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Time Nears to Pay Piper
March 01, 2012

When the calendar changes to March it means I have to get serious about getting my taxes done.

How about you?

April 16 is not that far away.

My travel schedule early in the year keeps me from even thinking about do this beforehand.

Of course, the downside is Uncle Sam gets to keep any refund I might be owed that much longer.

Anybody who happened to time the sale of their silver or silver coins at last year’s April peak near $50 a troy ounce will discover that Uncle Sam is not very easy on this kind of profit.

The 28 percent tax rate that applies is almost double the gentler 15 percent rate that can apply to capital gains from stocks.

Collectors have been discriminated against in this way since 1981.

Does that seem unfair?

If it doesn’t you might think more kindly of the Industry Council for Tangible Assets, our numismatic lobbying organization.

They have many concerns from state sales taxes to complying with the complicated money laundering rules, but the taxation on gains from the sale of coins in bullion is also a matter on their radar.

When you see the ICTA table at coin shows, stop by and make a donation.

ICTA is an organization worthy of your support.

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About the Author
David C. Harper has been a coin collector since 1963. He joined the Krause Publications editorial staff in 1978 and is currently editor of Numismatic News and World Coin News. He also edits two books annually, North American Coins & Prices and Coin Digest. He is the author of the Class of '63 column that runs each week in Numismatic News. His first bylined numismatic article appeared in the June 1971 issue of Coins Magazine and his various Krause Publications assignments included a stint as editor of the magazine 1980-1983. Harper received a bachelor of science degree from the University of Wisconsin-Oshkosh in 1977. He had a double major of journalism and economics.

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