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<p>[QUOTE=&quot;statequarterguy, post: 1861145, member: 21782&quot;]Keep your business and personal purchases, expenses and sales separate. You can deduct the cost of a coin you purchased for your business to compute your business income when you sell the coin, before it&#039;s sold the cost is added to your inventory. This way your income is matched to your expenses. You can deduct the cost of a coin you purchased for personal use when you sell it, but you&#039;d compute a capital gain or loss separate from your business.&nbsp; This is the way it works, in general, but there are caveats.&nbsp; For example, you may wish to contribute a coin you purchased for personal use to your business for resale.&nbsp; Based on your questions, you need to do some reading and/or hire an accountant. Try starting with IRS Publication 334 for your business and Publication 17 for your individual taxes, both available online at IRS.gov.[/QUOTE]</p><p><br /></p>

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