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<p>[QUOTE="tradernick, post: 17739, member: 648"]When you BUY them, keep the receipt. When you SELL them, the difference in the sale price and the price you paid will be your profit (or loss). As a dealer I've seen lots of people over the years who claim they write off bullion losses as a bad investment. After all, if it were shares of stock and you lost money you'd write it off as a loss, correct? And if you made a profit that would be reportable as income, correct?</p><p>Same thing. </p><p>Don't get confused between INCOME TAX from profits and SALES TAX, which differs from state to state. In Florida there's no sales tax on U.S. coins anymore so Eagles aren't taxable since they're legal tender and created by the U.S. Mint.</p><p>Another thing to remember is that certain bullion transactions are reportable to authorities simply because Uncle Sam wants to track large sales of Krugerrands, gold/silver bars, etc. I strongly urge you to learn these laws and follow them. Federal entanglements regarding bullion and large cash transactions aren't usually happy encounters.</p><p>Nick[/QUOTE]</p><p><br /></p>
[QUOTE="tradernick, post: 17739, member: 648"]When you BUY them, keep the receipt. When you SELL them, the difference in the sale price and the price you paid will be your profit (or loss). As a dealer I've seen lots of people over the years who claim they write off bullion losses as a bad investment. After all, if it were shares of stock and you lost money you'd write it off as a loss, correct? And if you made a profit that would be reportable as income, correct? Same thing. Don't get confused between INCOME TAX from profits and SALES TAX, which differs from state to state. In Florida there's no sales tax on U.S. coins anymore so Eagles aren't taxable since they're legal tender and created by the U.S. Mint. Another thing to remember is that certain bullion transactions are reportable to authorities simply because Uncle Sam wants to track large sales of Krugerrands, gold/silver bars, etc. I strongly urge you to learn these laws and follow them. Federal entanglements regarding bullion and large cash transactions aren't usually happy encounters. Nick[/QUOTE]
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