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<p>[QUOTE=&quot;coloradotokens, post: 838470, member: 17153&quot;]JustCarl,</p><p>You mention that you only use cash to buy coins. (no paper trail)&nbsp; Lets say for the sake of this talk that you have bought thousands of coins over the span of 40 years egualling 100,000 dollars in value.&nbsp; Lets say that you spent 50,000 to buy them and they have gone up in value 100%.&nbsp; Ok now at this point you sell the collection for 100k netting you 50K, you would be expected to pay 28% (collectibles tax) on your gains (50K).&nbsp; </p><p>Ok now lets say that you didnt claim the taxes on the amount you made over the 40 years, and the IRS audited you.&nbsp; Since you do not have a paper trail, and lets say you have no reciepts, I was under the impression that the IRS would assume a cost basis of 100% of the total sales, and at 28% collectible tax you would owe $28,000. Instead of $14,000.</p><p>&nbsp;</p><p>CT- what do you think?</p><p>&nbsp;</p><p>Also would it be an option to start your own coin corporation and give the coins to the corporation as &quot;cash/property from investors&quot; as start up income and or inventory, then when it comes to the selling of coins you would be charged corporate tax compared to capital gains tax?&nbsp; </p><p>&nbsp;</p><p>Are there any CT members who are CPA&#039;s or accountants?</p><p>&nbsp;</p><p>Any info will help[/QUOTE]</p><p><br /></p>

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