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<p>[QUOTE=&quot;gatzdon, post: 337081, member: 8247&quot;]To be fair, I did a quick search and all I can find is Publication 535 (relates to Business Expenses that can be deducted).&nbsp; The IRS guidances place emphasis on determining whether you have a hobby or business on your hands.&nbsp; Beyond that, they refer to Publication 535 on what can be deducted.&nbsp; The limit on your deductions is how much profit you earned.</p><p><br /></p><p>So I would personally proceed with the analogy that a coin shop can deduct the cost of coins they buy for their inventory, so you should be able to deduct the cost of coins for your collection.&nbsp; But as mentioned above, this is just an opinion.&nbsp; A CPA (Do NOT goto HR BLOCK, JH, Liberty, etc...) would best be able to answer that question.</p><p><br /></p><p>I do believe that there is little doubt that numismatic supplies, safe, safety deposit box, security/alarm system, postage, and other related consumable can be used to offset the profit along with the cost of the coins actually sold.</p><p><br /></p><p>I do ask this of the OP, if you do find a reputable answer (favorable or not) and find an IRS Publication, Memo, White Paper, etc... to back it up, PLEASE start a new thread and post only the relevant information so that others can not only benefit from it, but can also find it in a search (the ability to search for it quickly should justify posting it in a new thread).[/QUOTE]</p><p><br /></p>

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