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<p>[QUOTE=&quot;Owle, post: 1367786, member: 22004&quot;]Let me give you an example: You ask what a dealer specializing in better date rolls of pre-65 silver coins is offering on each roll, and he gives a price range based on whether they are true uncs or sliders, or really PQ. When they arrive you never get a call even that was the agreement. Instead you get a check for the low end even though they were high end. By the time that happens the terms are murky because they have not been spelled out for the benefit of the seller. So, do you return the check ask for the dealer to return your coins, a very unpleasant circumstance for both, or accept this unbusinesslike activity as part of life? </p><p><br /></p><p>As I said before the &quot;lump sum&quot; deal, no breakdown of specifics is unfair in more ways than one. If you get audited you will have to prove cost basis, and on a coin by coin basis stretching out over 15 years or more this is very difficult to do....I guess it is unlikely to be audited because the tax authorities are almost completely out to lunch on coins, I have had the expert at IRS tell me they should be taxed at 15%. Wrong answer. Like I said before, we have more accountants and accounting programs than we need probably, why aren&#039;t we using them properly or hiring experts at it?</p><p><br /></p><p>For many years promoters of coins as investments have touted that there are no record reporting requirements for many tangible assets--translation, no need to worry about the tax authorities because they don&#039;t know. That argument morphs into because you are probably cheating on your taxes not paying the 28%, be glad that we are not giving you an itemized record of your sales to us because a receipt is how they would know.[/QUOTE]</p><p><br /></p>

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