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<p>[QUOTE=&quot;Publius2, post: 25286905, member: 105571&quot;]Well, I&#039;m no tax expert but I do have opinions on your questions. </p><p><br /></p><p>First of all, I don&#039;t think it matters at all whether you call yourself an investor or a hobbyist.&nbsp; I think what matters is if you are a coin business or a non-business citizen. </p><p><br /></p><p>If you wish to claim expenses as part of your business enterprise, you must have a business and be filing tax returns as a business in order for your investments in coins (and business expenses) to be adjudged as business inventory and therefore NOT an acquisition subject to capital gains taxes.</p><p><br /></p><p>If you a hobbyist or even call yourself an &quot;investor&quot; but are not a certified business (see above) then your acquisition expenses such as gas or tolls or mileage to and from coin shows are possibly not attributable to the cost basis of the coin(s) since you would have to keep extremely detailed records.&nbsp; Plus, let&#039;s say it cost you $500 to travel to and from a coin show and feed and house yourself.&nbsp; At that coin show you paid $10,000 for 8 coins at different prices for each.&nbsp; How do you apportion the $500 among the coins?&nbsp; $300 divided by 8?&nbsp; On a pro rata basis?&nbsp; </p><p><br /></p><p>I am not sure about this since taxes, auction fees, coin insurance, shipping, and storage costs certainly are attributable to the capital gains cost basis.&nbsp; And things like insurance and storage costs are spread over many individual coins and to be cost basis applicable there would have to be some recognized method of apportioning those costs over each coin.</p><p><br /></p><p>Here&#039;s a link that may provide some insight into at least some of the questions.</p><p><br /></p><p><a href="https://www.bullionmax.com/kb/tax-precious-metals-coin-collections/" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.bullionmax.com/kb/tax-precious-metals-coin-collections/" rel="nofollow">https://www.bullionmax.com/kb/tax-precious-metals-coin-collections/</a></p><p><br /></p><p>Maybe our lawyers and CPAs can fix my errors since I&#039;d like something definitive on this also as I&#039;d like to increase my cost basis beyond the records for purchase price, shipping and auction fees that I currently maintain.[/QUOTE]</p><p><br /></p>

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