Why buy bars and rounds if you're forced to do "paperwork" now?

Discussion in 'Bullion Investing' started by FryDaddyJr, Nov 2, 2019.

  1. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    You are required to only verify ownership, so just a signature.
     
    FryDaddyJr likes this.
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  3. FryDaddyJr

    FryDaddyJr Junior Member


    I probably won't sell in that high of dollar amount to warrant this. I only plan to sell if I get desperate. or prices go above 1800/30
     
    slackaction1 likes this.
  4. FryDaddyJr

    FryDaddyJr Junior Member


    no need to worry about claiming capital gains? I realize most won't ever bother :)
     
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  5. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    By looking at the video he really doesnt go in to detail what actually would be
    Required, even for such a small amount of bullion.
     
    FryDaddyJr likes this.
  6. Kentucky

    Kentucky Supporter! Supporter

    I was in my LCS yesterday and a lady came in and sold a reasonable sized box of mainly Maple Leaf tubes...I didn't see the amount, but all I saw her do was sign a form and receive the check.
     
    FryDaddyJr and xCoin-Hoarder'92x like this.
  7. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Well-Known Member

    I've rotated rolls of morgans before, never had to mess with papers. Only thing that was involved was a manually written receipt and physical cash.
     
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  8. Kentucky

    Kentucky Supporter! Supporter

    Yup, I've seen the same thing there involving people with bags of 90% silver.
     
    FryDaddyJr and xCoin-Hoarder'92x like this.
  9. myownprivy

    myownprivy Well-Known Member

    What paperwork?

    Depending on the state/city there will be different laws/expectations of the shop. But, it's never really more than looking at/making a copy of your license, getting a receipt showing what you sold and for how much, and possibly having you sign it.

    This is done so the shop has recourse if items are reported stolen. The receipt is for you to prove on your taxes, if you wish, any capital gain or loss.
     
  10. rte

    rte Well-Known Member

    I get thumb printed, show ID and get a picture taken along with recording my license plate number to sell $8 worth of recycled aluminum cans.
     
    Kentucky and -jeffB like this.
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