capital gain tax for precious metal

Discussion in 'Bullion Investing' started by Kevin wu, Jan 4, 2020.

  1. Kevin wu

    Kevin wu Well-Known Member

    Hi everyone , i know Florida is income tax free State , so if I move to Florida becomes Florida resident and sell my precious metals is that means I don't need pay capital gain tax ?
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  3. -jeffB

    -jeffB Greshams LEO Supporter

    Maybe you don't have to pay state capital gains, but you still owe Federal capital gains.
    TopcatCoin and imrich like this.
  4. thomas mozzillo

    thomas mozzillo Well-Known Member

    I'm not a Florida resident but I was told they have a Portfolio Tax. Don't know if your PM investments fall under it.
  5. Kevin wu

    Kevin wu Well-Known Member

    Ye I guess .
  6. -jeffB

    -jeffB Greshams LEO Supporter

    Where the IRS is involved, talking to a CPA and/or an attorney is much better than guessing. ;)
    Troodon likes this.
  7. Kevin wu

    Kevin wu Well-Known Member

    nah i just want see if i want to move to lower tax state befor i sell my PM .
  8. Paul M.

    Paul M. Well-Known Member

  9. crazyd

    crazyd Active Member

    I live in a state .......of denial about declaring gains on PM - ever.
    yakpoo likes this.
  10. yakpoo

    yakpoo Member

    I hope this is "on-topic" and "non-political"...something I've been thinking about...

    The Constitution says the Congress has the right to "coin money and set the value thereof".

    Money "used" to be tied to a gold exchange rate being set by Congress. Over the years, the relationship of the Dollar to gold or silver has changed from time to time. Some coins used "arrows" to signify a different weight. In 1933, gold was even confiscated prior to a revaluation of the gold standard.

    In each case, the revaluation of money only affected "new" money. Money that had already been issued retained it's "at issue" value.

    Today, currency (old and new) is revalued daily as the Fed manipulates the money supply. This dynamic devaluation of the Dollar over time (inflation) creates an artificial capital gain (in Dollar terms)...which is a wealth tax.

    I sometimes wonder how this is even Constitutional.
    Kevin wu likes this.
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