Okay,let the nut kicking begin !

[coolpix9]

After thinking about selling some 40% halves for weeks now, I broke down and pulled the trigger. I sold 3160 halves for $7063. I know some of you would never dream of selling but when I got started doing this, my goal was to make a good profit. I didn't touch my 90% stuff and I didn't put much of a dent in my 40%ers.
For those of you coin collectors,my stash was not smelted but sold to a retailer who plans to resell them.
Now all I need to do is refill the holes in my SDB with more silver at face value and play the game again. Cheers, Jim

 

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[jim4silver]

I figure if you take the proceeds from your sale and plow that capital back into your efforts by buying more coins to search that a taxable event never occurred.
Prove me wrong!

Ask your CPA and he or she will tell you that your idea is clearly wrong.


Jim

 

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[Yinzi50]

Did you sell to a local dealer or on-line store?

 

[detect4au]

According to a large California metals dealer:
"The last silver coin the United States made for general circulation was the 40% silver clad 50¢ struck from 1965 through 1969. This is another popular way to own silver bullion in legal tender form. Like circulated 90% coins these $1000 face bags are traded primarily for content. Because they are 40% pure a bag contains substantially less silver (296 troy oz.) which is reflected in a lower selling price.

The buyer has a number of advantages. First these are real U.S. coins and therefore are legal tender of our nation. In an emergency this could be a significant. Second, the bag has a high face value ($1000) which limits the money anyone could lose should silver move lower. This is easily seen in a down market because premiums almost always move higher. And finally, unlike 90% silver bags, dealers are not required to fill out I.R.S. Form 1099B on 40% bags when you sell."

detect4au

 

[mts]

Basically, if you make a "profit" on anything then the government is going to want its fair share. If you think you can pay 50 cents for a coin and then sell it for $2.33 all the while considering that to be an "even currency exchange" then you should really contact an accountant. If not, you should go ahead and contact an attorney for when the IRS comes to your door.

 

[TxTim]

I figure if you take the proceeds from your sale and plow that capital back into your efforts by buying more coins to search that a taxable event never occurred.
Prove me wrong!

Ask your CPA and he or she will tell you that your idea is clearly wrong.


Jim

I can find 2 CPA's that will tell you 2 different theories - same as IRS agents.

 

[gordon and tanner]

Hey Coolpicks,

Just Curious,

What was the paper work that was generated? Was it a 1099B, a regular 1099 or just a plain old receipt? 1099's the IRS willknow about, but plain old receipts they find out about only if you tell them.

Russ

 

[alpha105]

Nut kicking?.....im kicking myself in the nuts.....flexible i know.

Some people will never see that much at a time....such as myself.....

Happy dance for you!

 

[golden silver]

I am still holding on. Have no need to sell at the moment. Silver is about to go up some more too.

Golden Silver

 

[taropatch]

Finding the cost basis is more complicated than you think. It's not necessarily 50 cents for the the half. You may have inherited, bought, been given as gift, traded for, bartered for (in exchange for services) or found them. The cost basis can be zero or more than 50 cents. All that stuff you've bought/traded face-to-face or over the internet, you probably don't have receipts for. How's that for a nightmare when you need to know the cost basis? Lot purchases made up of all kinds of denominations (and countries)? Try going back and breaking the cost basis down coin by coin.

 

[Kauka]

Either way, I was just looking at the number of coins you sold
That is some SERIOUS CRH activity!
Nice going!
Now, if only some of those coins would make it back to general circulation and head my direction . . .

 

[coolpix9]

I tell all of my coins to stay out of Coppell. JP

 

[Kauka]

sheesh
so such thing as camaraderie in CRH, eh
:P

 

[coolpix9]

PM sent