if i were to sell 20-30K in metal - tax consequences?

totally hypothetical question.

what if i go to sell 25K of metal to apmex, do they withold, do they report, do i report? ive never sold anything yet but just need to know what to do if and when i do sell.

 

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Simply as a matter to let you knwo what is going on, not to help you do anything illegal, I will say corporations purchasing records are MUCH more accessible to any governmental agencies, and they are by law required to keep detailed records of purchases. A non corporate entity, (such as say a dealer at a coin show), it NOT currently required to keep such records, and their records are not as accessible.

So, you tell me who you would rather sell to?

 

Brillant answer to a question that could have so many possible different answers.

 

this is why i ask because i pretty much know nothing about it. i had an inkling that if i sell small amounts on ebay that there wont be any reporting but im just wondering how to unload a large chunk of metal like 30K.

 

Paypal is required to report over 20k starting this year I believe....

 

I am thinking about selling $10k but as far as I know there are no reporting requirements (assuming the 1099 law doesn't take affect next year) unless payment is made in cash. I do agree with the argument of a large corporation being forced to turn over records.

 

You sicken me!! The very fact that you have 25K in PMs means that money should rightfully go, 100%, to the general fund to help those less advantaged...shame on you!

(you know I'm kidding...right? )

 

:too-funny:

 

Never file your taxes on April 1st.

If I swap my steelies for Catseyes, which form do I need to fill out?

 

Very much agreed Doug, if the IRS catchese you instead of you going to them, they get (rightfully) quite "unreasonable". I never meant my post to tell someone what to do vis'a'vie taxes, since simple privacy and lack of government oversight has a value as well.

I have always posted here all coin collectors technically owe capital gains on all of their profits, just make sure you keep your records and claim your offsetting losses as well.

 

i never meant this thread to be about dodging taxes, sorry if it has been construed in that way. i was told that pms are catagorized as collectables and are subject to 28% capital gains tax, is this true?

 

And while we're asking about tax law, that 28% is a cap, right? In other words, if you're in the 25% marginal bracket, you'd only be taxed at 25%, not 28%. (Newbie question, but I've successfully delegated tax prep to my wife for many years now...!)

 

I just sold a few thousand in silver and had to pay no taxes on it, but then I took it as store credit at a higher rate of exchange and ended up spending it all the same day on other coins anyways. If you want cash I don't see any way around not filling out tax forms.
Guy

 

If Utah makes Gold (and hopefully Silver) legal tender, you'll be able to sell as much as you want tax free!

 

This country was founded by people who didn't want to pay taxes. Since there is so much waste in government (and was back then) how long do you think it will take before we get back to where we started? (openly resisting and refusing to pay taxes).

 

:secret: (Pssst...we're already there!)

 

Well, this woul depend in the transaction, type of coins, type of bullion, etc whether this would be a like kind exchange. I could see most accountants arguing for a like kind exchange there. Farmland can be like kinded versus an apartment building, I have seen the rulings. If he exchanged bars for junk silver, or junk silver coins for better coins, I would argue like kind exchange.

Chris, (CPA for 20 years).