coin hobby vs business

Coins not a hobby ?

So really coin collecting is not a hobby if you must pay taxes at any point. I would look at all hobbies as being in the same class if money trades hands. If someone wrote you a check for 2K plus the eye in the sky can reach that low. That would be a great reason to " Barter" to collect what ever it is you like. Large items that require registration ( cars) can be a real pain to prove you sold at a loss when you got a substantial amount of money at one time for them .Record keeping and personal time are time consuming. I imagine Pay Pal accounts are in view, as large coin purchases of gold etc. by " dealers" . The movement of any commodity trade is watched.Tom Maringers post of the world going plastic does serve a purpose but take it to far. Cash or the like in hand, will be the method of commerce when it can be done.

 

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Right, that's the idea. For example I need lots of Denver minted coins living east of the Mississippi.
I have traded one for one with people needing my P minted coins. No money involved.

 

Wow, you give up that easily?
Actually I see what you're saying. It's just that to me coin collecting/dealing is a private matter. If all of sudden we have to keep records and all that fuss, why bother.
It takes the fun and independence out of it.

 

Is that per sale or per year?

 

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The other fraNK. i THINK I IS DUPIT.Whats annum?

 

per annum = per year

 

Actually I thought that was a disadvantage of hobby profits, that only stocks / bonds qualify for the long term capital gain rate and any coin / baseball card / etc profit is taxed around 28%; from the IRS website (http://www.irs.gov/taxtopics/tc409.html):

"Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate"

and presumably you need to fill out a schedule to determine the exact rate.

 

sound to me. that its not worth selling off your coins. Talking about a bad investment and taking all the fun out of a hobby. geesh.

 

unfair!!!

 

this sort of relates: my sister in law is a CPA, she was going to make tamales and sell them for Xmas. I asked if she would pay taxes on the proceeds and she said "of course I will" and I told her that she would be the first. It is very unusual for tamale makers to pay taxes (it just does not happen). Some things are like that.

 

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Land of Laws ?

If you knew and were aware of every Federal and State law that pertains to you you would be ..............
Broke and in Jail, if you followed them to the letter.

 

HERE IS SOME LEGAL ADVICE FOR ALL FORUM MEMBERS IN CALIFORNIA the only place I am licensed to give it:

GET YOUR LEGAL AND TAX ADVICE FROM LICENSED PROFESSIONALS ONLY!
not fellow coin collectors who are not so licensed.​

Non-Californians - check with professionals in your own jurisdiction to see if this also applies to you.

 

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Apparently, I was under the impression that Roy was making a personal comment that I took as disparaging yesterday, when , he says, that it was not.
In that instance, I apologize.