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<p>[QUOTE=&quot;-jeffB, post: 2167803, member: 27832&quot;]In my <i>opinion</i> (and I hope this isn&#039;t straying too far toward political content), the tax code is large and complex enough that MOST tax-paying entities have <i>no idea</i> whether they&#039;re running afoul of IRS regulations and the tax code. No matter how careful you are, you can&#039;t be sure that you aren&#039;t violating any obscure and apparently-unrelated clause. If we make our honest best effort, we&#039;re probably <i>somewhat</i> less likely to be targeted for enforcement, and <i>somewhat</i> more likely to survive an audit, but with no guarantees.</p><p><br /></p><p>If I were administering a business, I&#039;d seek qualified professional help -- for a variety of reasons, actually, but I&#039;m focusing here on taxes.</p><p><br /></p><p>For small (under $100) coin-related transactions, I&#039;d be unlikely to lose any sleep over record-keeping and reporting. When I was doing a lot of eBay selling, though, I tracked <i>everything</i>, and carefully reported my income-minus-costs each year. I almost certainly <i>could</i> have &quot;gotten away&quot; with reporting nothing, but I figured if I was actually buying stuff with the intention of reselling it, I&#039;d better stay as legit as I could.[/QUOTE]</p><p><br /></p>

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