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<p>[QUOTE=&quot;medoraman, post: 1242300, member: 26302&quot;]The dirty little secret about why a lot, (not all), people were upset is that collectibles IS an area where people do not report income taxes. Its one of the major areas that the IRS has highlighted where the US loses billions a year in taxes. That was the reason this law was initially passed, to force documentation of sales, and force the seller to either justify why no tax is being paid, or to pay Cap Gains tax. Yes, it would have been terribly burdensome on dealers, and that is a legitimate reason for repeal, but everyone on here has to agree that every single day coins are sold for cash and the profit is never reported to the IRS.</p><p><br /></p><p>I would not dismiss this idea, and think we have won forever. At some point there will be a huge expose on tv on how many millionaires make millions and millions without paying a cent of taxes, or even worst how coins and other collectibles act as a way of laundering drug profits, (which is also true). There have been some stories of drug dealers using gold coins and bullion to launder their profits, and I bet there is more of this than you realize. Its just too perfect, go into a coin store, pay cash for gold bullion, store bullion, sell bullion off later and show that sale receipt as the source of your cash, saying &quot;My grandma left it to me&quot;.</p><p><br /></p><p>I am not saying the tax laws are fair regarding cap gains, (I think they are not), but can anyone here honestly state, (short of a dealer), that they claim all of the profits from every coin you ever sell on their income taxes?</p><p><br /></p><p>Chris</p><p><br /></p><p>Recap, law was passed, law was rescinded for now, but I think their is a good chance it will return as part of a &quot;budget compromise, loophole closure&quot;.[/QUOTE]</p><p><br /></p>

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