To receipt or not to receipt?

That is not at all what I'm saying. There is always a de minimus amount either in statute, regulation or practice where the gummint will not bother you. But if the de minimus amount does not exist in statute or regulation but merely in practice then you are exposed.

Look, if you left your kids $5K in bullion Morgans, Walking Libertys and ASE's, you could probably get away with doing whatever you wanted. But if you have significant value in a collection, its sale is likely to attract attention and if your ducks are not in a row, then they will quack to your or your heirs' detriment.

Your next question is likely to be "What's significant?". Who knows? It's always a bit of a crap shoot with the IRS and Treasury. That's why you have to keep your nose to the wind and see what kind of stink may be coming your way.

Maybe the way to think about this is this way: If you or your heirs will sell the collection at a table at the local 30-table coin show or in the LCS, then your collection will probably not attract much if any attention. But if you are selling through Heritage, Sotheby's, Great Collections, Bowers & Morena. DLRC, and the like, then you are not going to escape attention because these venues have a lot to lose if they run afoul of the authorities.

How hard is it to get a receipt?

 

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If I don't have enough in the transaction to make it worthwhile, why worry about it? Anything more than a $75 coin will certainly require a receipt. One bought for $18 out of a junk bin won't.

 

That's exactly right. What coins. The only problem is when it comes to the higher value coins. Say you sell a $10,000.00 coin. You are given a check and deposit that check. Red flag to the IRS. BTW banks report deposits $5,000.00 and above. If your given $10,000.00 in cash and just spend it over time you will get away with it unless you get caught. The IRS has a nasty habit of checking what people have and where you got it from. Most of the time this happens after death. So the wife gets the problem.

 

for now, biden administration is floating a bill that all transactions of 600.00 and up be reported to irs to weed out all the "supposed " millionaires not paying their tax due, hmmm i wonder what he paid in taxes last year, lol

 

As buyer - sight seen at shows no receipt. Online sometimes receipt. Auc house provides receipt.

I just make sure record purchase cost for inventory detail. Any receipts I do keep in file.

 

Do some more research. The current Administration stopped pursuing this over 2 months ago. Why resurrect an 8 month old thread to post inaccurate info?

https://abcnews.go.com/Politics/bid...ng-bank-accounts-600-annual/story?id=80665505

BTW: A simple Google search will tell you how much Biden paid in taxes last year.

https://www.whitehouse.gov/briefing...ice-president-release-their-2020-tax-returns/

 

The 600 is already law and has been for a while. If you got more than 600 from ebay, paypal, venmo etc its getting reported

 

But not from your bank or credit union. That was the proposal referenced in post #44 that was being pushed last fall and was ultimately dropped in October

 

Yea, its just a matter of time for that one though now that they got it for basically everything already