell them for $4000 and the IRS wants you to pay taxes on $4000 worth of "profit".

 

I do because I have my coins insured and this is proof of purchase. At coin shows I don't get a receipt but I have my coin manage program that I have all my coins inventoried.

 

Besides tax information, there is other information about the coin, when you print off the internet on a eBay purchase. It will help support any background about the coin when you go to sell. Also any claims of misrepresentation, if that becomes an issue at some point.

 

It's stuff like this that makes honest folks want to hide income.

 

I found some from 1998 recently, some nice deals back then!!!

 

I know exactly what you mean!

 

What coin collection? I don't collect, buy, sell coins. Prove it.
Guy

 

Another issue, maybe not in the US though, is that these days you don't really want to buy ancient or medieval coins without a proof of purchase (and preferably a pedigree). Even in countries where you don't have to have them, such documents will make it easier to later sell the coins if you want or need to.

Christian

 

chrisild;

That's a very good point about ancients. They could possibly be taken away from you, if you cannot prove the pedigree. More so with raw coins rather than slabbed. I would think the submittle date could be a very helpful piece of documentation in favor of the owner.