On May 21, 6:44�pm, j-rod wrote:
Florence wrote:

http://money.cnn.com/2010/05/21/smal...ge/index.htm?s...

Even if you are not a "business" will the coin collector be caught in
this and why would be collect and sell if this is what you get.

Just wondering ...

Tea Party Coin Collector liberterian ~ not illegally in USA

Even as a collector you have to pay taxes on any profit realized.

JAM

You have to pay taxes if you have conducted X number of transactions,
and the only on the profit realized. It's always been like that but
it's up to you to report the income. I'd venture to say most regular
collectors have realized a minimal profit and wouldn't fall under
guidelines and have, in fact, most have probably lost money if they
have made most purchases on Ebay or a dealer. For something like coin
collecting, I think it would be nearly impossible. I didn't read the
article but my guess is they are after more of what would be a classic
"Ebay" store that sells anything under the roof.