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<p>[QUOTE=&quot;bmike, post: 283763, member: 9881&quot;]The federal long-term capital gains tax rate for collectibles is 28%, not 15. But if you are in a lower tax bracket (including your long-term capital gains), you will only be taxed at that rate. Note you must own the coins for at least 1 year to be considered a long-term capital gain. If owned less than 1 year, they will be taxed at your ordinary tax rate (which could be in excess of 28%). Then you would include your state income tax rate on those gains as well.</p><p>&nbsp;</p><p>That being said, I think the vast majority of sales go unreported, especially if the proceeds are received in cash. Being a CPA for 25 years, I cannot recall a single case where someone reported a sale of coins or collectibles. </p><p>&nbsp;</p><p>But everyone should keep detailed and accurate records or all purchases. So when a sale is made, you will have documentation of your cost basis. Especially if you sell on ebay, the IRS would love to require ebay to issue 1099&#039;s for the sales proceeds.<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie4" alt=":mad:" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>

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