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<p>[QUOTE=&quot;Rono, post: 361194, member: 6492&quot;]Howdy,</p><p>&nbsp;</p><p>Let me repeat. </p><p>&nbsp;</p><p>If you sell an asset for MORE than you paid, the IRS considers this to be a capital gain and therefore a taxable event.&nbsp; This is there basic rule of life.&nbsp; It&#039;s not mine - it&#039;s theirs.&nbsp; I&#039;m just trying to tell you where they&#039;re coming from on issues like this.&nbsp; Any capital gain whatsoever is going to be technically a taxable event if you ask them.&nbsp; Whether they want to be bothered with you reporting it - is another.</p><p>&nbsp;</p><p>Now that we know what their baseline is, they grudgingly allow us common people a little slack in a couple of ways.</p><p>&nbsp;</p><p>They exempt what they refer to as &#039;garage sale&#039; type stuff.&nbsp; This exemption applies to capital gains, sales tax, etc.&nbsp; Not because they want to let us off the hook, mind you, but only because the paper work to them outweighs the take. </p><p>&nbsp;</p><p>This is also why they round numbers off to the nearest dollar.&nbsp; Again, not because they don&#039;t want the tax on your $0.04 cent profit on that penny you found in change and sold for a nickel . . . of COURSE they want it.&nbsp; They just don&#039;t have time to bother with it.&nbsp; &nbsp; Now if you did this 10,000 times you&#039;d better be ponying up.</p><p>&nbsp;</p><p>And frankly, for the vast majority of us collectors this is all a moot point as I&#039;d guess that most of us don&#039;t report occasional transactions even if we make a buck or two.</p><p>&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p><p>peace,</p><p>&nbsp;</p><p>rono[/QUOTE]</p><p><br /></p>

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