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<p>[QUOTE=&quot;Doc J, post: 3042597, member: 29599&quot;]1) If you are in business of being a dealer in coins, you will file Form 1040 Sch. C. You will find some more deductions but must pay Social Security taxes on profits.</p><p><br /></p><p>2) A hobbyist will file Form 1040 Sch. D in which you have a capital gain or loss. A long-term cap gain is a lower rate than ordinary income, and a capital loss in subject to limits but you can carry-over losses to match will gains in future years.</p><p><br /></p><p>A smaller amount on a Form 1099 is usually ignored since the IRS knows you had a basis.[/QUOTE]</p><p><br /></p>

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