Message:

<p>[QUOTE=&quot;Rono, post: 360766, member: 6492&quot;]&quot;I find it hard to believe that no one on this forum has the personal experience of selling any coins, and can tell me how they reported the income/capital gain/or whatever you called it. &quot;</p><p>&nbsp;</p><p>As administrator said and others, according to the IRS you must report as a taxable event EVERY capital gain.&nbsp; Period.&nbsp; This is very simple.&nbsp; If you buy a coin for X and sell it for X+Y, it is a capital gain.&nbsp; If you held the coin for less than a year, it is a Short Term Capital Gain and taxed as ordinary income.&nbsp; If you held the coin for over a year, it is a Long Term Capital Gain and taxed at YOUR appropriate LTCG rate.&nbsp; For most folks, this is 15%, but for some lower income groups, it is as low as 5%.</p><p>&nbsp;</p><p>Capital gains/losses are reported on Schedule D.&nbsp; However, to make your life much simpler, I would highly recommend that you buy either TurboTax or TaxCut software.&nbsp; Each and every transaction is a potential capital gain/loss and therefore a taxable event.</p><p>&nbsp;</p><p>These same rules apply to the sale of ANY ASSET.</p><p>&nbsp;</p><p>&quot;My intention is not to make income for the purpose of living, only to make a few extra dollars to collect coins with - as I am fairly low income. If I could make a few dollars buying and selling coins, I could use it to fund my hobby of collecting. &quot;</p><p>&nbsp;</p><p>The IRS doesn&#039;t care one iota what your intention is.&nbsp; All they care about is if you had a taxable event that you need to report and pay taxes upon.</p><p>&nbsp;</p><p>&quot;My income taxes are simple so far and I don&#039;t need an accountant. I don&#039;t want to get in a situation where I need an accountant to figure out how to report increases in the size of my coin collection. If it&#039;s that hard, I&#039;d just as soon not do it at all. &quot;</p><p>&nbsp;</p><p>Frankly, I&#039;d still buy a copy of TurboTax and for the first year, go easy and see how it works ouit.&nbsp; </p><p>&nbsp;</p><p>&quot;I want to do this accurately, even if it means paying more tax than I would need to if I claimed it in a different way. I just want the simplest way to report this. I&#039;m not worried about paying taxes, etc.[/quote]&quot;</p><p>&nbsp;</p><p>good luck,</p><p>&nbsp;</p><p>rono[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in