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<p>[QUOTE=&quot;jmon, post: 1861265, member: 19422&quot;]Not going to break out all of the quotes. I have answered in bold.</p><p>&nbsp;</p><p>What if you bought it as a business, and had it in your shop 5 years, and no one ever bought it?</p><p><b>Then it would still be an asset of the business.</b> </p><p><br /></p><p>&nbsp;Splitting hairs further, what if you bought the coin as a business, but ask such a high price, that no one ever buys it?</p><p><b>See above</b></p><p><br /></p><p>&nbsp;See what I mean?</p><p><br /></p><p>If you buy a coin as a business, then it goes in your inventory, and inventory is an asset as such listed on your balance sheet.</p><p><br /></p><p>&nbsp;At the same time, YOU own the coin, so it technically is both in your collection, and in your inventory.</p><p><b>No, the business owns the coin and you own the business. It seems like that gives you ownership of the coin, but in the eyes of the IRS, it does not. But, if you dissolve the business you would have to sell the assets and/or pay taxes on them (or the profits from the sale). In that case, presumably you would end up owning the coin, but paying taxes at least.</b></p><p><br /></p><p>&nbsp;Also, if you buy something as a business, and decide later not to sell it, then what do you do?</p><p><b>You hold it in the business&#039;s inventory as an asset. Though it can be &#039;written off&#039; via depreciation in some cases, this wouldn&#039;t qualify for such.</b></p><p><br /></p><p>&nbsp;Take for example people who buy cars, restore them, and later resell them. If someone buys a car and restores it..I don&#039;t think there is anything in tax law that stipulates they HAVE to sell it.</p><p><b>No, there isn&#039;t. But again, they do not own it, the business does.</b></p><p><br /></p><p>&nbsp;Even if they had to, they could drive it around with a for sale sign on it for only 10 million dollars.</p><p><b>Sure, I guess they could. However, if the were deemed to be using it for personal use by IRS they would be liable for the costs associated with such as &#039;income&#039; on their taxes. </b></p><p><br /></p><p>&nbsp;That&#039;s the thing, there are no specifics to it.</p><p><br /></p><p>Of course, if you have a business of making wooden furniture, you can&#039;t buy a hot tub and write it off as a business expenses.</p><p><br /></p><p>But if your in the business of making wooden furniture, and buy lumber as a business, build a piece of furniture, but decide later to keep it, then what happens?</p><p><b>Like above, it is a asset of the business. </b></p><p>Take the TV show &quot;American Pickers&quot;, they are in the <b>business</b> of buying and selling antiques.</p><p><br /></p><p>But go into their house, and you would probably find a ton of antiques they purchased, and then kept for themselves.</p><p><b>I would be willing to bet that is the case for many people. Though, the legal way to do it is to sell it to yourself, at or near cost/value. However, I am sure many people break the law and if they are caught they will pay the price.</b></p><p><br /></p><p>&nbsp;Since they are in the business of such, it&#039;s not like their is some form they fill out and then go &quot;OK, we are buying this for ourselves, and not to resell&quot;</p><p><b>Sure there is. It&#039;s their personal check.</b>[/QUOTE]</p><p><br /></p>

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