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<p>[QUOTE=&quot;GDJMSP, post: 835958, member: 112&quot;]Folks it does not matter what it is, it can be coins, paper money, or the old couch out in your garage. If you sell it for more than what you paid for itthen you have made a profit on the sale of that item. That profit is considered income and it is most definitely taxable. And you owe taxes on it.</p><p><br /></p><p>Now, you can tell yourself that there is no way that the IRS will ever find out. And they probably won&#039;t. But if you ar ever audited - they will. One way or another they will. </p><p><br /></p><p>Just consider, ever use a check to pay for a coin ? Ever use a credit or debit card to pay for a coin ? Those records do not go away - they are there forever.</p><p><br /></p><p>Also, it doesn&#039;t even have to be you that gets audited. Suppose the dealer or collector you bought the coins from gets audited - your name is going to come up. That puts you on the list.</p><p><br /></p><p>They will find out.</p><p><br /></p><p>And there is one more thing - ever make anybody mad at you ? A family member, a friend, a casual aquaintance ? Do they know you collect coins ? </p><p><br /></p><p>Well guess what, the IRS offers a reward to people who turn in tax offenders. I believe it is 10% of whatever they collect from the offender. </p><p><br /></p><p>That can be a pretty strong motive to mak a phone call <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie2" alt=";)" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>

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