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<p>[QUOTE=&quot;medoraman, post: 935021, member: 26302&quot;]The tax attorney is right, there has always been the requirement to report paying out $600 or more. It has been only enforced towards companies since they are much easier to audit the papertrail. </p><p><br /></p><p>Bottom line, yes, the IRS will have the information that you received cash for coin sales. If they audit you they will have the ability to pull this data out and ask to see your receipts to prove what your profit was. By the way, any profit on coin sales by anyone has always been taxable, but rarely could it be enforced since there was no papertrail.</p><p><br /></p><p>This is part of the of the IRS trying to close what the call the &quot;tax gap&quot;, taxes the government is due but currently not collecting. I was part of a US Treasury panel and the IRS Commissioner talked about this subject frequently.[/QUOTE]</p><p><br /></p>

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