I went to a dealer today who was offering 4x and 11x for 40% and 90% halves, from what I've seen in other posts, and what I've been offered by other dealers this seems like a fair price. My question is are there any other fees or taxes associated with selling silver?
Not sure on the taxes, Illini420 will have a good answer on that one. But fees vary depending on the buyer.
with 90% silver being worth around 12.7 times face value based on current silver prices, an offer of 11x face is low, but typical of what you'd get from a dealer who is just a middleman who must profit on a sale to another collector/investor. I'm sure there are folks/collectors here that would love to buy your silver directly from you for 11x face right now!!! Might want to try posting what you have on the Open Forum, doesn't cost anything and I'm sure you can do better than 11x face (but it adds some work to list, collect payment, ship, etc.) your tax liability associated with the sale will be primarily based on your purchase price (cost basis) in the silver. generally, you're taxed at 28% of your gain if you report it on your returns.
The main reason I would like to sell to a dealer was to avoid the hassle/fees of selling on ebay. I don't know about reporting it on taxes as it is a small amount, only about 100 40% and 10 90%. How much do you have to sell to be required to report it?
well if you have a gain of only $1 you're supposed to report it. but do folks with small gains always report them voluntarily? no.
