Message:

<p>[QUOTE=&quot;Cringely, post: 932801, member: 22271&quot;]As I understand it, banks, etc. have to file a form when there is a <i><b>cash</b></i> transaction of $10,000 or more. If the bank, etc. suspects money laundering or attempts to evade the $10,000 limit (<i>e.g.</i>, by buying two $9,000 money orders), they are supposed to file that form for amounts below $10,000.</p><p>&nbsp;I understand it, cash transactions that total $10,000 or more when totaled over a calendar year require filing a form. Thus if you have three $4,000 cash transactions during the year to the same coin dealer, he/she is supposed to file the form.</p><p><br /></p><p>It seems to me that TPG records are a poor way for the IRS to infer income. Now if, because of court action (divorce, bankruptcy, your name is Bernie Madoff), an agency wants to determine net worth, then TPG records would be one way of determining your holdings.</p><p><i>However</i>, the court/agency would have to believe that you have significant numismatic holdings that you haven&#039;t declared. The court/agency most likely would need a court order requiring the TPG&#039;s to list what coins you have had graded. While some TPG&#039;s (<i>e.g</i>., PCGS) do have an associated value for graded coins, not all do. The court/agency would then have to determine that the coin(s) are still under your control.</p><p><br /></p><p>The present federal tax code does not tax personal possessions, only income that exceeds allowable expenses. Too much of this tread infers that the IRS is going to shortly go on a paranoid witch hunt to track down each of our coin collections and tax them bases solely on their value. Do I see the start of an urban legend here?[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in