Florida Coin Shop Owner Talks Gold & Taxes | Silver Specials | Must Watch
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- Опубликовано: 2 окт 2024
- Florida Coin Shop Owner Talks Gold & Taxes | Silver Specials | Must Watch #Trending
Serving central Florida for over 8 years, Vermillion Enterprises is Spring Hill, Florida's premier coin shop and gold dealer. Always buying and always selling coins and precious metals like silver, gold, platinum, palladium, and rhodium.
Give Vermillion Enterprises a call at:
(352) 585-9772
Visit our Spring Hill coin shop, located at:
5324 Spring Hill Drive
Spring Hill, Florida 34606
Monday - Friday: 9AM - 4PM EST
Saturday: 9AM - 2PM EST
Sunday: Closed
To learn more about Vermillion Enterprises visit our website at:
vermillion-ent...
Shop our new online coin shop at:
springhillcoin...
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Call the shop to order.
Vermillion is the best dealer in America! Thanks Tim & Brian! Everyone please support!
Thank you for watching, we appreciate it.
Thank you for watching...we appreciate it
Been meaning to. 😮🎉 kinda want em to hold stuff for me if they can. I’d prepay a large portion of it toward it if they can accommodate such. Good luck getting sdbullion ect to do that! The positives of a small business.
Love this shop and the people there. VERY honest business.
Thank you, we appreciate it.
Thank for your industry insights. Also appreciate all the work, time and effort you put into keeping your business up and running. Truly a public service. TCB
Thank you for watching, we appreciate the kind words.
thank you for the tax info! Please continue to inform
You keep watching, we'll keep informing.
good/fair prices
Thanks for the information. I just wish I had that problem lol.
Can you explain the taxation on US gold commemorative coins? Thank you.
I made four separate purchases so far. Great prices! 😊😊😊😊😊
Thank you, we appreciate the business.
Gold goes up 15%, government charges you 45% capital gains tax...
Between premiums and capital gains taxes one needs to make a real profit with there PMs investments or are you like me it is my insurance policy if the dollar is ever devalued.
Quick note. If you inherit coins it falls under the inheritance tax cap and the cost basis for those coins would the price of gold at the time of death. So as long as the estate is under that cap no taxes would be due. (your foreign coin example) As long as the new basis(value at ToD) is the same or more than what you sell it for. Your shop still generates the 1099 in the example you gave but when they file the taxes no taxes would be owed.
great info....unfortunately a lot of these were accumulated/inherited in the 80s and 90s when gold was 300
Brian - this is called the step up basis. @marcus-rm8fw is correct in that your heirs cost basis is the value of the coins at the time of transfer (at death).
Thank you for tax notes! Don't know that I will ever be able to afford that much gold, but adding to my notes to my kids.
Thank you for watching.
Thanks. My overall takeaway from this is making sure I have less than 25 one ounce foreign gold coins to sell. Just speaking for myself, I don't foresee having that problem.
That being said, I prefer Philharmonics and always thought your 1% over spot for the 1 oz. Phil was the best in the business and a great way to acquire sovereign gold coin(s)
at a reasonable price. Loyalty to one's own native country is largely a subjective purchasing decision. I do respect your viewpoint on that part of it.
Thank you for watching.
I know right! Gotta cut all my kilo gold bars in half when I go to sell 🙄🤪🥳 would love to have such “problems” 🎉😂❤
Buy 🇺🇸 agreed!! You compete for customers against big online bullion dealers, are a small business, want local customers yet you drink big corporate Starbucks lol great self awareness guy.
Thanks for sharing information on the sell-side of gold.
Thanks for a great video, but that tax form is BS 😅😅😅😅
100% agree
Thank you for watching.
What are you guys giving away for 10,000 subscribers just kidding
Every president is given the blame, good or bad, as to what happens when they are in office. What most people don't understand is that the president can only propose things. Congress writes the laws, the president can sign them into law or veto them, which Congress can over ride if they have the votes.
Thanks for the info..now I know why you have the stance that you do. I was wondering after your last podcast.
"America...F ya!"
Thank you for the lesson on Maples.... your decisions around them now totally make sense. Take Care.
thank you for watching
What spot price do you use? Kitco ask?
Appreciate the great info!
Is there a such thing as short and long term capital gains with PMs and can you do the same for silver capital gains that are taxable as well.
those are great questions....but would be for a CPA, not sure the difference, I just know what I am required to do on our end....would be interested to know though
@@vermillionenterprises like anything else save your purchase receipts, especially with this somewhat new law on reporting $600 or more in sales or profit that I’m not to sure of. Another thing I noticed on eBay is that graded coins are easier to sell than raw when stating numeric conditions.
@@vermillionenterprises sorry about all these questions on taxes is I’m mostly referring to federal taxes and not state level taxes or even local city taxes.
@@sailfly2869 As far as I know, the $600 threshold was put on the back burner and is not currently applicable.
What is shipping to IN?
Is the size off that computer screen an optical illusion due to the video or is the screen really that wide. If so please tell me the mane of it. It doesn't look like any setup that I have ever seen before..
Thanks
Bob
It is an Omen...it is a large screen
looks like a 17" laptop, maybe a bit bigger
Appreciate your sharing of this information
Thank you for watching.
I may of missed it but how does the tax issue occur with fractional foreign gold? Is it just based on quantity? For example you said for 50 maples. Lets say 100 halves or 500 tenthes. Just curious. Thank you for your content.
Do you have to fill out a form for selling foreign silver?
That's great information. Thanks guys. And for the percentage difference I agree with you. Better off with the buffalo's or eagles.
Thank you for watching.
exactly there i not enough of a delta in the cost to make it worthwhile to buy foreign gold in the long end
So I would sell in smaller amounts to avoid that marker. I'm actually looking at China gold figure they are most likely to be the world's currency by the time I'm gone and my kids are grown. Just my thought on metals going forward and my stacking
Thanks for the everything you guys are the best!!! :)
Thank you for watching, we appreciate the kind words.
Great video and info.
So just sell 24 gold Maples….?
That’s structuring and it’s a felony. You could sell 15 or 20, but exactly 24 is not a good look to rhe FBi if you get flagged for possible structuring and they investigate.
Typically a person is not going to sell 25 gold coins at one time. I would think it so rare that it would hardly be a consideration. Could you not sell 24 coins one day and 24 coins the next without having to file?
You would be surprised how much gold gets sold at once; and that would be structuring... which is a no-no. got to remember a lot of what we see are inheritances that were purchased in the 80s and 90s.
structuring is the legal way to minimise the burden of taxation isn’t it?
What am I missing in terms of gold coins?
@@RKnVa structuring is the illegal way... Fixed it for ya.
@@Nikotromus exactly
@@vermillionenterprises Didn't know that structuring was illegal. I will never have a need to do so but it is good to know.
I appreciate your honesty about why AGE and the tax implications. Thanks
I'll be just as honest as Senators and Congressmen and biden when selling anything!!!
Always great info! Have a great weekend!
One of the best , if not the best coin shop in Florida.
Thank you for not getting political. Enough bullion related channels flap their gums about world events, I just want to hear about the shiny stuff!
Thank you for watching.
🤔 "The worst illiterate is the political illiterate, he doesn't hear, doesn't speak, nor participates in the political events. He doesn't know the cost of life, the price of the bean, of the fish, of the flour, of the rent, of the shoes and of the medicine, all depends on political decisions. The political illiterate is so stupid that he is proud and swells his chest saying that he hates politics. The imbecile doesn't know that, from his political ignorance is born the prostitute, the abandoned child, and the worst thieves of all, the bad politician, corrupted and flunky
of the national and multinational companies."
BERTOLT BRECHT
Thanks.
Thank you for watching.
Thank you for information
Good job thank you
Congrats on 9K.
Rah!
you must be watching Ted Speaks???