Its my understanding that you can not tax active currencies.
2006-09-14 07:13:11 · 5 answers · asked by scotty 1 in Business & Finance ➔ Investing
Your profits would be taxable as a capital gain.
Likewise, a loss is tax deductable. And silver dropped almost $2 an ounce this week.
According to the IRS, you are not trading in a currency (unless you bought it as a currency. Have fun trying to convince the IRS on that one!). 90% silver coins are traded as a commodity, and the IRS treats it as such.
2006-09-14 15:04:47 · answer #1 · answered by F. Frederick Skitty 7 · 0⤊ 0⤋
whos going to know,if you sell them,their is not going to be much profit on them ,unless you have a semi load of them, i think you have to make over 500.00 dollars profit before you have to [legally] fill tax form out. silver was up on price ,but its going down fast so be carefull of what you pay for them. silver is down to$ 11.00 per oz.them quaters are only worth from .75 cents to $1.50 in mint uncirculated condition
2016-03-27 01:20:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, if you made a profit from this sale, the profit is considered income, and you have to pay income taxes on this amount.
2006-09-14 07:23:16 · answer #3 · answered by WC 7 · 0⤊ 0⤋
But you bought and sold as an inventment. I believe it is taxable income. Otherwise, EVERYONE would speculate in currency and coins like this.
Whether there's a record of it is another matter.
2006-09-14 07:21:02 · answer #4 · answered by American citizen and taxpayer 7 · 0⤊ 0⤋
investment profits pay 15% capital gains tax.
2006-09-14 07:22:14 · answer #5 · answered by Sam 3 · 0⤊ 0⤋