Discussion in 'Coin Chat' started by ldhair, Jun 15, 2023.
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hobby, and my hobby is coins, not accounting. I'm sure a fine-grained audit would be super-painful, even though I've reported gains on my taxes with the most accurate figures I could gather.
Like Jeff, this is my hobby so I don't sweat it too much. If I had a high-dollar collection I might pay more attention but I don't.
Totally a-retentive. Will it mean anything in the future? Who knows. But it isn't any real additional effort since I don't buy thousands of coins a year, more like a hundred to two hundred.
Honestly I hate paperwork.
I yearn to aspire to the ranks of pathetic.
I began collecting ~55 years ago. I was 8-9 years old. My grandmother got me started with some IHC, pre-64 dimes and quarters, and a few Buffalo nickels.
The record keeping I wish I had would be some Kodak pictures of me and my granny working with those coins. Not some spreadsheet ID'ing the minutiae of the cost basis.
Then add the additional hobby related acquisitions throughout my preteen and teen years. Yeah, I aspire to reach the height of laughable in regards to record keeping.
I'll let my kids and grandkids worry about cost basis on the day I depart this party. That'll be their acquisition cost anyway.
I do also have a column for the inflation adjusted purchase price, for my own curiosity.
Inflation adjusted to what date?
Updated for inflation how often?
Adjusted for deflation of prices as well?
Just seems like that adjustment would be akin to a dog chasing its own tail.
I have no plans to sell any coins, let alone those that would trigger a big enough capital gain/tax issue. Even the coins I have traded for other coins aren't noteworthy to the IRS. Whoever inherits the damn things will get the step up/down in basis so that is pretty easy for them to establish if they sell.
Receipts!? I've never seen a dealer that provides receipts (both at show and in B&M shops).
About 7 out of 10 show dealers I buy from volunteer a receipt. Of the remaining 3, 2 of them will give a receipt if asked. The last one is usually grudging or won't/can't give a receipt. Those guys will always be smaller dealers with a large inventory of raw coins. I can usually get a business card to write down the details. If nothing works, I have a pen and a pad of paper.
What I have not done is captured sell/trade amounts. I only delete them from the spreadsheet/registry.
The higher dollar pieces I own I do not intend to sell. Instead, they’ll go to the boy along with the spreadsheet when my time is up. It’s a running joke around here for a lot of years. I’ll ask the kid when he comes over “Wanna see your newest coin?”….and the wife rolls her eyes.
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