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<p>[QUOTE=&quot;fatima, post: 1105976, member: 22143&quot;]Indeed. It is a big issue for anyone selling a coin.&nbsp; If a dealer sends in a 1099 on a coin that you sold to him, then you are expected to file a tax return that includes it as a line item.&nbsp; It most likely means that you are going to have to itemize your tax return if you want to subtract out your basis (what you paid) for the coin.&nbsp; If not, the entire sale will get treated as income and you will have to pay taxes on it even if you sold the coin at a loss.&nbsp;&nbsp; </p><p><br /></p><p>The IRS does do an automated check of 1099s against tax returns.&nbsp; If you fail to list it, they most likely will follow-up and ask why it&#039;s missing.&nbsp;&nbsp; You may or may not have to pay a fine and will certainly have to pay interest on the missing taxes.[/QUOTE]</p><p><br /></p>

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