My dream has come true!

Really cool @CoinBlazer. Not many young folks get a chance to work in a shop. Great chance to learn the hobby from the other side of the counter.

I had the same luck at a young age but I worked for free, in a way. I ask the owner to teach me the business and I helped him do stuff around the shop. Fun times.

 

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One could argue that, but one would be wrong.

People have tried the tactic of paying in silver coin, then declaring the face value for taxes. Courts have been completely unimpressed with that argument.

 

I'd say @CoinBlazer is getting paid-in-kind to do his hobby, and that's a sweeter deal than I usually got for my hobbies.

 

Congratulations

 

Constitutional law would declare there is no difference between a paper dollar and the coin, but yes I do realize those writing administrative law (IRS) usually win in the end.

 

Congrats on the dream job! When I was 16, I worked for a sandwich shop for minimum wage, which was $5.15/hour starting. Enjoy it and soak up as much as you can. If you’re happy with what you’re being paid, then it’s a good deal.

 

Lol, I haven't quit my day job yet. I wouldn't until I become an actual legally recognized employee.

 

That’s a wise idea. Nothing wrong with a side hustle. I have one myself that deals with coins I do keep track of my income from it though, and it gets listed as hobby income on my taxes. The older you get, the more concerned you’ll be with taxes.

P.S. I think we all wish we could get a silver dollar every time we spend a couple hours cataloging coins.

 

That’s cool. I’d always like to be paid in silver

 

Good for you CB, I'd love to work in a coin shop.

 

Good advice, John. I wish I had kept better track early in my hobby. I do now, meticulously. I have an auction coming up in August where I'll be selling 400 lots. I can now easily catalog my gains/losses. I like to sleep at night, not worrying the IRS will be making a house-call.

@CoinBlazer, good for you. At my age, 69, I've thought about offering my services to a LCS on the same basis. I wouldn't want anything steady, I love my freedom, but I've got a few projects of my own (woodworking, genealogy/family history/August coin and antique auction) that I have to get cracking on before I indulge in my dream-job.

Steve

 

@CoinBlazer, nice gig! When you factor in the "fun value" & the "experience value", you're doing quite well!

 

I have to ask, how do you do that for coins you inherited? I have bought a few coins, but the majority of what I have was inherited. When they are sold, do I need to worry about the IRS? And how are sales and acquisitions recorded?

I have to admit to not keeping very much in the way of records, because I'm not dealing with more than three coins at most each time.

 

Please take my input with caution, as I'm not an accountant, CPA, nor with the IRS.

I think that when items are inherited you can take a step-up valuation. How to do that for coins? One way could be to go to the Red Book for the year you inherited the coins. Use those values as your cost basis.

As far as "worry about the IRS?" Again, I like to sleep at night without those kinds of worries, so I am a little OCD about records, filing taxes, etc.

As far as recording sales and acquisitions: many would use a spread sheet on their computer. At 69, I prefer pen and paper. Years ago I took an accountant's pad with numerous columns and headed them in the following manner:
Date, Item, From whom, Purchase price, Date sold, To whom, Sale price, Gain/(Loss).

I have a 3-ring binder with tabs for 15 categories: e.g., Ancients, Norway, Silver bullion, Type coins, etc.

I'm sure others have systems that work for them. My system works for me.

Steve

 

Good Question.

 

And beyond any members here, any anonymous Internet user can see every post in most of the forums (General Discussion and a few others excluded).

I'm quite careful in my tax accounting. But if I weren't, I'd still be quite careful not to talk about it online. Do I think the IRS is cyberstalking me, looking for a slip-up? Of course not. But even as someone with nothing to hide, why would I want to do anything at all to invite an audit?

 

I believe if you have self-employment income of less than $500 from any one source, that income does not need to be reported. For instance, Christmas gifts from your family don't need to be reported as income. But IANAL or a tax accountant, and I could be wrong. I am going on what I was told by an independent contractor who pointed me to the relevant regulation at the time.

 

Update
Today I sorted a tub of buffalo nickels into Full, Partial and No Date
Paid in 2 Walking Liberty Half Dollars

 

Congrats on the job! I wish you all the best!