I haven't had much luck with my searching and researching, so let me ask here. Suppose I want to sell some double eagles and anticipate a substantial capital gain. I don't know how to pay tax due to the IRS other than when I file in 2022. They seem to have all kinds of forms and instructions for people that receive regular income without tax withheld, but nothing for a single non-recurring transaction. Would be nice if they had a 1040-V for the current year, but that would be too creative. My sale will likely not generate a five-digit capital gain, but I would like to avoid any fees when I file in 2022. Am I overthinking this? No big deal if I have to pay a few bucks in late fees in 2022 and maybe be requested to send in a quarterly 1040-ES in 2022 for gains that I will NOT receive? Any advice on what you think I should do? Thanks.
Not a problem. Yu can use the 1040ES, I attached a link. If it occurs this quarter [by August 31st] use voucher #3, on page #11. Just fill in the info and cut it out of the page. 3rd quarter is due by September 15th. If the transaction is after August 31st, use the 4th quarter voucher, Due January 15th ... 2022.
I have questions: How is the capital gains calculated? What was the cost of acquisition? Was there any insurance, say. HO4 homeowners policy where the pieces were listed? Do you file Schedule C? I recall you recently had intended to set up at a coin show, I assume to buy and sell. Is this inventory, that would have been offered for sale? Is the collectible (numismatic) value greater than the PM value? Are you in an economic position and family position that can take advantage of gifting? I have other questions, depending on answers, but these are a starting point to contemplate. No reason to answer me, or to answer anybody here. Just some things that you may want to consider.
Do what everyone else does...trade them for cheap house cleaning, child care, and lawn care services...illegal aliens don't file income tax returns. After the coins are all gone, report the burglary, collect the insurance, and do it all over again.
What capital gains? acquisition cost surely were more than sell amounts...no one ever made a profit on coins or bullion. You know I've never heard of this. Is there an more interesting story that goes with? I know of one similar story.
Thanks for the advice and the questions I should be asking myself. Likely I'll go the 1040-ES route when I liquidate. BTW, I didn't do the coin show in Virginia in part because I didn't want to deal with the sales tax questions. But I still plan on selling at a show in a state with no sales tax. For the curious, the coins I'm talking about are actually one oz. gold eagles. Probably will sell them back to the same firm I bought them from.
