Message:

<p>[QUOTE=&quot;Treashunt, post: 169962, member: 6763&quot;]I forgot, any expenses of the sale are added to your cost basis, this is: say you pay $15 to send the coin to the auction house (for registered mail, and insurance) and they charge you 10% on a $1,000 sale, then you would add the $15 (mailing) plus the $100 (10% commission) to your cost and then determine the profit (add your cost.)</p><p>&nbsp;The adjusted profit would be taxed either at ordinary income (short term holding) or capital gains rate (20%= long term gain).</p><p>&nbsp; Realize though, unless you regularly engage in the sale of coins for profit, or investment, that any losses would probably be lost to you, as hobby losses.</p><p>&nbsp;&nbsp; Note: I emphasize, &#039;probably&#039;, ask your tax advisor for a definitive answer for your particular situation. </p><p>&nbsp;&nbsp; Also, realize that your state&#039;s income tax would be deductible if you itemize your deductions, so actual effective rates can and do vary.[/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