Article Date:
September 2014


Word Count:
1591

 

 

Tax Tips to Know If You Buy Gold, Art, Antiques, or Stamps


Do you invest in gold?

 

Are you a collector of stamps or coins?

 

Have you set yourself up to receive maximum after-tax benefits or to overpay your taxes?

 

In this article, you will learn how to make some simple adjustments that improve your taxes and put more money in your pocket.

 

You face one especially important tax issue: Will tax law allow you to deduct your expenses? As a collector, you know that your activities come with costs, such as:

 

·

maintenance;

·

security;

·

insurance;

·

publications; and

·

travel to buy or sell items.

 

Whether tax law is kind or cruel to you depends on the type of investor you are:

 

1.

A hobby collector (a poor category overall)

2.

An investor collector (good if you have net profit)

3.

A business-owner collector (good if you have net losses)

This article explains how you land in each of the three categories, tells you which category is best for you depending on your income and losses, and shows you how to minimize tax when you have a ... Log in to view full article.

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