Cashing out your bullion when its time, tax question ?

So what's the maggilla?

 

Log in or Sign up to hide this ad.

You would have to pay taxes on income portion. Gift to $14000 untaxable. If it raised in value, and she cashes, that portion will be taxable.

 

The gift limit of $14K does not apply to a spouse. Gifts to spouses are unlimited.

I'd like to stress that the gift tax and the income tax are two entirely different things and one has nothing to do with the other.

 

Okay, time for a divorce and cohabitation.

 

green18 said: ↑
Gifts to the kids don't count?

Yes, they count too. Sorry, I didn't make that clear.

 

Theys ain't sellin' and they's ain't tellin'.........

 

You devil!

 

Suddenly.....burying your stash, wearing a tin foil hat, and sunglasses seems to make sense....

 

Thanks for the clarification

 

Why would you pay taxes ? Whatever I sold it for that's what I bought it for. I always break even. Prove otherwise.

 

Haha. Yes that made me laugh. This thread has me confused. Most here are into silver. Selling over 10 k at one time would be like 600 ounces. Would an LCS even want that much ? Could you even lug it in ? Why not just sell $7500 at a time. Is this thread a joke ?

 

*You* have to prove otherwise.
Otherwise the IRS will default to what benefits them the best in calculations.

 

I have sold plenty of silver and gold over the years. Never paid taxes. If this was accurate we would have to be given receipts at purchase to establish that we paid XXXX for it. I have had many places buy from me without requiring ID. The ones that do do so just in case it turns out to be fake or stolen, to protect themselves. Yes I realize if you find a $10 bill on the ground the govt wants their cut but when you don't report it ain't nothing gonna happen. Same with PM if you wanna report $5 k profit sure they will take 28% but don't think you have to. There is a reason is perfectly legal to buy and sell PM With no documentation.

 

Nothing is private on the internet. Big Brother knows everything. Expect a call soon.

 

Bragging online about breaking the law. Always a special kind of clever.

 

He'll wake up one morn with little black helos hovering around his abode.

 

That's not how the IRS operates. They're more likely to seize his bank account, garnish his paycheck or put a padlock on his business. This stuff ain't a game to them.

 

i

Unless a payment to you is reported to the IRS, you will never hear from them. They don't go looking for things to do. They don't have the time, or money to pursue such things.....Except if they find a special circumstance or high dollar case.

So you can go thru life collecting your profit, as long as the person or business doesn't send notification to IRS. The IRS has no way of knowing. And they aren't sneaking around watching everyone.

Even if you are reported to CI (Criminal Investigation) there will have to be a certain dollar tolerance for the area to be worth looking at. With that being said, they will look for work during slack times.

You will have plenty of notice to pay the extra taxes on the extra income, including penalties/interest before they levy bank accounts/wages, or seize other assets like personal property or businesses.They can shorten the process up if they think they are in jeopardy of loosing the chance at your assets. Otherwise it takes months to go thru the cycles of notices before they can get your goodies.

 

Or, to summarize:

You can probably get away with evading taxes on your small-time bullion sales. And even if you don't, you'll probably only be on the hook for back taxes plus penalties, plus the time and headache of going through the audit process.

If you want to get away with something, it's pretty stupid to brag about it online.

Posting claims that it's legal to evade taxes, though -- that's going beyond "stupid" and well into "cut that out", because if someone is foolish enough to believe you, you could be getting them into trouble. Trouble with the IRS.

So, is that what you want to do for a hobby? Coax people into doing stuff that can bring the IRS down on them?