Winter 2009 Curry's Chronicle

Well, we always try to give everyone fair warning about when the Chronicle will be coming out each quarter, but we always leave room up until the first of the corresponding month. (That way, if we get it out early, you all benefit, but if we encounter any editing or printing difficulties, at the very least we'd get it out on time.)

But, we've steadily had 100+ page journals, and been able to get them out ahead of time. The main reason is that the volume of submissions has been up for the past year, and we fill up the available pages long before we reach the submission deadline.

I'm glad you all are enjoying your most recent journal! Let us know with some letter to the editor submissions! (As you've probably seen, the letters to the editor can be submitted through the Discussion Board, so there's no excuse for everyone who reads this!!)

John,

That's a great question. To the best of my knowledge, the IRS relies upon us honest Americans to report our "capital gains" each year at tax time and does not treat coin auctions any differently than they treat the daily stock market trades. Besides, for them to even recognize that a taxable gain has been made, they must first have knowledge of the seller's original cost, which information is not a part of any auction that I have ever heard of.

Another question that might be asked of the auction companies would have to do with the "$10,000 banking rule". This law requires banks to report any transaction to the government that equals $10,000 or more. In theory, the idea was instituted to make it harder to avoid taxes and to build a paper trail to track criminals or tax avoiders.

Therefore, my question would be whether the auction companies also have to report individual sales of $10,000 or more? Does anyone know?

Belay Off

Belay-

I am not sure what the auctions report but thought the 10k was for cash to create a paper trail (to prevent money laundering) and the limits were higher for wires and checks. I could be way off. I had this discussion over dinner with some dealers at Santa Clara. They talked about only reporting transactions over 10k cash and there were other requirements for tangible investments.

Of course after a year of unemployment my brain really has no idea on rules and regulations anymore.

Todd.