https://ttlc.intuit.com/community/taxes/discussion/is-there-any-tax-due-on-the-capital-gains-of-selling-a-collectible-coin-on-behalf-of-a-relative-who/01/216692#M89124 <P>If no taxes are dues, are there still tax forms required to be filed?</P><P>What's the proper way to sell on behalf of the relative? must get power of attorney?</P> Sat, 01 Jun 2019 18:27:03 GMT ialkeilani 2019-06-01T18:27:03Z https://ttlc.intuit.com/community/taxes/discussion/is-there-any-tax-due-on-the-capital-gains-of-selling-a-collectible-coin-on-behalf-of-a-relative-who/01/216692#M89124 <P>If no taxes are dues, are there still tax forms required to be filed?</P><P>What's the proper way to sell on behalf of the relative? must get power of attorney?</P> Sat, 01 Jun 2019 18:27:03 GMT https://ttlc.intuit.com/community/taxes/discussion/is-there-any-tax-due-on-the-capital-gains-of-selling-a-collectible-coin-on-behalf-of-a-relative-who/01/216692#M89124 ialkeilani 2019-06-01T18:27:03Z https://ttlc.intuit.com/community/taxes/discussion/assuming-that-a-you-are-only-acting-as-an-agent-i-e/01/216702#M89129 <P>Assuming that&nbsp;&nbsp; (a) you are&nbsp; only acting as an agent&nbsp; i.e. you facilitate the&nbsp; exchange of&nbsp; money for the&nbsp; items and have no personal interest or gain from the transaction(s); (b) the&nbsp; exchange/ transaction&nbsp;will occur in the USA; (c)&nbsp; you are doing this as a hobby ; (d) the&nbsp; articles have been brought into the country legally -----&gt; generally IRS will view this as&nbsp; US sourced income acquired by&nbsp; a Non-Resident Alien. Thus&nbsp; the&nbsp; owner will have to file a form 1040-NR ( not supported by&nbsp; TurboTax ).&nbsp; It may be simpler for the person to give these to you as gift ( along with the&nbsp; basis of the donor -- if it is worth more&nbsp; $100,000 , you may have to file form 3520 - declaration of&nbsp; gift from a foreign person ) , and then you sell the&nbsp; items , report the capital gains on form 1040 ( supported by TurboTax),&nbsp; the&nbsp; foreign person then compensates you for the&nbsp; taxes you paid.&nbsp; Note that in the first&nbsp; scenario -- your acting only as a go-in-between,&nbsp; there is a flat 30% tax on net income whereas in the second scenario ( gift to you for subsequent disposition ) the gain is&nbsp; treated as capital gain at your rate.&nbsp; There are quite a few complications when you act as an agent&nbsp; for a foreign person --- you need to withhold the taxes and also file&nbsp; form 1042 .&nbsp; Suggest you see a professional before take this step.</P> Sat, 01 Jun 2019 18:27:04 GMT https://ttlc.intuit.com/community/taxes/discussion/assuming-that-a-you-are-only-acting-as-an-agent-i-e/01/216702#M89129 pk 2019-06-01T18:27:04Z