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No receipts for bullion purchases or gifts. What to do for taxes?
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<p>[QUOTE="medoraman, post: 2964803, member: 26302"]Speak for yourself. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie1" alt=":)" unselectable="on" unselectable="on" /> I am a CPA, and have worked on government panels with the IRS.</p><p><br /></p><p>For purchases, the IRS generally accepts contemporaneous records. So this means document somehow when you purchase something the total cost. Make sure to include fees and shipping as well.</p><p><br /></p><p>Gifts are similar. Document what it ia worth when you receive it. If someone gives you it when its worth $1000 that is one transaction, (taxable to gifter if applicable). Any gain over $1000 is taxable to you, so getting a gift is much like purchasing it at that value.</p><p><br /></p><p>That generally covers it. I agree its smart to worry about it and document it now to save your heirs a headache.[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 2964803, member: 26302"]Speak for yourself. :) I am a CPA, and have worked on government panels with the IRS. For purchases, the IRS generally accepts contemporaneous records. So this means document somehow when you purchase something the total cost. Make sure to include fees and shipping as well. Gifts are similar. Document what it ia worth when you receive it. If someone gives you it when its worth $1000 that is one transaction, (taxable to gifter if applicable). Any gain over $1000 is taxable to you, so getting a gift is much like purchasing it at that value. That generally covers it. I agree its smart to worry about it and document it now to save your heirs a headache.[/QUOTE]
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No receipts for bullion purchases or gifts. What to do for taxes?
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