Anyone ever sold any gold or silver in to a refinery? What kind of taxes are involved

Discussion in 'Bullion Investing' started by luke2012, Feb 4, 2012.

  1. luke2012

    luke2012 New Member

    I am thinking about sending some silver into a refinery but im not sure what sort of taxes are involved.
     
    luke2012, Feb 4, 2012
    #1 + Quote Reply
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. zach67005

    zach67005 Active Member

    Bad idea, they pay 75-90% of spot. Sell it here for at or slightly under with no fees, or eBay for usually over spot & 10-12% fees.
     
    zach67005, Feb 4, 2012
    #2 + Quote Reply
  4. fretboard

    fretboard Defender of Old Coinage!

    Yeah that's one way to get low balled to no end. Only rich people and coin shops sell to smelters. My guess is you're concerned about a 1099. If it's a few hundred bucks I wouldn't even worry about it but that's me. In fact, I wouldn't even worry about, never mind. :D

    http://www.irs.gov/pub/irs-pdf/f1099msc.pdf
     
    fretboard, Feb 4, 2012
    #3 + Quote Reply
Draft saved Draft deleted

Share This Page