Do you have to pay taxes on your bullion?

Discussion in 'Bullion Investing' started by SCFY, Jul 2, 2013.

  1. SCFY

    SCFY Active Member

    I know that I saw something on youtube about paying taxes on foreign bullion if you own more then a certain amount, the question is if that's true, and what about bullion from the US, do you have to pay taxes on your bullion when you cash it out, same with a IRA?
     
    SCFY, Jul 2, 2013
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  3. mikem2000

    mikem2000 Lost Cause

    Only if you realize a gain. If you sell and are underwater, you can write off the loss with some limitations.
     
    mikem2000, Jul 2, 2013
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  4. SCFY

    SCFY Active Member

    :dead-horse:
     
    SCFY, Jul 2, 2013
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  5. SCFY

    SCFY Active Member

    Thanks mike
     
    SCFY, Jul 2, 2013
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  6. FryDaddyJr

    FryDaddyJr Junior Member

    you should go check out goldismoney2.com. more bullion info there
     
    FryDaddyJr, Jul 2, 2013
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  7. SCFY

    SCFY Active Member

    Thx for the link
     
    SCFY, Jul 2, 2013
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  8. quartertapper

    quartertapper Numismatist

    My advice is to save your receipts from the time of purchase. It will save a whole lot of hassle when it comes time to report.
     
    quartertapper, Jul 3, 2013
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