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<p>[QUOTE=&quot;GDJMSP, post: 337102, member: 112&quot;]gatzdon - </p><p><br /></p><p>The correct answers have already been posted in this thread. Problem is, nobody ever wants to believe anybody else because they think they know different.</p><p><br /></p><p>Well, sometimes they do know different because with each different individual situation the rules <u>are</u> different. Tired of hearing different yet ? That&#039;s why you talk to an accountant.</p><p><br /></p><p>In simplest terms, if you are a collector and you sell some coins during the year, by law you are required to pay taxes on the profits from those coins - assuming there are any profits. Those profits are taxed as ordinary income at 28%. That&#039;s about it. </p><p><br /></p><p>Of course now there will be forty eleven people who want to argue the point. But I have a very good accountant and I have had to pay taxes on coins I have sold many times over the years. And every single time, it was just like I described above. And guess what - the IRS has accepted every single return and never questioned one. And that&#039;s why I have an accountant do it. Simple, easy and legal.[/QUOTE]</p><p><br /></p>

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