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<p>[QUOTE=&quot;gatzdon, post: 337031, member: 8247&quot;]I&#039;m going to apologize for not having stated this in my first post, but GDJMSP makes a very valid point.</p><p><br /></p><p>There is a finance forum I frequent and everytime I post any type of advice I point out one very crucial point:</p><p><br /></p><p>The only reference that means anything in an audit is the Tax Code and IRS Publications.&nbsp; It makes sense to use these forums to get pointed in the right direction, but make sure you have an IRS publication saved with your tax return that defends everything you do in your tax return.&nbsp; Only get your publications from irs.gov to ensure that they are current and not out-dated.</p><p><br /></p><p>The key word to look for in the publications is &quot;Hobby&quot;.&nbsp; You want to find the publication that tells you how to report profit from a hobby.&nbsp; Coins are not the same as stocks and as others have pointed out, you want to find a receipt or documentation for any and every purchase you have made.&nbsp; I personally believe that only the profit at the end of the year is taxable and that almost all numismatic purchases are valid offsets when calculating that profit, but as mentioned above, find that guidance in an IRS publication and follow it.&nbsp; You also want to find the IRS publication on recordkeeping as it gives good advice on what type of documentation you need to retain.</p><p><br /></p><p>Most people will never report their profit from a hobby and will get away with it, but no good can ever come from someone publicly posting that they personally partake in such practice.[/QUOTE]</p><p><br /></p>

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