Hi My Name is RobertMacP and i want to start buying gold coins or bullion.Mt question is what taxes i would have to pay to start a collection of if anyone has any advice i am willing to listen ..Thank You
If you haven't even started a collection, it's a bit early to start worrying about taxes. You'll pay a sales tax buying from some dealers depending on where you live. When you sell, there is a tax on the gain which some folks here claim is at the regular capital gains rate and others claim is at the collectibles rate. I'm not a tax accountant so I'll leave it to others to argue that one.
Hi Robert, Talk to Illini420 about the taxes part.. But for gold, if you just want gold, go for a Krugerand. Easiest form of gold to buy and it's usually the cheapest.
precious metals are taxed at your ordinary income tax basis no matter the length of time held. the same applies with precious metal securities (ETF's).
There is no tax to have a collection... only a tax to buy and sell. The tax is usual sales tax and usual income tax. (assuming you buy in state and report the sales for income tax.)
Well if you buy bullion and spend more than $1500 you won't pay tax on the purchase at least you don't in Calif.
This might help out on which states tax and when. http://goldismoney.info/forums/archive/index.php/t-286308.html Jim
Do you know how the federal tax is handled? I always thought that the 28% collectible rate applied, but I've also seen folks indicate that the 15% capital gains tax applied.
Nice with a tax issue. I stack silver as a part of a legal tax evasion scheme. Only for EU citizens though.
I find it funny that when you buy you pay a sales tax, and when you sell, you get hit with an income tax. Just wondering if the dealer gets hit with an income tax, and has to pay a sales tax when he buys from an individual? And if not, why are all the taxes heaped onto the collector?
