Its my understanding that you can not tax active currencies.
2006-09-14 07:13:49 · 5 answers · asked by scotty 1 in Business & Finance ➔ Investing
Of course, a profit is a profit and you would pay tax on any amount above the quarter. I really dont think your buying and selling enough to really matter anyway but is you are treat it as ordinary income and report it as investment earnings with no 1099. its the same rate however you report it.
2006-09-14 07:24:18 · answer #1 · answered by ckhhuff2438 1 · 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.
2016-03-27 01:20:04 · answer #2 · answered by Anonymous · 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
2006-09-14 07:28:07 · answer #3 · answered by Bighorn 4 · 0⤊ 0⤋
The profit is on an 'investment'. You would pay on the amount of profit you made.
2006-09-14 07:18:51 · answer #4 · answered by words_smith_4u 6 · 0⤊ 0⤋
You have to pay taxes on your profit, assuming you made one.
2006-09-14 07:25:07 · answer #5 · answered by muckrake 4 · 0⤊ 0⤋