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<p>[QUOTE=&quot;GDJMSP, post: 2906627, member: 112&quot;]For federal purposes, when coins are bought and sold by private individuals any proceeds are treated as capital gains and taxed at that rate. And it doesn&#039;t make any difference what your income is, capital gains have their own specific rate. Not sure what it is today but the last time I had to worry about it it was 28% for short term, and 20% for long term.</p><p><br /></p><p>Regarding the question of buying a lot and selling individual coins, in that case the proper value percentage of each coin must be assigned and used as its basis, then capital gains rates apply.</p><p><br /></p><p>What a lot of folks never seem to realize or even think of is that losses on coins can also be utilized to offset gains on coins in equal amounts. And unused losses can be accumulated for 3 years. For this reason, as well as all the usual reasons, it is usually best to have an accountant do your taxes because they know all the ins and outs far better than most people. </p><p><br /></p><p>Lastly, certain individuals have different situations and so things may vary. But only an accountant can tell you if they do or not - so use one ![/QUOTE]</p><p><br /></p>

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