I recently, like last year started helping a collector sell off some his extras. Well the first problem we ran into was he had just wrote out his purchases over time in a word based program. Very simply put ever try to do math in word it does not work. Anyone new to collecting needs to know that when it comes time to sell your collection becomes a business as far a the IRS is concerned. Unless you have records showing what you paid you can end up paying taxes on any amount over face value of the coins you sell. So to keep this short keep good records and the receipts of your purchases. I use excel and my Tax preparer has been able to keep me out of trouble for the last few years of selling. Sample header of my form. Needles to say adding some math makes computing profit /loss easy. [TABLE="width: 1851"] Date Mint Grade Type Inv. # Purchased From Cost Grade Fee Value Date TPG Coin# Cert.# Date Sold To Whom Amount List Fee FVF PayPal Post&Ins. Sale Exp. Net Sale Notes [/TABLE]
I use excel spreadsheets. Even have a column with the silver content. Put formulas in place where I can input the spot price to get a melt value on my collection in seconds. :thumb:
