is the sale of collectable coins taxable income?

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  • Will
    Lv 7
    2 months ago

    depends on what kind of coins they are. If we're talking selling a complete set of all 50 US state quarters, the profit isn't enough for the IRS to care. If we're talking gold, silver, platinum, etc coins, yes, that is taxable income because the profit is significantly greater and can support daily life investments such as a vacation expense, contributions towards a home or car purchase, be put into retirement, etc.

  • Ann
    Lv 6
    2 months ago

    Probably. You're getting income from the sale of them, right?

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