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<p>[QUOTE=&quot;Conder101, post: 1018346, member: 66&quot;]Yes right now if you declare all your income, including what you made on the sale of the silver coins you do owe 28% tax on the profits of the sale of that silver.&nbsp; That is the current law.&nbsp; The sale of most items you have capital gains on is 15%, but for coins or other collectibles the rate is 28%.</p><p><br /></p><p>The 2012 thing comes from the law requiring dealers to send a 1099 to the government for every person they buy more then $600 worth of material from. Right now they don&#039;t have to do that so many people don&#039;t report their profits from their sales.&nbsp; After the law goes into effect it will be harder to hide those profits if the IRS decides to audit you.&nbsp; &quot;Dear sir, we have a 1099 form from XYZ Coins that says he paid you $860 for coins in 2012.&nbsp; We do not see this income reflected on your return......&quot;[/QUOTE]</p><p><br /></p>

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