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<p>[QUOTE=&quot;Hobo, post: 1241848, member: 11521&quot;]I am not a tax expert but I do not think that is correct. It is not the duty of a coin dealer (for example) to determine how much profit you are making on a coin that he buys from you. That is your duty. The coin dealer simply reports to the IRS (using the 1099 form) what he paid to you for your coins. I don&#039;t know what the threshold is but if that portion of the Health Care bill had not been rescinded the dealer would have been required to report (using the 1099 form) all purchases of $600 or more. You would receive the 1099 and it would be your job to report that income on your tax return and also show what you paid for the item so you would &quot;only&quot; be taxed on your gain. Of course, if you are not able to produce a receipt or other proof of your purchase the IRS will probably assume your cost was zero and tax you on the entire sales price. </p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>Yes, but as i stated above, the $600 threshold has been rescinded.[/QUOTE]</p><p><br /></p>

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