Next Level: GOLD $1,350.00

now let me ask you this. can bullion coin gain or classic collector's coin gain be offset from stock market lost?.

 

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I'm not totally sure what the question is asking.

 

elaine: do you mean, can you declare a capital gains loss by selling bullion or coins under market value?

 

yes. let's say capital gain from bullion coins or collector's coins. can that offset with share of stock losses under capital gain or loss on the income taxes. or let me put it this way. is there a so call capital gain from sales of bullion coins.

 

I really don't know US tax rules well enough, nor do I keep track of their changes to speak authoritatively on this, but I thought if your coins with PMs could be considered bullion you could benefit from a tax swap because coins are related to a 'hobby' but stocks are not. Anyone else know if this works or used to work? Is is still possible to take a paper loss on coin sales below market value?

 

By trying to setup this policy by 2012, it makes me wonder if the feds know the USD will drop so they are trying to get money every way they can....

Kind of being proactive in taxing us....but not proactive in controlling their own spending....

 

Taking a "paper" loss on a coin seems counterintuitive.

 

Well, I was looking for a loophole to call collectible coins with PM compositions, bullion (viewing coins on paper as all the same, bullion, not unique as collectible coins are) sell them under market value and claim a capital loss. isn't there some way of doing something like this. Like I said I don't know tax lingo well enough to express this, but I thought there was a way some people did this to allow the swap.

 

So you're asking that if you have a capital loss of $5000 on your stock holdings, can you offset that with capital gains of $5000 by sales of your held PM's and collectible coins. Is this what you are asking? If it is, I really do not know the answer.

 

so far. nobody knew the answer.

 

I was trying to find something that illustrated elaine's question above but I think I may be clouding the scenario with my example. apologies.

Now, I looked up some keywords to see if what I thought I was describing was indeed a legit claim, and found this, Precious Metals Tax Swap

Here is another. Are these legitimate?

Does this help elaine's question about taking a capital loss on bullion?

 

time will tell...

 

What time is it?

 

I'm just a businessperson that lets my accountant handle my taxes. If I were you and paid a CPA for tax preparation, I'd ask them. They would most likely know off the top of their head or since it's a slower season for them, they'd be happy to have something to do...

 

japan nikkie down 211 points. gold up in asia. platinum down.

 

gold - $1,244.40/oz.

 

From personal experience, don't know about taking a loss on the bullion, but I DO know that my accountant has told me that it would be a good year to sell some of mine (bullion), a year where the long term gain could be offset by the loss on some real estate that is being 'carried back' (the look back period for the loss is 5 years). Personally, though the prices are certainly high enough on gold and silver, I still hesitate to do so.. May not answer the question of note, but just a comment. Regards.

 

Krispy, when you write, 'under market value', are you meaning, 'less than the price you paid'? Cuz, everything I read (for estate planning, which I am working hard on) places importance on the price originally paid for something, and not market value. This was true for computing the value of 50% of the bullion attributed to my husband at his death, and while I say that, what I really mean is the OTHER 50% is subject to capital gains when I sell it based on the original price we paid and the current value (difference between the 2); the first 50% (attributed to Dave) was "stepped up" in value to the greater of 2 numbers, "date of death value, or value at 6 months after death". While I know this line of question is not about that, I do know that for me I have to remember that I will pay capital gains on two different valuations on my coins. Were I to sell "under market value" makes no difference; it's gain over original price paid or step up valuation. And if I "gift" it to anyone, exceeding a certain amount (11k)(I think) then there's gift tax they have to pay, based on current value. And I could go on about other stipulations, and whew! do I hate learning all of this! And did I mention that one is only allowed to give away a certain amount of their holdings, and after that number (quite high now but coming down) I STILL have to pay the tax on it. Off topic? Sorry..

 

gold high - $1,246.70/oz.
silver high - $18.83/oz.

 

CURRENTLY: In EU/UK markets...

GOLD: $1,245.10
Silver: $18.77

Platinum: $1545
Palladium: $461

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