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<p>[QUOTE=&quot;DavidinCA, post: 1330682, member: 34905&quot;]I could post this response in a new thread, but since the issue of taxation was brought up, how does the IRS know whether you&#039;ve bought or sold a coin?&nbsp;&nbsp; For instance, if you bought a coin through an auction site, they might have your name and address on file and maybe your last 4 digits of SS for security purposes.&nbsp; Do auction houses send to the IRS coin data?&nbsp;&nbsp; If one bought on ebay, how many dealers (except for their own business for reporting of income tax) actually keep buyer&#039;s names on file?&nbsp;&nbsp; Are dealers at coin shops or at shows suppliers of names to the IRS of those that buy and sell coins and what coins they buy and sell?&nbsp; &nbsp; IF the answer is no, then is the paying of such tax upon the sale of coins done on the honor system?&nbsp;&nbsp; To keep this simple, let&#039;s assume transactions are not done as &quot;cash&quot; . . . so in the OP&#039;s collection that could be valued at over $10,000 - that the transaction or any transaction over the cash reporting limit is done by check, bank check or wired funds.[/QUOTE]</p><p><br /></p>

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