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Message:: [QUOTE="Rono, post: 337264, member: 6492"]Correctomundo!! The tax law is very simple.  If you realize ANY capital gains on the sale of ANY asset it is a taxable event and uncle wants a piece.  Period.  For collectibles it's 28% and this same applies to most forms of bullion and even includes the bullion ETF's (exchange traded funds) such as GLD and SLV. You can sometimes slide under the RADAR by what's referred to as the Garage Sale exemption, but for anyone doing major business in coins this is really pushing the envelope. To be able to deduct expenses you need to establish that your collecting hobby is really a business and this takes a minimum of three years of business records at least attempting to make a profit. Do NOT play games with the IRS.  For a sale here or there on a fairly casual basis are they going to catch you?  Quite possibly not.  However, if they do, be prepared to eat some serious humble pie and cooperate fully while they take a piece of your edited. And whatever you do, do not EVER lie to the gov't, particularly the IRS. Ask Al Capone, Dick Nixon and Martha Stewart.  They do NOT care for folks lying to them and will crusify you literally. peace, rono[/QUOTE]