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<p>[QUOTE="GDJMSP, post: 360678, member: 112"]It is highly likely that you will not get a straight answer from the IRS. Like many govt. employees, many of them know very little about their jobs.</p><p> </p><p><br /></p><p><br /></p><p>I have sold two entire collections. And in the intervening years countless individual coins. And yes, I have had to report the sales of those coins, both profits and losses, and had to pay capital gains taxes when there were profits, every single time. And yes, I pay a professional accountant - every single time.</p><p> </p><p><br /></p><p><br /></p><p>The reason you do it has absolutely no bearing. The only thing that matters is if you show a profit or a loss. Losses can be deducted, profits you have to pay capital gains taxes.</p><p> </p><p><br /></p><p><br /></p><p>As I said in the beginning of all this, regardless of what you hear on this web site, and you will get forty eleven different and conflicting answers, with every single one of them swearing they are right and everybody else is wrong, if you want the truth, the real thruth and nothing but the truth - call an accountant.[/QUOTE]</p><p><br /></p>
[QUOTE="GDJMSP, post: 360678, member: 112"]It is highly likely that you will not get a straight answer from the IRS. Like many govt. employees, many of them know very little about their jobs. I have sold two entire collections. And in the intervening years countless individual coins. And yes, I have had to report the sales of those coins, both profits and losses, and had to pay capital gains taxes when there were profits, every single time. And yes, I pay a professional accountant - every single time. The reason you do it has absolutely no bearing. The only thing that matters is if you show a profit or a loss. Losses can be deducted, profits you have to pay capital gains taxes. As I said in the beginning of all this, regardless of what you hear on this web site, and you will get forty eleven different and conflicting answers, with every single one of them swearing they are right and everybody else is wrong, if you want the truth, the real thruth and nothing but the truth - call an accountant.[/QUOTE]
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