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<p>[QUOTE=&quot;Market Harmony, post: 952998, member: 20154&quot;]When you sell anything to anyone that is more than $600, then the BUYER will collect your name, address, social security number and will submit a 1099 form to the IRS and to you at the end of the year with this information.&nbsp; Then, if you do not report this as income, the IRS will come after you for taxes owed.&nbsp; Additionally, you will need to KEEP RECORDS of your purchases and expenses, or else the IRS will treat the gross income from the sale of your items as NET INCOME... and you will be responsible for the entire amount of the sale.</p><p><br /></p><p>FOR EXAMPLE:</p><p><br /></p><p>You buy a coin for $550 in year 1, and incur additional expenses of $5 to purchase this coin.</p><p>You sell the coin in year 2 for $650 and incur additional expenses of $10 to sell the coin</p><p><br /></p><p>Total expense, $565</p><p>Total revenue, $650</p><p><br /></p><p>&nbsp;NET INCOME, $85... you will be responsible for capital gains tax on that $85</p><p><br /></p><p><u><i><b>HOWEVER</b></i></u>!!!&nbsp; If you do not report the price paid and the expenses incurred to make the transactions, then the IRS will make you responsible for capital gains tax on $650!!!!!</p><p><br /></p><p>This is VERY SERIOUS stuff, folks.&nbsp; YOU NEED TO TAKE ACTION ON THIS!!!!!![/QUOTE]</p><p><br /></p>

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