If i sell alot of gold or silver say $10,000 worth do do get taxed on that? is there an amount that is taboo to go over? Or is all of it taxed/untaxed?
Technically any gain you make should be reported to the IRS and subject to income tax. Always has been that way. The $10,000 limit makes the transaction reportable if in cash.
Coins (precious metal or not), and precious metal are subject to a special type of 28% "collectible" tax. Look at Schedule D for more information. If you were to sell you coins to a dealer I can't say if you would get cash. I am sure that if it is a large enough amount they might be willing to do a wire transfer. I would have no problem taking a business check from an established dealer that had been in business for a while and had a good BBB rating. If you're trying to avoid capital gains taxes I don't think I would ask to be paid in cash because then the IRS will know that you got paid for something. You're post is touching on two issues, money laundering and taxes. I can go to the bank and withdrawl cash anytime even if it is over $10000 and not be subject to taxes.
Coins and precious metals are taxed as collectibles. Take a look at Schedule D sometime. http://www.irs.gov/pub/irs-pdf/f1040sd.pdf The $10000 rule is something totally different. However if a form 8300 is filed the IRS is going to know you made money doing something. http://www.irs.gov/businesses/small/article/0,,id=148821,00.html
I only asked because i care about our goverment and would never want to cheat them out of what they have earned. They done such a great job with the money ive given them so far,why yes 28% more seems fair. Thanks for the help.
So I wonder how I'll do it if I ever go to sell off all my Silver??? I've been buying a little here and there for the last 10 years so, I've accumulated a few ounces.... However, the thought of selling it had never crossed my mind till now... How would I prove what I paid for it, to prove what I pay taxes on??? I mean say I bought at 10 and sold for 60 that would be a 50.00 proffit 30 and sold for 60 that would be a 30.00 proffit I took a few bucks cash out each week, whatever I thought I could spare and bought Silver, but I have no receipts or paperwork to prove it... So if I sell, do they just take 28% of the sale price???
I plan on giving all my profits to the goverment,i just want my stash to grow alittle bit more b4 i do.
i have some tenth ouncers,either way u loose? They cost more 2 buy and you get less when you trade them in. Dont get me wrong,i love them along w/the 1/4 oz are my favorits.
Well Gold is kind of the Doomsday investment. I'd want my Gold in tenth ounces if it hits 10k per oz in 10 years ( at which point the economy will have collapsed). I'm sure ten tenths cost more than one ounce, but they should sell for more as well.
The only advantage I see to the smaller sizes like 10ths is they will be easier to sell/trade in a doomsday or some goofy situation... I would rather whip out a 10 spot or a 20 spot than a 100 or a 1000 to buy bread or something small with....
Well that's basically why you'd buy gold bullion in the first place....you think the dollar falls in relation to gold in the future, right ! Now you can't tax this stuff, IMO....therefore keep it small to " eliminate" taxes, 28% would be a killer. My ( honest) local dealer has these price spreads as of a few minutes ago with spot Gold at $1389 1 ounce eagles buy $1406 sell $ 1469 tenth ounce AGE's buy $140.60 sell $ 155.25 He doesn't do much in tenths, so he charges 5.68 % more. I think at some point the tenths will carry a premium. I'd sure want it small if the shvt hits the fan blades....and that's why we buy Gold, eh ? I'm sure better prices could be negotiated on large volume purchases...but my whole purpose would to structure it into small purchases so Uncle Sam can go **********. Small is the way to go. Storage isn't much of an issue with Gold, so tenths in tubes or whatever might take up more room, but less room if loose in theory. A small S/D box at the bank full of Gold would be worth a lot of money since you could hold $30k in gold in the palm of your hand easily enough. I could see stuffing a million + in a S/D box...it would be awfully heavy !
Doug i like ur thinking and agree! My guess is you have some 223&12ga ammo around the house too? I DO!!!!! well and some 357,45acp as well Lol
5.56, 7.62x39, .40, .45, 9mm, .308, .22 and some 12 ga and .410 In order of qty and often used.... I try to shoot twice a month... But with ammo prices I've been cutting down on rounds used each trip...
No, You are DEAD wrong ! I don't even own a cap pistol. I sold my antique pellet gun at a swapmeet last year. I've never owned a handgun, never a rifle over a .22 calibre co2 pellet gun...I could get a pistol permit, no felony convictions, not even a parking ticket in over 7 years... I'm really clean now.... absolute zero on me , within the " Statue of limitations" , LOL !
The only reason to buy Gold is a lack of confidence in the USD ! I've authored a lot of stuff on this issue ( elsewhere), Gold isn't that useful, I prefer Silver to get closer to the historical 16:1 ratio....or Platinum, it's COOLER than Gold, and rarer and more useful. I do see potential hyper-inflation coming
