Is Gold Taxable? The Truth About Capital Gains Taxes
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- Опубликовано: 30 сен 2024
- Is gold taxable? The short answer is Yes. Both gold and silver (and all precious metals) are considered collectible assets and are taxed on short- and long-term capital gains. This video covers capital gains implications on precious metals in the United States. In normal circumstances, you are required to report sales on your own. There are cases where a 1099-B form is submitted to the IRS on your behalf. I'll run through those cases.
✅This video focuses on federal capital gains tax, not state or municipal sales tax.
😉I also want to be clear that I don't have any gold. Mine was all lost in an unfortunate boating accident.
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NOTE: I am not a tax accountant or financial planner. I'm just a guy on the internet, talking about precious metals. You'll need to consult a tax professional for complete details. Always do your own research before buying or selling gold or silver.
What about the $10,000 thing? Federal law states that businesses need to report cash payments of more than $10,000 to the IRS using a Form 8300. This has nothing to do specifically with precious metals.
This is for buying with cash.
@@matthewcohan3442 right. Like if the LCS buys your gold for cash.
Legally Precious Metals is nothing but a rock. No one pays taxes for rocks they have laying around their property.
Do I get a complimentary 2 is 1 pocket protector after watching this? 😂
No-but seriously, I love 😍 a video post that begins with the phrase, “pop quiz”!
@@theenglishprofessor8411 I really wish I could edit existing videos! I hate going back and seeing the implementation quirks. :)
My gold didn’t gain value
You’re money lost value
“Spot” on!!
That’s why INFLATION Is such a Bitch !!
** and it Raises All Taxes, not to mention Costs.
Burn!!👏🏽👏🏽👏🏽🤷🏽♂️🤣🤣🤣
both can happen
I lost my AR-15 in a Boating accident also!:))))
I didn't. This is America no matter what. I will not play that game with politicians.
I lost my boat in a gold mining accident.
My boat was lost in an unfortunate gold mining accident.
I’m going to have to buy a boat!
@spybotist Do they sell boats there?
Genius!!!!!!!!!!!!!!!!!!!!!!!!!!!!
@@biddydibdab9180 How much capital gains tax do I have to pay to the IRS in the USA if I am mining gold out of the ground as an amateur gold prospector?
Oh that so sad. I mean to lose your boat..... hopefully you had insurance on the boat....
Make taxation theft again
Sorry to hear that such a diligent, honest taxpayer ran into such an expensive and financially costly accident.
There I was, obeying the local nautical laws...
😂
Tax evaders are unpatriotic scum who selfishly refuse to pay their fair share. That's why I have always kept detailed records of all precious metal transactions so I can make sure to pay every penny I owe. Unfortunately, all those records were lost recently in a tragic boating accident :D
Yeah, tell that to all of the illegals in Ca that I pay for daily. I’m with you, but seriously, our money will soon be worthless
FYI, my accountant makes damn sure that I abide by the law.
Not gonna lie.. you had me at the beginning haha
Me too 😅
Me too 😊
Texas law let us pay nothing, love Texas!!
No sales tax here either. Wish that applied to capital gains taxes.
Don't worry. The soy imports from California will soon fix that.
@@gunnargundersen3787 interesting hypothesis. Do you suspect that the California exodus is really just an invasion force trying to undermine Texas conservative base? (I'm in Illinois deep in enemy territory, former California expatriate, hoping Texas stays Red).
@@benmcbroom7134 Nah. They're smart enough to leave a dump. But not smart enough not to stop voting for the same types of idiots who screwed up the place they left believing this time it will be different.
Funny. Texas conservatism is so great that the independent and unregulated electrical grid is working soooo well right now...
Those look like chocolate coins covered in gold foil. I love to eat chocolate coins while boating.
this is really krappy, the deepest part of the deeepest underwater is in the pacific ocean; it is just seven miles underwater . . .
but i lost my stuff in that hidden hole that appears to be about 11 miles deep ...
after all 7 miles is not as bad as 11 miles under water pressure...
man, I had a terrible unfortunate boating accident.... I lost everything... sad
It's a standing thing in the stacking community the number of boating accidents .😜
Epidemic really.
There are a lot of boating accidents with gun owners too. It’s just terrible.
No 1099 from dealer, then nothing to report. IRS is form driven and if you get amnesia and the dealer sent no 1099, then all is well. Just saying. Stealing taxes from my labor wages is enough for me.
A 1099 is only required to be issued to the withholding agent of a non-resident alien’s US sourced income. It has nothing to do with a US citizen’s income ever. Most people haven’t a clue as to the true nature of tax forms, they just assume it applies to them. m.ruclips.net/video/aO7SbdzyIA4/видео.html
@@petersmith4914 I know what your saying, but you cannot educate the issuers of the forms let alone operate in the system unless you want to make a life of legally fighting them all!! Then, you have the judges, tax court and the IRS/DOJ to deal with. Tried it, not worth it financially. Just saying.
No, you don’t. I’ve been income tax free for over 22 years. The first step is understanding the law which why I posted the link.
@@petersmith4914 And no one has ever needed your tax return for a loan? Own a home?
@@Drumbeat52 Some banks require one but most will accept a certified financial statement.
I bought all of my PM’s from the bank, so there is a paper trail, but I don’t have it anymore, I donated it all to the church!
Given that the government is essentially claiming an interest on your asset, you should charge them a storage fee for the asset that they're expecting to realise a profit from once you sell it and they tax you. Ideally the storage fee would be the same amount they were hoping to rob from you, i mean tax you. Of course, then they'll turn around and tax you on that windfall unless you can make holding government items a tax exempt activity.
IRS to me: did you sell any gold at a profit?
Me to the IRS: Cash me outside how bout dat?!?!?
😄
🤣🤣🤣
In the UK, bullion currency such as the Britannia is exempt from capital gains tax, because it's technically money. Surprised that there's something the USA taxes that the UK doesn't, it's usually the other way round.
Capital gains tax, income tax, property tax, sales tax, inheritance tax....they have their hands in nearly everything.
@@sethshaffer8592 in UK we have council tax.
If you spend your eagles at face value, you don't pay capital gains :)
No. The usa taxes gambling winnings and the UK or Australia do not.
@@travis1240 🤣🤣🤣🤣
Thanks for this. It is unbelievable how much misinformation there is on this issue. I tell people who say coins are not taxed, "Do you really think the IRS/Federal Government is going to give up a chance to take money from you?"
Agreed on the misinformation. It's one thing to hear a person suggest they keep things under wraps, but I'm always amazed when people don't seem to know.
You mean currency. The US dollar is currency, not money.
Not with the Inflation Reduction Act's (haha) new 87,000, gun totin', rootin', shootin' IRS agents. To help us in our time of need a) They'll make sure only the wealthiest "Pay their fair share". I mean with the exception of the FFM (First Family Members), we should all "Pay our fair share", right? Thanks to the reduction of inflation, it makes sense to pick up the health care costs and government pensions of 87,000 new hires too ~ can't make this stuff up. I love, love, love the "write off inflation as a loss" comment ~ please get me the name of that account. :)
Thanks for showing us the gold before the boating accident that might happen next Friday!
Yes, just in time!
If my taxed currency is my disposable income, why should what I use it for be taxed.
After all, it is MY disposable income, it wouldn't be taxed again if I didn't spend it.
If I don't use it, I dont want it taxed out of existence by inflation either.
The thing that really gets my ass is that I get income tax on my pay from my regular employment. I buy gold or silver under $1,000 in my state - they take state sales tax. Metals go up so I sell for a profit and the profits are taxed. YUP...TAXED 3 TIMES.
That’s why I don’t own any gold or silver...😈😉
Tax law definitely shows what the Fed thinks of gold "hoarding" or savings in general. Need to spur that economy, not save!
@@2is1gold oh I know it. My fear is that sometime in the near future the government will find a way to keep track of gold/silver purchases or ownership. Maybe with a serial number registration or something along those lines. Because think of all of the money they’re potentially missing out on in taxes. I know an LCS that will not charge sales tax if you pay in cash. And if you use a debit card, he will lower the total because of the sales tax 😉😂. Look at interest rates on savings accounts because of the Fed. I was getting 2% interest on my savings and now it’s 0.6% 🤦🏻♂️. It’s almost useless to save cash...the only reason I have cash are for emergencies and to buy the dip in stocks or metals! 😂 thanks for the video brotha! Looking forward to your next one!
@@ticktology the CML privy marks are unique. If the AGE gets something similar next year, it’s a piece of that potential (tracking) puzzle. Not to spread a conspiracy theory...😁
@Dan Frois and when you 100% pay off your home and land....you don’t own it completely... you are still leasing it from your county.
If you don’t pay your property tax Each year they will place a lien on “your” property and you will make up the payments OR have your property sold out from under YOU at public auction
Guess the Gov likes to charge us for making us FREE
They rob our wealth at every chance they get
@@SilverRipples. oh I know it brotha. It is complete and utter BS. You can never just sit back with your pile of gold inside your “paid off” house, living the American dream. The “American Dream” is greasing Uncle Sam’s palm.
One of reasons having physical gold and silver is to avoid Uncle Sam... probably applies to 99.9% of stackers...
Yep.
No taxation without representation as far as I’m concerned my interest have not been served over the course of my entire life in the United States. Supposedly taxes are also voluntary.
Is there something in your eye 👁 oh never mind your just winking through the whole video
That’s why I like using cash at my good old local coin shop
The guy I sell gold to doesn’t report it unless it’s more than a kilogram
Key word is cap. Sell them in retirement when you have no other income that year and you can pay almost nothing.
I better keep careful records so the tax man gets his fair share. I think I sold my metal at a loss of $1.2 million or so
🤣😂🤣😂 yeah me too!
This video should get some views! :)
Lame topic, but important for people to at least understand the way the tax laws are written. 😉
@@ivangaeta3663 nope! 😄
Ima start dredging lakes. Subscribed!
Ha! Good luck!
Good discussion... always the elephant in the room.
Definitely!
When I died, someone opened my safe without my knowledge and got all my metal. Was it my daughter? Who knows?
It could have been Geraldo.
If you bought a $20. gold eagle for $20. in 1913 wheres the profit? If you sell it for $1800. today the the gold is still worth $20. , why it cost's more it is because the Dollar is worth less than in 1913. wheres the profit??? They don't give us a loss every time they print dollars out of thin air and the Dollar becomes worth less.
good point, the price of gold is just a representative of how weak the dollar has become.
Facts
Render unto Caesar what is Caesars and in good time, God will deal with Caesar.
And by the looks of current events, that day is coming soon enough.
two ways to avoid Capital Gains tax.
1. wait till you are in a lower tax bracket as in retired and pay zero capital gains tax (totally legal)
2.Do all cash deal to private party in person. (Legal, not so much)
those damn boating accidents are really a plage on the silver and gold community
Thanks for the info. I may have a boating incident myself, I'm very clumsy.
It’s amazing how many people watched this video and they don’t even understand the difference between State Sales Tax and Capital Gains Tax. Mamma Mia.
Might be some people skimming! It's not a fun topic! 😂
I understand the difference and it's still wrong to charge taxes on money no matter which jurisdiction collects it. When I say gold and silver are money I'm talking about the fact that the US government puts actual dollar values on these eagles.
US minted LEGAL TENDER.
Hilarious! Hilarious to think people would pay taxes on their gold ! Or pay taxes when giving it to children or when selling it!! Hahahahhaha NEVER! considering I buy gold from a LCS that doesn’t even charge tax! LOL HAHAHHAAH if they can just print 3.5 trillion and quote will cost us nothing... than screw that!
Gold doesn't gain value, it's fiat losing value. What an ounce of gold could purchase 1000 years ago can still be roughly bought with an ounce of gold today.
Less capital gains tax. So it's even less
Ahm thats why you buy it....
Yes, please explain that to the IRS. I don't think they get it.
*I never mess with IRA and taxes . (slowly winks behind camera).*
😄
Sounds like many of you need to be “Florida Stackers”!! No tax here on anything American and only taxes on foreign/generic at 6.5% for less than $500 so any 1/4 oz foreign Gold is tax free at today’s prices. I feel for my brothers in Blue states and other countries with higher taxes :(
No sales tax here either except on "numismatics". I have 4% tax on proof coins at my primary place. No tax at all if I ship to my neighboring state address. I wish that applied to capital gains taxes as well!
So what if you "Gave" the coin to someone, and then they "Gave" it back to you. 😉 Then you sold it right away?
Creative thinking! 😄
Unfortunately, gold is considered a collectable, so even a gold coin "given" to you as a gift, has to be reported as a sale if you sell it. Your basis is whatever he paid for it, or what the person paid for it if he was "given" the coin. So in this case, you still pay tax on the difference between what you paid for the coin and what you sold it for. Here's another kicker. If the SHF and you use your gold coin to barter for something else, if what you receive is worth more than what you paid for the coin, you have to report the difference as barter income on your tax return. Unless there is no more government.
If you're bartering with gold, you'll probably end up getting less than it's worth, @@jerrywalz9056.
What a coincidence I’m taking my gold and guns on a boating trip just before tax day and the Congress gun ban day boooooohahahahaaaa
Why do I feel a little dirty while watching this?
Imagine how the filming went. 🙂
My friend sold some swiss francs back to Apmex. Apmex told him there was no taxes on foreign currency. When I use my metals, it will be mad max, the irs will be a non issue
I always count my gold coins in a V-bottom boat in the middle of the lake.
Lots of people do!
I think you missed the point altogether. The real question is why is gold worth more than its face value. The Constitution says our currency should be based in coin by gold and silver only. So if you think about it a gold coin should be worth its face value. If it appreciates that only means the dollar has depreciated if the dollar has depreciated how did that happen. Inflation is theft. So if anybody is guilty of a crime it is those that are controlling our money system
Best way to buy silver and gold is with cash. Can't trace cash. No one in their own right mind will use a card when buying this stuff. Doing these things "privately" is the only way to go.
LMAO because legally Gold and Silver is taxable but when you deal with physical gold and cash good luck collecting taxes.
Owners of Physical Gold and Physical Silver will be the NEW 1% in the near future.
Be sure to keep your receipts when you buy precious metals.
As a scuba diver, I can think of tons of great places to lose things exactly where you want to lose them. I need to start getting paid to help people lose things.
Just as long as there’s sufficient corroboration that it was lost. 😁
@@2is1gold the client hires me as an underwater search and recovery agent who goes down and verifies that it was lost😉😂 it's perfect
@@ThatCasualZach seems legit! 💯
@@ThatCasualZach you are funny bro! Got mad jokes. 😆
That sounds like a terrible idea lol, comes back and your lockbox is 20 feet under the shifting sandly floor of the lakebed.
lol great video man I was apart of that boating accident with you ! lol Cant believe you dont remember. lol
I think I remember that. It’s hard to recall all the details! 😂
@@2is1gold 😂🤣✊🏻
You just shared priceless info 👌 just sub!!!
Good to hear. Thanks!
In California coins shops, ID is required to purchase or sell, cash or credit card. In other words that transaction is recorded and available for the IRS to see.
I haven’t bought there in over a year. I don’t remember ever showing my ID for a purchase, though. I wonder if that’s new or not enforced/ applied statewide. I bought in Chinatown SF or Long Beach.
@@2is1gold Well, a Coin Shop in Chinatown or one in the more "interesting" areas of Long Beach, would probably not ask for ID. I have a friend that buys at Tung's Gold in LA Chinatown with no ID, but even he admits that its not a safe area and wouldn't go there alone. The more "legit" shops always ask here in Orange County.
I swear I have the worst luck, I've had 3 or 4 boating accidents this week alone and it's not even Tuesday!
If it wasn't for my heavy gun collection, I could have saved my bullion when the boat sank. I have the worst luck. Sniff!! How does one buy bullion anonymously if we have government crypto forced on us?
Side jobs! Will mow lawns for gold!
@Hue Man nah, the government doesn't care enough about a few adults out there buying up some metal.
some times being taxed is the biggest crime of all
something primal about looking at this metal. ill never get how someone would rather have bitcoin.
It does have some kind of magic that draws you in.
In my opinion good to have both but yeah putting all your money into Bitcoin is not a wise decision
You don't understand the allure of 1000% gains huh? Interesting. Well if you want to remain confused so be it.
@@alexisquintero2782 You say it is not wise? What is your reason for that? Because over the life of BTC is has been totally kicking the teeth out of ANY other investment. What is not wise is anybody taking investment advice from older relatives or MSM because they keep telling you NO while they are accumulating.
@@jamesbarrick3403 I didn’t say it hasnt been a good investment, I’m saying it’s looked at as an alternative to gold. That’s like saying Tesla is a better store of wealth than gold because it goes up more. Why not store your wealth in doge coin? It’s been a far better investment than bitcoin over the last few years.
Silver and gold brittanias the national coins are CGT free in the UK
Yeah, I wish we had something like that in the U.S.!
Any good places to buy with crypto?
I have tubes of 2020 britannias but i still dont feel invincible to law changes or even worse confiscation!?
@@Dr.Stackerworry not, metal recall would kinda be a tad powdery sooner or later the way things are going.
You only receive a step up basis if you inherit Precious Metals Via will After the death of the owner. If the owner makes a lifetime gift you do not receive a stepped up basis. Your basis is the same as the basis in the hands of the gifter
keep in mind, it's not what the spot was on the purchase, it is the total. So, if spot was $28 with a $8 premium, your gains will be based on $36 when selling. Also, if you made purchases at several different times, you can choose which receipt to use. Guys, you should be thinking about private sales taking cash anyway. Stop giving up that premium to the dealers.
A private sale has its security issues.
Thats why ive always paid 10x spot for my bullion. Hard to sell for any gains.
Makes perfect sense!
I'm glad I don't own guns or gold or ammo.
Lose them all in a boating accident?
@@2is1gold
Boat's are dangerous
I'm a bit confused.... Buy Gold and Silver with "Cash" sell Gold and Silver and convert back into "Cash". But if you sell a large amount of Gold and Silver at "one time" And you sold to a local dealer ...by law that dealer would be required to fill out a 1099-B on your behalf and send it to the IRS and that alerts the IRS bringing attention to the transaction?
And when tax season comes and you go to do your taxes and file and you don't claim whatever was reported previously on that 1099-B on your end you could be potentially breaking the tax law?
On the flip side if you sold some Gold and Silver to your local dealer but it was under the amount that would trigger the "1099B" then nothing would be reported at all to the IRS until you decide to report yourself at the end of the tax year?
You aren't confused at all. You got it exactly.
@@2is1gold Thank you for giving an educational video on how to properly pay taxes on precious metals. 🤑
@@freedomchannel3656 Thanks for watching!
Do you by chance know the dollar amount on that large amount. Im sure it varies from state to state. Maybe?
Hey, do I understand correctly, that you should report taxes of the bought gold only if you are actally selling it/getting money? Great video, thanks
Yep. You’d only report a gain or loss. Cheers!
Digital Currency will definitely make things quite Sticky, unfortunately.
How can they tax something that is considered money? Are they to tax dollar bills now? 😆
I just searched the taxable information and it states what coins are collectibles and those that are exempt. 5112 USC are the exemptions if I’m reading all the different parts correct.
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Exodus 3:14 (God speaking)
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John 8:58 (Jesus speaking)
Jesus said unto them, Verily, verily, I say unto you, Before Abraham was, I am.
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I and my Father are one.
Isaiah 9:6
For unto us a child is born, unto us a son is given: and the government shall be upon his shoulder and his name shall be called Wonderful, Counsellor, The mighty God, *The everlasting Father,* The Prince of Peace.
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Behold, a virgin shall be with child, and shall bring forth a son, and they shall call his name Emmanuel, which being interpreted is, *God with us.*
John 1:1 & 14
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14 And the Word was made flesh (Lord Jesus), and dwelt among us (and we beheld his glory, the glory as of the only begotten of the Father,) full of grace and truth.
John 8:24 (Jesus speaking)
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John 14:9 (Jesus speaking)
Jesus saith unto him, Have I been so long time with you, and yet hast thou not known me, Philip? he that hath seen me hath seen the Father; and how sayest thou then, Show us the Father?
Hebrews 1:1-3, & 8 (God calls His Son "O God" because Jesus IS God in the flesh)
1 God, who at sundry times and in divers manners spake in time past unto the fathers by the prophets,
2 Hath in these last days spoken unto us by his Son, whom he hath appointed heir of all things, by whom also he made the worlds;
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Titus 2:13
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---
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32 I came not to call the righteous, but sinners to repentance.
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Ephesians 2:8-9
8 For by grace are ye saved through faith and that not of yourselves: it is the gift of God:
9 Not of works, lest any man should boast
Exactly.... that’s why I do not create videos on RUclips .no future tax for watching
Ha! Yeah, I'm a dummy!
I just eat mine. They cant tax s*** (yet)...
Bro..... I've crashed my boat so many times..... May as well call me Gilligan.... Cheers!
You get charged taxes on earn , the currency that you buy the money with then you get charged taxes again when the currency is devalued. Sounds like a scheme to me.
By the time I want to sell any precious metals there will be no government to tax me.
the big fraud is that your marginal tax rate is Lower when you retire....BS unless you didnt plan your retirement properly....mine is Higher!!...
So I work my ads off for a piece of paper that already gets taxed I pay taxes on everything that I buy from food to gas to water ECT... then when I do buy physical gold I end up paying 14 or 20 or 25% over spot price in a volatile Market and if I try to hold on to this gold just in case the paper dollar or petrol dollar crashes I have to pay tax on my physical gold as well ? How in the F$@# is that legal? ... I guess the only long-term asset worth buying our bullets and freeze-dried food at this point... ridiculous!!! I've never really bought gold before and I'm trying to figure out a way that I can at least have something in the future to trade for scraps when Society crashes but instead it's actually going to cost me out the aRss to physically have something I can hold onto and feel comfortable...
The way taxes work is the government wants a cut, every time any value is exchanged. Consider, if you own chickens and you neighbor grows corn. You trade eggs for ears of corn. The IRS wants the "fair market value" of the exchange in taxes.
Moral of the story... don't sell your gold. Instead lose it in a hosting accident 😉
😄
Dude you should have had the Beatles Tax Man song playing in the background.
But I'm sure RUclips may have a issue with copyright infringement.
But maybe if you had your computer on RUclips playing that song it would be ok just as long as we could see it.
All my gold was eaten by my dog signed Epstein's mother.
Or Dave Grohl talking about paying the tax man. 😂
I LIVE IN A STATE THAT YOU DON'T PAY TAXES ON GOLD SILVER ECT.
No sales tax, but capital gains are the same everywhere in the U.S..
would that be a state of poverty , where you have no gold or silver to pay tax on
@@2is1gold I CAME TO FLORIDA FROM THE BRONX.YOU DO NOT HAVE TO PAY TAXES ON SILVER OR GOLD.MAYBE WHEN I SELL.BUT WHEN THAT TIME COME IT WILL BE FOR CASH.SCREW THE GOVERNMENT.I PAID TAXES MY WHOLE LIFE.LOOK HOW THEY ARE TREATING THE PEOPLE OF THIS COUNTRY RIGHT NOW.PEOPLE NEEDED MONEY AND CONGRESS GOES ON BREAK ARE YOU F...... KIDDING ME
There's been an up tic in dirt cheap old boat sales since the posting of this video 🤣
😄
With stocks I would sometimes sell some losers along with winners to offset my capital gains. (Assuming I no longer wanted to own the losing stocks)
It’s a good strategy. You can’t buy back in to the same company after taking a loss, but you can even buy into a similar stock and try again.
How the heck does the KGB...errr IRS know you bought a coin here and there from dealers, then sell privately ?
A lot of this won't matter once they go to a digital dollar. They will be able to track everything. That will not be good.
NEVER deposit ANY cash into your account. As for the IRS................what Gold?.?.?.?😉
Once, I pruned rose bushes, fixed a broken irrigation head, propagated cuttings from pruning- only two people knew...
Simple can be more complex than being open.
Honestly if you can read the words-
Theirs.
Think about that word, theirs...
Is this a treasure map?
The term “person” shall be construed to mean and include an individual, a trust, estate, partnership, association, company or corporation.
Which one of those are you???
Mine was lost in a tragic boat accident too! Someone left a car on a train track the train hit it then derailed and hit my boat pushing it out to sea where it was presumed lost with all my stack onboard of course!
The danger is real! 😂
That's such a tragic story,made me cry....
. With laughter 😂.
as i recall if you buy less than fifteen thousand dollars of precious metal per purchase there is no law that the seller has to report it to anyone that it was sold to you.
You are correct, but the line officially hits at $10,000.
Gold bars are a collectible asset and have serial numbers.
Gold US coins are actually money as described in the US Constitution
You don't pay capital gains on a dollar bill if the dollar appreciates in value. Why would a gold US Coin be any different?
Interesting. It varies from one country to another. In the Czech Republic, gold is classified among tangible assets, and is exempt from VAT upon purchase and sale. Unless you are trading as a company, you are exempt from paying any capital gains taxes. If you are a company and are trading in gold, then you are liable for capital gains taxes.
Here in the UK British coins I.e. Britannia's, sovereign's are VAT exempt and CGT exempt, foreign coins are taxable
@@vids290 foreign gold coins are not taxed in the uk. UK enacted almost the same laws as EU. 22k+ gold has no tax. Additionally UK coins (incl. silver) from UK mint, no capital gains tax in UK.
I'm just guessing here but the government will get you in the end, and that the capital gains tax is not the biggest thing they will get you for when the lose due to inflation 'if you hold for a long period of time' is what ultimately will. If a case of ketchup costs you the same in silver now as it could in the future, I would ask where is your gain?
They’ll get 35% of any gains. NBD.
These laws were written the way they were on purpose, just saying.
So basically i need to make sure to pack my gold next time I go fishing. Thanks.
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Thanks!
If I sell 25 Canadian Silver Maple Leafs who fills out the 1099B the coin dealer or me?
25 Gold Canadian Maple Leafs. Big difference. The dealer has to submit it.
Wish I had known that before I purchased the Canadians. Did it because the premium was lower at the time. Couldn't a dealer fill out a 1099b even if you were not selling 25 coins? Guess you would never know.
@@kurtsindustries6910 the 1099-b won't be submitted if it's not required.
Unless there’s a 1099 involved, the IRS doesn’t know jack
My bullion dealer wants an ID along with cash.Does that leave a record of purchase?
Shouldn’t. Not under $10k.
Dont think so
With me i sell penny stock gains to purchase so they will get me there
I wouldnt report coin sales at all
Depends on your state/municipal laws
You keep talking about boating accidents. The bank of dirt is my depository
Thank you! I'll be sure to destroy that cash receipt.
;-)
That darned gold keeps falling off of every boat that I got onto. 😳