Bohdan has had an interest in coins all his life and he is very passionate about it. Recently he has started buying and selling coins on a regular basis on the internet. He is keeping records but he estimates that to date he has made a small profit of $2,500 from selling 8 different coins over the last 6 months. His total purchases were $15,000 and his sales were $17,500. At the of the tax year he has stock with a cost value of $10,000 still on hand. He wants your advice as to whether he is carrying on business as a coin dealer/trader?

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The Answer of Bohdan has had an interest in coins all his life and he is very passionate about it. Recently he has started buying and selling coins on a regular basis on the internet. He is keeping records but he estimates that to date he has made a small profit of $2,500 from selling 8 different coins over the last 6 months. His total purchases were $15,000 and his sales were $17,500. At the of the tax year he has stock with a cost value of $10,000 still on hand. He wants your advice as to whether he is carrying on business as a coin dealer/trader?

Bohdan Has Had an Interest in Coins All His Life