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Keep the receipts: cost basis when you sell metal
The shop bid does not care what you paid. The IRS might. We are not your CPA. The envelope of invoices is still your friend.
Two different piles of paper:
- What we need to buy from you (ID, sometimes a form)
- What you need later for taxes and memory
We will buy your eagles without a Costco receipt. Your accountant may still want a story about what you paid. I am not your accountant. I am telling you the envelope matters to you.
What to keep
Invoices. Dates. Quantities. Product names. Wire confirmations. Photos of the lot before an estate gets split. Estates.
What the shop will write
A buy ticket: what we paid, what it was, the date. Take it. That is your sale record.
Form 8300 is their cash report, not your whole tax life.
Lost paperwork
You can still sell. Basis gets messier. That is a CPA problem, not a reason for us to pay you more.
Part of the coin shop counter wiki · visitors & collectors · NumisQ Learn
Extra pad history for receipts and cost basis
Two piles of paper have always existed. One is what a shop needs to buy from you: ID, and on large cash, Form 8300. The other is what you need later for taxes and memory: invoices, dates, quantities, product names. We will buy your Eagles without a Costco receipt. Your accountant may still want a story about what you paid. I am not your accountant. I am telling you the envelope matters to you.
Estates lose paper first. Photograph lots before they split. Power of attorney. Bank box day.
What the shop will write
A buy ticket: what we paid, what it was, the date. Take it. That is your sale record. After you sell. Form 8300 is their cash report, not your whole tax life. This page is not tax advice.
Lost paperwork does not stop a sale. Basis gets messier. That is a CPA problem, not a reason for us to pay you more. Keep wire confirmations. Keep Costco invoices if that is where it came from. Keep grading certs with the coins. Do not throw away ugly holders until we see them. Some Mint boxes matter. Most do not.
People also ask
Do I have to show what I paid? No, to sell. Yes, maybe, to your tax person later.
Will a better receipt get a better bid? No. It can help the ownership story.
What if I inherited it with no invoices? You can still sell. Tell the truth. Photograph first.
Is the shop ticket enough for taxes? It is a sale record. Ask a tax person what else they want.