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<p>[QUOTE=&quot;medoraman, post: 1996739, member: 26302&quot;]Man, lots of tax geek talk here. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /></p><p><br /></p><p>First, I was just saying to document any CRH finds to prove why you are taking money in and out, to prove that money was already taxed. </p><p><br /></p><p>Second, ANY profit legally is supposed to be reported on your taxes. The $600 de minimus only applies to having to report it on a 1099. If you make a $30 profit on something, the information reporting person does not need to report it, but you have to claim it.</p><p><br /></p><p>Third, NorthKorea is right in post #16 save for one small thing. Like-kind exchanges are allowable for many types of assets, provided its the same type of asset and you identify the new asset you will buy before you sell the old one. An example could be you arrange to buy one apartment building before you sell your old one. If done properly you can roll the basis of your old building into the new one. That is just a real estate example, but can be done with other types of assets like equipment, but it is most commonly done with real estate. It is, though, prohibited to be used on financial assets.[/QUOTE]</p><p><br /></p>

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