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<p>[QUOTE=&quot;LindeDad, post: 1606989, member: 31518&quot;]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.</p><p>Very simply put ever try to do math in word it does not work.</p><p>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.</p><p>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.</p><p>Sample header of my form. Needles to say adding some math makes computing profit /loss easy.</p><p>[TABLE=&quot;width: 1851&quot;]</p><p>[TR]</p><p>[TD]Date[/TD]</p><p>[TD]Mint[/TD]</p><p>[TD]Grade[/TD]</p><p>[TD]Type[/TD]</p><p>[TD]Inv. #[/TD]</p><p>[TD]Purchased From[/TD]</p><p>[TD]Cost[/TD]</p><p>[TD]Grade Fee[/TD]</p><p>[TD]Value[/TD]</p><p>[TD]Date[/TD]</p><p>[TD]TPG[/TD]</p><p>[TD]Coin#[/TD]</p><p>[TD]Cert.#</p><p>[/TD]</p><p>[TD]Date Sold[/TD]</p><p>[TD]To Whom[/TD]</p><p>[TD]Amount[/TD]</p><p>[TD]List Fee[/TD]</p><p>[TD]FVF[/TD]</p><p>[TD]PayPal[/TD]</p><p>[TD]Post&amp;Ins.[/TD]</p><p>[TD]Sale Exp.[/TD]</p><p>[TD]Net Sale[/TD]</p><p>[TD][/TD]</p><p>[TD]Notes[/TD]</p><p>[TD][/TD]</p><p>[/TR]</p><p>[/TABLE][/QUOTE]</p><p><br /></p>

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