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<p>[QUOTE=&quot;HunterOhlsen, post: 2167196, member: 73569&quot;]Here is what I understand about the tax a person must pay when selling a coin.</p><p><br /></p><p>If I pay $100 for a coin and sell it for $200 I will have to pay capitol gains tax on the $100 profit and that is it.&nbsp; The percentage I pay is equal to the amount of taxes I pay based on my income tax bracket up to a max of 28%.</p><p><br /></p><p><i>Is this correct? And if so..</i></p><p><br /></p><p>I recently purchased ones of those <b>MIXED LOT OF U.S. COINS!! PROOF, UNCIRCULATED</b>.... blah blah blah.&nbsp; I didn&#039;t actually get taken advantage of too bad like I was expecting to.&nbsp; I paid a grand total of $27.98 for the lot and I appraised it at a little less than $40.00.</p><p><br /></p><p>My question is, if I want to sell my coins individually what do I use as my &quot;purchased&quot; price for the individual coins if they were purchased in a lot.&nbsp; Like if I sell the silver Iowa statehood proof that I got in the lot for $10.00 how much would I deduct from that profit to pay tax on?</p><p><br /></p><p>I think I got about 15 coins.&nbsp; I will have to double check when I get home.&nbsp; Would I divide the total that I payed for the lot by the number of coins I got and use that average as the individual purchased price of each coin?</p><p><br /></p><p>I&#039;m sorry if this question is dumb or too confusing.&nbsp; I&#039;m new to the hobby and don&#039;t really know if the selling tax is something I should even be concerned about.&nbsp; I just want to have all of my <i>ducks in a row</i> or whatever before I start selling off the coins I have been buying.</p><p><br /></p><p>Thank you for any info/help you can give me![/QUOTE]</p><p><br /></p>

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