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<p>[QUOTE="Cringely, post: 1331809, member: 22271"]Another reason for getting receipts (even for small purchases) is that they add up over time. I don't plan on selling my collection, but when I do pass on (how's that for a euphemism for being dead), my heirs may need a cost basis for my collection. At one time, I had all 1401 coins that comprised every copper/silver/clad circulating coin (denomination & mintmark) minted in the 20th century. I would estimate that I paid less than $20 each for most of them. Even those, summed up, totaled many thousands of dollars. And having receipts will show the IRS/state tax guys <i>[thanks Idhair for the previous post] </i>that you aren't trying to pull the wool over their eyes.</p><p><br /></p><p>I keep my receipts in a fireproof safe and it's surprising how little space they occupy. They are also entered in an Excel spreadsheet (with decent photos of the more expensive coins) with a copy in my safe deposit box. Granted, I may be at the extreme end of record keeping, but peace of mind is nice to have.</p><p><br /></p><p>On this Christmas Eve, I wish all of you the best. :yes:[/QUOTE]</p><p><br /></p>
[QUOTE="Cringely, post: 1331809, member: 22271"]Another reason for getting receipts (even for small purchases) is that they add up over time. I don't plan on selling my collection, but when I do pass on (how's that for a euphemism for being dead), my heirs may need a cost basis for my collection. At one time, I had all 1401 coins that comprised every copper/silver/clad circulating coin (denomination & mintmark) minted in the 20th century. I would estimate that I paid less than $20 each for most of them. Even those, summed up, totaled many thousands of dollars. And having receipts will show the IRS/state tax guys [I][thanks Idhair for the previous post] [/I]that you aren't trying to pull the wool over their eyes. I keep my receipts in a fireproof safe and it's surprising how little space they occupy. They are also entered in an Excel spreadsheet (with decent photos of the more expensive coins) with a copy in my safe deposit box. Granted, I may be at the extreme end of record keeping, but peace of mind is nice to have. On this Christmas Eve, I wish all of you the best. :yes:[/QUOTE]
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