I have heard that after the first of the year PM will be taxed on any amount over $600 when selling,is this true? If so would it then make sense to buy smaller gold coins because on resale you wont be taxed? Yes you pay more up front but it seems that either you pay,weather its more to begain with or take less when you sale? Any thoughts?
No, that is not true. The tentative date for the tax you note starting is 01/01/2012. Many are trying to get it repealed. It would not apply on collector-to-collector transactions either. 1/10oz gold pieces often have high premiums, but I'm with you on 1/4oz pieces. 1/4oz is a good size for gold.
The capital gains tax on profits (28% on collectibles, which include coins) has been in place for some time. What is set to change is reporting transactions of $600 and higher (cumulative for the year).
thankyou for clearing some of the fog out of this issue. Like many here (not all) i like the small gold coins,silver is my first love,but the yellow metal has its place in my safe too. I only wish the goverment would let me keep more of MY MONEY so i could buy more of it!
