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Yes as collectibles. These are capital assets except when they are held for sale by a dealer 9in which case they are inventory). Any gain or loss you have from their sale or trade generally is a capital gain or loss, like any other investment. If you had a collectibles gain on the sale the amount will be taxed at the 28% rate, unless your ordinary tax bracket is less, in which case you get a special lower gains rate.

Almost everything owned and used for personal or investment purposes is a capital asset. Examples are a home, household furnishings, and stocks or bonds held in a personal account. When a capital asset is sold, the difference between the basis in the asset and the amount it is sold for is a capital gain or a capital loss. If you received the asset as a gift or inheritance, refer to Topic 703 for information about your basis. You have a capital gain if you sell the asset for more than your basis. You have a capital loss if you sell the asset for less than your basis. Losses from the sale of personal-use property, such as your home or car, are not deductible.

Capital gains and losses are classified as long-term or short-term. If you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it one year or less, your capital gain or loss is short-term.

Capital gains and deductible capital losses are reported on Form 1040, Schedule D (PDF). If you have a net capital gain, that gain may be taxed at a lower tax rate than the ordinary income tax rates. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year. Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2008 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates. There are three exceptions:

  1. The taxable part of a gain from selling Section 1202 qualified small business stock is taxed at a maximum 28% rate.
  2. Net capital gain from selling collectibles (such as coins or art) is taxed at a maximum 28% rate.
  3. The part of any net capital gain from selling Section 1250 real property that is required to be recaptured in excess of straight-line depreciation is taxed at a maximum 25% rate.

If you have a taxable capital gain, you may be required to make estimated tax payments. Refer to Publication 505, Tax Withholding and Estimated Tax, for additional information.

If your capital losses exceed your capital gains, the amount of the excess loss that can be claimed is the lesser of $3,000, ($1,500 if you are married filing separately) or your total net loss as shown on line 16 of the Form 1040 Schedule D, Capital Gains and Loses. If your net capital loss is more than this limit, you can carry the loss forward to later years. Use the Capital Loss Carryover Worksheet in Publication 550, to figure the amount carried forward.

Additional information on capital gains and losses is available in Publication 550, Investment Income and Expenses, and Publication 544,Sales and Other Dispositions of Assets. If you sell your main home, refer to Topics 701 and 703, or to Publication 523, Selling Your Home.

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Q: Do you have to pay taxes on coins that you sell?
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What taxes do you pay if you live and work in New York?

In the state of New York you would pay income tax and sales tax. If you own property you would pay real estate taxes to your town/city and county. If you buy gasoline for use in a car or other road vehicle you would pay gasoline tax. If you stay in a hotel you will pay hotel taxes. If you buy cigarettes or liquor you will pay separate taxes on those products. If you run a company, you will pay payroll and business taxes. If you buy or sell stocks or bonds you will pay taxes on those transactions.


Do alaskans have to pay taxes on gold they mine?

When you sell the gold, that is income- and you will pay Federal Income Tax on that income, just like you pay on wages you earn.


What happens when inherited property is sold for taxes?

If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.If the heirs want to keep the property they must pay off all the delinquent taxes, interest and costs. If not, the town will take possession of the property and sell it to a new owner.


Does the estate pay taxes?

Estates pay taxes on income and may have to pay inheritance taxes.


How much taxes do you have to pay on $600.00?

How much federal taxes do you have to pay on $600?

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You have to pay taxes on the profits when you sell or otherwise dispose of the stocks. You also have to pay taxes on dividends.


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Employees may or may not have to pay taxes on their stock options. According to Smart Money, employees have to pay taxes for stocks they choose to sell.


Will I have to pay a capital gain's tax on my home if I sell it?

No unless that is yours and the buyers agreement they might have you pay taxes or they won't move in and if they do pay taxes you won't have to worry about them.


Would you pay taxes on candles you make in your home?

Only if you sell them.


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In Canada can you pay your taxes in pennies?

In theory, but I don't think the government would be happy with that. The government might not even accept coins for paying taxes.


Where coin dealers takes the coins to?

They re-sell them (they only pay you a fraction of the value.)


Do you have to have a breeding permit to breed cats?

No, but if you raise and sell them as a business, you have to have a license and pay taxes.


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Make industries to sell and pay taxes...


What happens if you are being sued for town taxes?

You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.You should arrange to pay off the delinquent taxes as soon as possible. If they are not paid the town will take possession of your property and sell it to a new owner.


Do you have to pay capital gains tax on your deceased fathers house when you sell?

Do you have to pay taxes on deceased mother's house when it sells


Do you have to pay capital gains taxes when you sell a house?

If you had the home as your primary residence within the past 2 years, you will not have the pay the taxes. This is as long as you did not gain more than $250,000 from the sale.Ê