Quote:
Originally Posted by Leon
I think the federal law has more to do with cash transactions of $10k or more. It would be crazy to have to report all transactions to the govt. that are over 10k. All of that should come out on tax returns, one way or the other.
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Correct, banks report CASH transactions over $10K.
I am not a tax advisor - but I think if there is a net gain on the sale, it's gets reported on your Schedule D, and I believe it's subject to the 28% collectibles rate.
If there is a net loss, I don't think the loss is allowed, from what I understand - but don't quote me on that. It's not like the sale if stocks, bonds, etc.
Tony