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<p>[QUOTE=&quot;GDJMSP, post: 3431160, member: 112&quot;]What you need to do John is go talk to an accountant, the IRS has very specific rules regarding everything you asked about. And very specific rules about the buying and selling of coins period. And a lot of what people say here, and elsewhere on the internet tax laws when it comes to coins is simply not true, especially when they say something like you don&#039;t have to report it. You do have to report it ! You may not have to pay any tax on it - it all depends on your specific situation - but you are almost always required to report it.</p><p><br /></p><p>But don&#039;t take my word, or anybody else&#039;s, for anything - go talk to your accountant ! They know the law and they know the rules. And by not talking to an accountant, it&#039;s very possible it could end up costing you a lot of money and getting you into a lot of trouble.[/QUOTE]</p><p><br /></p>

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