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<p>[QUOTE=&quot;Tompkins316, post: 1241828, member: 28947&quot;]Yeah I&#039;m pretty sure it has more to do with the income tax. After profiting $600 it has to go through the IRS in regards to income. The kind of thing where you have to fill out one of the 1099 tax forms. There is no one that tells you when or gives you the form though, like no one is keeping track, so you have to be careful or it can count as not reporting your income and you can be audited.</p><p><br /></p><p>However, the most important point of this is that it is over $600 <b>in profit</b>. If you are cherry picking coins and buying them for, lets say, $100...and then reselling them for more and making a profit, that is when it counts as income and gets added up to the $600, after which you would need to fill out the additional tax form. However, if you bought a silver coin now for $100, and sell it later for less than that, you are not making a profit so that doesn&#039;t count, and is not taxable. </p><p><br /></p><p>It&#039;s kinda like differentiating between selling as a hobby, or as a business to make profit.</p><p><br /></p><p>At least that it my understanding of how this works.[/QUOTE]</p><p><br /></p>

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