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<p>[QUOTE=&quot;GDJMSP, post: 1293105, member: 112&quot;]First of all, talk to your accountant and ask him/her.</p><p><br /></p><p>In simple terms - if you sell a coin, (slabbed or raw makes no difference, nor does it matter what state you are in) and you make a profit on the sale of that coin - yes you are required by federal law to report that profit as income to the IRS.</p><p><br /></p><p>Not all states have State Income Tax. But if you live in a state that does have state income tax, then you are required to report any profit from the sale of coins on your state tax return. If your state does not have state income tax - then you don&#039;t of course.</p><p><br /></p><p>Now, a little common sense advice. It is, as a general rule, to your advantage to always report the sale of any coin - even if you take a loss on it. The reason for that is because in most cases those losses can be used to offset any profits from sales. And if you have no profits, those losses can be carried forward for 3 years. And since most people incur a loss when they sell a coin - that can be quite useful to you either in the current tax year or future years.</p><p><br /></p><p>But most importantly - talk to your accountant ![/QUOTE]</p><p><br /></p>

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