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<p>[QUOTE=&quot;Vess1, post: 26050642, member: 13650&quot;]You sound like you have a lot to learn yet.&nbsp;&nbsp; I don&#039;t blame you but you should try just being a collector for now for a while as opposed to trying to wheel and deal.</p><p><br /></p><p>&nbsp; There&#039;s just not enough margins there to make it worth the hassle.&nbsp;&nbsp; Full time dealers go to shows, get fully educated on the market, get to know people, get a proper tax ID so they can get supplies and coins at whole sale and write business expenses off.&nbsp;&nbsp; But you have to get the tax ID to play.</p><p><br /></p><p>&nbsp;&nbsp; Trying to buy coins at retail and flip for a quick profit isn&#039;t happening.&nbsp; &nbsp; The margins just aren&#039;t there.&nbsp; There&#039;s too many costs involved.&nbsp;&nbsp; There&#039;s not enough customers in person to not use online resources.&nbsp;&nbsp; Even many online sources don&#039;t see enough traffic that you need.</p><p><br /></p><p>&nbsp; The tax issue isn&#039;t even close to being an issue for you as the standard deduction for a single person is $14,600 this year.&nbsp; &nbsp; In short, there&#039;s no federal income tax due until you go over that amount. </p><p>&nbsp;&nbsp; &nbsp;&nbsp; Basically if you bought $14,600 worth of inventory this year and turned around and sold it all for $29,250 back,&nbsp; you would be required to pay 10% tax on $50 of taxable income, or $5.00 to the IRS.&nbsp; &nbsp; Your up front expense of 14,600 can&#039;t be taxed as it was a business expense and you made 14,650 in profit which would be deducted by your standard deduction, leaving the $50 to pay tax on.&nbsp;&nbsp; Sounds like you&#039;re a long way from this point if worried about buying a $300 coin.&nbsp; &nbsp;&nbsp; You haven&#039;t made enough for any &quot;flying under the radar&quot; talk.[/QUOTE]</p><p><br /></p>

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