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Message:: [QUOTE="Owle, post: 841147, member: 22004"]Taxes and Coins There are professionals and then there are the real experts. I went into the IRS office a couple of times on this issue, the Homeland Security was there because of the recent attack. They did not have the answer, I was referred to the call center--I called several numbers and was told by the IRS expert it would be taxed like regular property, my rate is under 20%.  I gave my records to a franchise preparer and had him do it.   I know ICTA has a different take on this. There are various kinds of audits. There is the cost of living audit; the forensic audit, in criminal cases like this one: <a href="http://www.justice.gov/usao/ct/Press2010/20100311-4.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.justice.gov/usao/ct/Press2010/20100311-4.html" rel="nofollow">http://www.justice.gov/usao/ct/Press2010/20100311-4.html</a>Because of the nature of the case the IRS went through many years of back records.  Unless there is something criminal in the case or a substantial amount of unreported income, it is unlikely you will fall afoul of the law.  But if you choose a bad preparer who later gets in trouble with the IRS, they could go back years and dig up your returns with all the trouble that comes with that. Taxes are a cause of endless contention, try to avoid such trouble.  The $100 bills and others apparently have an encodable strip, that could be tracked but usually isn't.  Dan Pilla, Jr. the tax expert, who has a website, Taxhelponline, has written about this issue.  It is important to file the necessary paperwork.  They aren't that smart unless you are a target of theirs. Don't become one by being a non-filer, a tax protestor or by having transactions that draw attention to yourself.[/QUOTE]

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