| Just as I am adamant on keeping detailed records | | | | copy to the buyer. |
| as a treasure finder, it is very important to meet | | | | There is a ten year requirement for records of |
| the requirements of record keeping for coin | | | | coin sales and this enables taxpayers to fulfill all |
| collecting. Anyone purchasing a quantity of coins | | | | record keeping requirements for collectors, |
| should keep records regarding such purchases. | | | | dealers and investors. It is also important to |
| This should include the price paid for each coin as | | | | itemize and keep state and local sales tax records |
| well as the date purchased, so that if coins are | | | | as well as commissions paid and any other |
| sold the gain or loss can be calculated as capital | | | | expenses entailed in the sale of coins. |
| gain or ordinary income. If for any reason they | | | | Whether you purchase coins, barter/trade for |
| count or deduct expenses relating to coins, these | | | | them, or find them with your metal detector, |
| expenses should be paid by check and an invoice | | | | record keeping on the sales of all coins is essential. |
| or receipt obtained. | | | | If you are just collecting coins with no intention of |
| Dealers also document every sale regardless of | | | | ever selling them, keeping records could make a |
| size and issue an invoice to the purchaser. For all | | | | big difference later if you have a change of mind. |
| cash transactions over $10,000, dealers must file | | | | I started collecting coins in 1962 as a high school |
| a report to the IRS on form 8300 and send a | | | | sophomore. |