Where will the average collector find himself in 2011?
I know we’re going to be busy this month.
This question also seems like a continuation of yesterday’s blog. It is. That’s where my mind has gone. It can’t be helped.
December is time where the average collector would benefit from a little planning.
A while back, I suggested mining your collection to sell off at these high bullion values any coins that no longer meet your hobby goals.
Nothing like getting out of a coin you ended up hating with breaking even or making a profit.
Another aspect of this process is recognizing the tax consequences. If you have sold some coins at a profit, find some other ones that you own to sell at a loss.
These might be old clad proof sets, or modern commemoratives.
If the loss is real and you don’t really want these pieces, get rid of them to offset the collection mining profits.
With a little planning, you can have additional funds for your collecting pleasure next year and no unfortunate tax surprises come April 15.
Yes, I know this isn’t as much fun as speculating about how high silver might go, but we all have to pay our dues to Uncle Sam from time to time and why not make sure they are minimized as far as possible?
Isn’t that worth a little time away from thoughts of what tropical island you want to retire to after silver hits $100?
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