Over 2,000 old silver coins (dimes, quarters, half dollars)

Check local laws. In Texas, you don't have to pay sales tax on purchases over $1000, but I think buyers have to report purchases over over $1000 to the IRS.

 

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He sold them to 2 buyers for a total income of $10,100, which will be reported by his bank or credit union to the IRS.

Unless it's changed, any deposit into a bank account of $10,000 or more is reported by the bank.

 

Well the stash was turned sucessfully into cash, and then split. It's not too hard to structure deposits so as to avoid taxes. You could easily have 10 different banks, etc.

The poster could just sit on the cash and buy stuff like the laptop for cash, get a money order for rent etc.

It isn't hard to do. I don't think stuff like this should be taxed. It's only 10k, pretty easy to hide that once you got cash for the coins ( I assume no paperwork ? ).

 

War nicks are 35%. Didn't see that number mentioned anywhere.

 

Post #33 I listed everything for the OP

 

Yeah, saw that, but your post makes it look like war nickels are 90% in that post. Wanted to clarify they are 35%.

 

Sorry for the post necromancy, but wanted to point out for potential future readers that since the coins were a gift, and the total was less than $13,000 per person, there are no tax considerations at all. IRS allows you to gift up to $13,000 per year without tax implications. Since the gift was to two brothers, they each received $5,050 and there are no tax issues at all. There's no need to try all the subterfuge that was mentioned in this topic.

http://www.irs.gov/Businesses/Small...oyed/Frequently-Asked-Questions-on-Gift-Taxes

I assume each brother would have their own bank account, so the individual deposits would also not trigger the "money laundering" check, which is why banks have to report any transactions over $10,000. That's a completely different issue, and not related to taxes at all.

http://en.wikipedia.org/wiki/Bank_Secrecy_Act