This guy works for the IRS. LOL. No Way In HELL are we paying taxes on Gold sales after 1 year of ownership. Capital Gains? LOL. No, it is a hedge against the government's imposed inflation. We are ONLY protecting the value of the dollars we put into the gold. Each dollar buys less and less every year, but if we put it in gold those dollars keep up with inflation and our purchasing power does not diminish.
Your heirs can thank you in person if you give them some every year, perhaps at Christmas for example. I think gifts are tax free for the first $12 million or so. I am only qualified to make comments on UA-cam, not to be taken as tax advice. Also, laws can change, so it’s always a good idea to get professional advice.
I lost it during a scuba diving trip. I have separation anxiety so my family and bank account came along. I petted a blue fish. It was amazing. I also lost all my investments. 😢
Not really, there are many countries with lower taxes better than usa or Canada like Malaysia, Arabs emirates costa rica, Saudita arabia, etc., a lot of those high tax countries are just legacy brands and now look closer to comnunist/fascist countries
@@OanaTheMeerkat Economic uncertainty; central bank gold purchasing; geopolitical uncertainty; and "sticky" inflation will lead to strong gold performance in 2025.
@@audiophileman7047 Not to mention that the world is awash in sovereign, corporate, and personal debt... and there is no good solution to this problem.
Boy, I look forward to getting the report from the IRS on the 200+ billion that was sent over seas this past year… can’t wait to see what they got and how much they owe me
@@fgb3126 same in Poland, but on the other hand silver will be taxed 24% and all other gains from cryptocurrency, through bonds to stocks are taxed 19%, gold is a weird asset in EU
I love gold because it's always there when you need it the most and never let's you down. Kinda like having a pet that loves you unconditionally and is always by your side.
This is a big deal for a lot of Americans. I've heard stories for years of Americans who own more than 25 Maples or Krugerrands and went to a dealer looking to sell and passed because of the close scrutiny they'd be under. Self reporting has got to be a huge win for them. I myself know one guy in the US who owns well more than 25 Krugerrands. This means that when he wants to sell the coins he put away back in the early 2000s he won't be under the microscope in nearly the same way. Thanks for posting the facts on this. I feel like there's a lot of confusion out there about this
Yeah, you nailed it. The 1099-b was meant to be reported for the sale of stocks, commodities, regulated futures contracts, etc.. Not for the sale of unregulated retail purchases. Lining those up introduces all kinds of possible issues, and it was never intended to work that way. That's why so many people tried to avoid a sale like that. Cheers!
True, but then, there is still that $10k reporting limit on suspicious banking deposits and withdrawals. In this day and age, that should have been indexed to inflation but if not that, then a $100k limit would be more reasonable. One can't even get a crummy 2nd hand car these days for $10k.
Not so in the UK !!! Capital gains tax is not payable on gold coins of the realm. In other words if the Queens Head or now the King's Head are on the coin, they are regarded as legal tender and capital gains tax exempt. The same applies for silver coins . Gold bars and silver bars are liable for capital gains tax should you make a gain when or if you sell. You can always just sit tight and watch your investment climb in value which I believe the climb has just started and there's more to come.
Its exactly how it works. You only pay taxes on government (public) benefits and privileges (obtaining a SSN, drivers license, utilizing federal reserve notes). These constitute participation in interstate commerce, where the legislative branch has complete power. You’re paying a fee for transactions they make possible.
Ask your tax preparer, but it appears to be a capital loss, like any other. IF you can document purchase and sale transactions. I think capital losses are still limited to $3K/year, and allowed to be carried into future years 3K at a time.
So do you have to record the purchase price of every piece of metal you buy? I have a spreadsheet where I track my gold but what if someone doesn’t record it?
More and more states are repealing the sales taxes on precious metals, with my state Wisconsin being the latest one. I can now take advantage of the deals from online vendors without being charged sales tax. Keeping the transactions under 10K is no problem for me since I don't have 10K to spend on metals on any given purchase anyway. As far as selling goes, I'll cross that bridge when I get there.
I suppose ‘know your enemy’, can have two meanings: one tactical, and the other referring to how enemies can be so deceptive that they remain unseen until it’s too late.
Curious to know, what if you bought gold ounces at $1500, but used them today to buy that BOAT valued at say, $15,000. So the gold has appreciated, but never exchanged for dollars.
I don't know about your state, but if the boat needs to be licensed/registered with the state I think a value has to be stated on the boat ownership transfer paperwork, so the imputed sale price of the gold is derived therefrom....etc
a CPA told me the tax code is 75,000 pages long..no one really knows what the laws are..If you call the IRS for answers they tell you don't hold us to the answer. one could argue taxing income is slavery..( taking the fruits of your time and labor ) ug
I sold a quantum of Silver at $34/oz … perfect timing. I still have a bunch, of course, but it was definitely time to sell some. The real winning strategy is to collect on both ends … trade the digital asset and take profits in the underlying physical. Alas, I bought most of my stock as a CDA project long before I learned to trade, which has only made my hindsight even sharper. Anyways, it was an obvious top in the metals, and I’ve been calling out the downside targets ever since. Gold is too expensive to stack casually, and Silver has reached the price it had when I started buying in 2011, so I’m pretty much done buying with sweat equity. The metals are a great to “spend” trading profits, but gone are the days of DCA. Anyways, here’s wishing you and yours a HAPPY NEW YEAR, AND A PROSPEROUS 2025.
Buying phisical gold to sell some time after based on a recent rally is not very smart. The physical has to remain for long run only to sell in very special cases. For buying selling purposes it is as easy and cheaper as buying etfs. Premiums on physical is around 3-7% and then there are additional costs on transportation and depending on the amount, storage. With a 5% of premium you can hold an etf for 10 years... I have never sold, in my whole life, a gold coin/Ingot for Fiat money... Only consider that for 'emergency case'... Fiat is easy to spend in 'stupidities'...
2/1, thank you for this video. It is so important to know the IRS tax implications when you go and sell your precious metals, and many of us are unsure of the exact tax code when it comes to precious metals. This video was enormously helpful and extremely informative. My current plan is to hold onto my metals and pass them to my children, so in theory for me, the capital gains shouldn’t be an issue. However, we all know that life doesn’t go as planned, so knowing how to deal with the tax issues just in case they come into play is crucial. Take home message: keep stacking and keep receipts if you can, so that you can know ahead of time what the damage will be. Hopefully, no matter what your set of circumstances are or future financial planning and allocations to to your portfolio may become, you’ll be well prepared and ahead of the game so that you don’t get caught short. Outstanding video sir, please keep them coming. We need more videos like these.
Do you know about taxes and precious metals IRAs? I know that when i do a "distribution" (have the IRA send me the actual PMs from the vault) its taxed as income (im 65), regardless of what i paid. But what happens when i go to sell that? Surely i dont pay taxes twice! So is my basis for cap gains calculated from the value at distribution?
Tax implications and precious metals...who knew : ) Very well explained actually, appreciate ya! Happy New Year! All my gold on the last family cruise went off the deck.....awful!
You can safely assume that any purchases or sales you have made where the transaction ran through your bank account are known to the IRS, likewise any online transactions (buying or selling) that you have done too. They will expect you to be able to account for what has become of those metals and report any capital gain on them whenever you do sell. Smaller (sub $10,000 per day) transactions through a LCS are pretty much the only way to go for more personal privacy.
The downsides in dealing exclusively with LCS's are that you don't get the deals or the selection the online shops have to offer. Also, some LCS's pay with checks which are still traceable thus defeating the purpose of privacy. If you're going to give me a check then I might as well just shop the online stores and get the better pricing.
In the UK, if its a British coin, there are no sales tax, as its a currency. Same as silver. But Bars and foreign coins will be taxed if you go over the capital gains tax limit. Gold is tax free to buy too. Silver has 20% tax. Second hand silver does not.
For stackers the tax reporting requirement clarification changes little as far as selling goes as avoiding the 1099-B was easy enough... but it definitely changes what you should pay when buying... There is now no real reason to buy AGEs for a higher premium than any other foreign gold coin and as far as ASEs are concerned, there is no reason whatsoever to buy them at current prices especially given the fact that they now tend to milk spot which sends the cash paid for their outrageous premium straight to money heaven...
In the UK we have capital gains tax - but not for gold & silver UK coins because they are legal tender coins of the Royal Mint. Gold bars are capital gains taxed - but not gold coins. Worth remembering. We also have VAT on silver - but not gold.
'SELL' is a four letter word. And what exactly are you going to sell into? Dollars? Euros? Rupiis? Rubles? Treasuries? Tesla stock? Overpriced real estate?
Both are mentioned in the constitution. Tax on such is unconstitutional. Also, gold doesn't rose in value, the dollar just loses value through government currency inflation.
@@livinthedream7714 "Huh?" indeed. 2is1 is not like that. Any money he gets from sponsors likely goes to offset the thousands of US$ he's spent on creating and running this channel.
You still need paper money to buy things. Good luck finding any shops that will take your gold or silver. I wish that wasn't the case but that's the current reality.
there have been only a handful of times when i thought to sell Gold or silver, and the thing that sometimes stops me is the fact that the government gets greedy, and here in Australia, it gets pretty bad. on the other hand, giving it to the kids for their gain for a better future? that sounds like something i can get behind
But remember, if your kids or heirs are going to claim the "step-up-in-basis" benefits of inheritance they likely will have to prove they inherited it...which could have triggered other tax consequences (inheritance tax) in some states, and if huge amounts (or if the inheritance tax laws change), even the feds...
Pay off a high interest loan or debt. Some people are struggling and may need too sell. It is a savings vehicle, some buy metals for that reason. Preservation of wealth until the time of need.
I have a core holding of G. I am not currently buying. It is my opinion that having cash stacked is also smart, just in case G gets hammered. Back up the truck and load up if that happens.
The only reason to sell Gold is if you use it to buy other physical items such as paying off you mortgage, makes no sense to sell for fiat unless you really have to
My understanding on Form 8300 is that the entity RECEIVING more than $10000 cash must file the form, and not the Payee. Thus a coin shop is not required to fill Form 8300 when buying back your metals at all. Is this correct?
True but I don't think many places will pay that much in cash or have that much on hand. Plus, having cash under your mattress ain't what it used to be so go buy something with 10k plus and that merchant will file the 8300. Circle of life😔
@@2is1gold But that is not what Form 8300 is for. It's to scrutinize cash transactions for AMLA reasons, and not the underlying assets. Even digitalized money(bank wire, credit/debit, bank checks) payments do not trigger 8300.
Unfortunately gold isn’t legal tender, you have to convert it to FIAT. First step, usually go to a LCS, where they are currently buying back below spot. Then they will turn around and sell it for 75 to 250 over spot. More than likely the LCS are selling back to wholesale dealers most of their stock they take in. Think about that for a minute. They are basically a collection agent of precious metals. We will never go to a gold standard again, this is just another commodity and asset that is measured in USD.
Appreciate the video. My strategy is to use some of the constitutional silver, some bullion issues and low value numismatic items to get higher value numismatic items. The goal is to have a lower volume of coins and bullion worth higher average value than IU have now. Towards the end of my life I will decide if the majority will be sold for medical costs or given as an inheritance. I would prefer selling the majority and keeping some high vaklue items for inheritance to family members OR if no interest than gift it to a numismatic club/society where it will be valued and appreciated.
I’m new to this I inherited 1/4oz American gold eagles and I went to my local shop and asked him these questions about selling the gold coins if I was going to get taxed and if he or I had to report it! He said no all I need is identification card by law! You don’t have to worry about taxes! So I sold him 9 1/4oz age and went on my way! Now I’m a little confused! I didn’t give my social security card! I went back a sold some silver from same inheritance and only provided ID! Help me understand!
I'm no tax expert so don't quote me on any of this, but if you inherited the 9x 1/4 oz AGEs then their value would be whatever spot price on 2.25 oz of gold was at time of acquisition (i.e. the date of death - less than $10,000 I'm sure). If you then turned around and sold them shortly thereafter, then the price you got was probably pretty close to the value of them at the time you acquired them, and the capital gain or loss on your 2.25 oz of gold would be negligibly small, too small to be reportable or taxable. The same goes for your silver transaction a few days later. If however the inheritance happened years ago when the spot price on these metals were substantially lower and you only just now sold at a much higher price point, then it is possible you might be legally obliged to report and be taxed on the capital gain. Best advice would be to ask a tax preparer if this latter situation is the case.
Question 1 . I think the thief probably traded it for drugs. Or they are waiting for when they don't have to claim it on taxes. Question 2. Tweakers are up at night and they probably saw me do it in the woods.
What right does the government have for money you already paid taxes on from the salary you accumulated and saved priorly? Taxation tantamounts to legalized theft by the government.
1st rule of gold club is we dont talk about gold club.
✊
There’s a system, and there are rules.
What Gold Club🤔🫣🤫🤐
😎🦾😎
This guy works for the IRS. LOL. No Way In HELL are we paying taxes on Gold sales after 1 year of ownership. Capital Gains? LOL. No, it is a hedge against the government's imposed inflation. We are ONLY protecting the value of the dollars we put into the gold. Each dollar buys less and less every year, but if we put it in gold those dollars keep up with inflation and our purchasing power does not diminish.
Never sell Gold and Silver until you need to use it as a currency
Well yes, to buy better assets or more undervalued assets when the metals reach bubbleland
sell it and buy bitcoin. your heirs will thank you.
And most importantly guys, never take financial advice from a UA-cam commenter (which I am) lol
Your heirs can thank you in person if you give them some every year, perhaps at Christmas for example. I think gifts are tax free for the first $12 million or so. I am only qualified to make comments on UA-cam, not to be taken as tax advice. Also, laws can change, so it’s always a good idea to get professional advice.
@ 💯
Thankfully my kids won't pay huge gains on the gold I bought in 1994 for $385/oz if they sell it. Oh wait, I lost it in a boating accident.
Tragic!
@@2is1gold I still cry myself to sleep.
It’s so common.
I lost it during a scuba diving trip. I have separation anxiety so my family and bank account came along. I petted a blue fish. It was amazing. I also lost all my investments. 😢
Man i wish i got in at 385 an oz... what a dream
All tax is theft. especially when its numismatic coins 😞
Taxation is theft.
It is given who it ends up being spent by., but anarchies don't do well and countries that don't pay tax are hell holes generally
Not really, there are many countries with lower taxes better than usa or Canada like Malaysia, Arabs emirates costa rica, Saudita arabia, etc., a lot of those high tax countries are just legacy brands and now look closer to comnunist/fascist countries
No, it's not time to sell. It will be another strong year for gold in 2025. Hang in there. 💪👊
how do you know?
It is a hunch@@OanaTheMeerkat
@@OanaTheMeerkat Economic uncertainty; central bank gold purchasing; geopolitical uncertainty; and "sticky" inflation will lead to strong gold performance in 2025.
@@audiophileman7047 Not to mention that the world is awash in sovereign, corporate, and personal debt... and there is no good solution to this problem.
@@edb3877 Adding more weight to gold, inflation will be the solution to the problem.
Boy, I look forward to getting the report from the IRS on the 200+ billion that was sent over seas this past year… can’t wait to see what they got and how much they owe me
In Czechia one neither pays input tax on gold purchases nor files taxes on capital gains on the sales of gold.
A civilized nation.
@@fgb3126 same in Poland, but on the other hand silver will be taxed 24% and all other gains from cryptocurrency, through bonds to stocks are taxed 19%, gold is a weird asset in EU
Sell under $10,000.00 per day here in California and nothing is reported.
Just be careful that you don’t get in trouble for structuring
I love gold because it's always there when you need it the most and never let's you down. Kinda like having a pet that loves you unconditionally and is always by your side.
Sell? Not a chance of it happening anytime soon.
Funny how gold never goes up and the dollar falls! There can be NO capital gain when there is no real profit!
The tax codes change every year. That being said… risk mitigation of would-be thieves “IRS included”is prudent.
Stop filing with the IRS ☠️
Get you some good accountants! 😂 Such a waste. Flat tax would solve so many things.
@@2is1gold Yes, it would, but then those who get paid handsomely for wrestling with the tax code for clients would get paid a LOT LESS.
Luckily in the Netherlands gold is tax free
Still …. They are always working on it. Can t trust em
Silver isnt tax free anymore now
Same in Serbia. No VAT, no CGT, no property tax. Sadly there is VAT and CGT on other precious metals.
Klopt helemaal ❤❤
I lost my gold in a horrible scuba diving accident when I was moving it to the secret storage hideout. 😂.
Sorry for your loss!
If only so simple....it's NOT😮
Yep... swallowed by an extra large great white shark. 😕
At least you are lucky enough to have had gold in the first place. I never purchased any gold 😉
You were lucky….. I was robbed by Bigfoot!
Just do transactions under $10k
They just updated the reporting requirement on gold silver etc you can now sell 100 oz of gold no issues there were new rules
You are still spose to report it. And if you deposit a large check in the bank they will report you.
@@mattmatt6572 Yep, the old "suspicious activity report". 😕
@mattmatt6572 what are you the hall monitor? Read the room lol
@@mattmatt6572no they will not. A cash transaction of greater than 10k is reportable. A check is not. A wire is not.
I just bought 3oz of gold and 120oz of silver - the bull run has just started....
This is a big deal for a lot of Americans. I've heard stories for years of Americans who own more than 25 Maples or Krugerrands and went to a dealer looking to sell and passed because of the close scrutiny they'd be under. Self reporting has got to be a huge win for them. I myself know one guy in the US who owns well more than 25 Krugerrands. This means that when he wants to sell the coins he put away back in the early 2000s he won't be under the microscope in nearly the same way. Thanks for posting the facts on this. I feel like there's a lot of confusion out there about this
Yeah, you nailed it. The 1099-b was meant to be reported for the sale of stocks, commodities, regulated futures contracts, etc.. Not for the sale of unregulated retail purchases. Lining those up introduces all kinds of possible issues, and it was never intended to work that way. That's why so many people tried to avoid a sale like that. Cheers!
True, but then, there is still that $10k reporting limit on suspicious banking deposits and withdrawals. In this day
and age, that should have been indexed to inflation but if not that, then a $100k limit would be more reasonable.
One can't even get a crummy 2nd hand car these days for $10k.
Not so in the UK !!!
Capital gains tax is not payable on gold coins of the realm. In other words if the Queens Head or now the King's Head are on the coin, they are regarded as legal tender and capital gains tax exempt. The same applies for silver coins . Gold bars and silver bars are liable for capital gains tax should you make a gain when or if you sell. You can always just sit tight and watch your investment climb in value which I believe the climb has just started and there's more to come.
So, the perth mint coins side-step the taxation, excellent!
@1man2many No, that would be the The Royal Mint coins. Perth is Australian. Not sure if the tax laws are similar in Australia.
Remember: there’s no taxes on the private side, only the public.
That's not how that works at all 😂
Its exactly how it works. You only pay taxes on government (public) benefits and privileges (obtaining a SSN, drivers license, utilizing federal reserve notes). These constitute participation in interstate commerce, where the legislative branch has complete power. You’re paying a fee for transactions they make possible.
@@punkhazard1203 ask irwin schiff how that worked out for him
I was in a small LCS yesterday in Wyoming and I was the only buyer. 20 cull Morgan’s and 10 walking half’s.
It's a slow time.
Super slow for silver for sure.
@@jean3030 And yet, online silver prices remain fairly high. Premiums are down but spot prices? Not so much.
Your humor in this video was awesome haha
What if i paid over 5k per oz? Now its a loss i want to write it off
Is this actually possible? Buying jewelry for 2x spot and then selling for spot melt?
Ask your tax preparer, but it appears to be a capital loss, like any other. IF you can document purchase and sale transactions. I think capital losses are still limited to $3K/year, and allowed to be carried into future years 3K at a time.
@@zelo533 I don't think jewelry counts as an asset for tax purposes. Bullion and coins
So do you have to record the purchase price of every piece of metal you buy?
I have a spreadsheet where I track my gold but what if someone doesn’t record it?
In the words of Col Ludlow, "screw the government! Screw em!"
More and more states are repealing the sales taxes on precious metals, with my state Wisconsin being the latest one. I can now take advantage of the deals from online vendors without being charged sales tax. Keeping the transactions under 10K is no problem for me since I don't have 10K to spend on metals on any given purchase anyway. As far as selling goes, I'll cross that bridge when I get there.
I have a 21 foot Boston Whaler, which unlike the Titanic, really is unsinkable.
If coins predate the death of the last parent, they could be inherited. 🤷♂️
Thanks. A great explanation.
14' Lund Wilderness. The sea were angry that day...
Like an old man trying to send back soup in a deli.
Those darn drunk boat captains!
No, no, no sell!!!!!!
😄
I suppose ‘know your enemy’, can have two meanings: one tactical, and the other referring to how enemies can be so deceptive that they remain unseen until it’s too late.
Curious to know, what if you bought gold ounces at $1500, but used them today to buy that BOAT valued at say, $15,000. So the gold has appreciated, but never exchanged for dollars.
That's a good question. Depends on how it's reported. More than that, it depends on how the boat is valued.
I don't know about your state, but if the boat needs to be licensed/registered with the state I think a value has to be stated on the boat ownership transfer paperwork, so the imputed sale price of the gold is derived therefrom....etc
Great question. No sales tax on boats here.
a CPA told me the tax code is 75,000 pages long..no one really knows what the laws are..If you call the IRS for answers they tell you don't hold us to the answer. one could argue taxing income is slavery..( taking the fruits of your time and labor ) ug
I sold a quantum of Silver at $34/oz … perfect timing. I still have a bunch, of course, but it was definitely time to sell some. The real winning strategy is to collect on both ends … trade the digital asset and take profits in the underlying physical. Alas, I bought most of my stock as a CDA project long before I learned to trade, which has only made my hindsight even sharper. Anyways, it was an obvious top in the metals, and I’ve been calling out the downside targets ever since. Gold is too expensive to stack casually, and Silver has reached the price it had when I started buying in 2011, so I’m pretty much done buying with sweat equity. The metals are a great to “spend” trading profits, but gone are the days of DCA. Anyways, here’s wishing you and yours a HAPPY NEW YEAR, AND A PROSPEROUS 2025.
Keep in mind that there is a minimum amount of total income before capital gains kick in. Check with your tax advisor as to this amount.
Nice job. Appreciate the research.
Buying phisical gold to sell some time after based on a recent rally is not very smart. The physical has to remain for long run only to sell in very special cases. For buying selling purposes it is as easy and cheaper as buying etfs. Premiums on physical is around 3-7% and then there are additional costs on transportation and depending on the amount, storage. With a 5% of premium you can hold an etf for 10 years... I have never sold, in my whole life, a gold coin/Ingot for Fiat money... Only consider that for 'emergency case'... Fiat is easy to spend in 'stupidities'...
I sold out of my silver position to create liquid cash.
Self-reporting is even more egregious than "chop suey".
Yes please report selling Money for cash, it makes no sense 🤣🤣🤣🤣
Self-immolation, self-mutilation, self-harm, self-?? ... Doesn't seem like a lot of great things with self-dash
Dear irs I sold some gold and silver what about you 😂
2/1, thank you for this video. It is so important to know the IRS tax implications when you go and sell your precious metals, and many of us are unsure of the exact tax code when it comes to precious metals. This video was enormously helpful and extremely informative. My current plan is to hold onto my metals and pass them to my children, so in theory for me, the capital gains shouldn’t be an issue. However, we all know that life doesn’t go as planned, so knowing how to deal with the tax issues just in case they come into play is crucial. Take home message: keep stacking and keep receipts if you can, so that you can know ahead of time what the damage will be. Hopefully, no matter what your set of circumstances are or future financial planning and allocations to to your portfolio may become, you’ll be well prepared and ahead of the game so that you don’t get caught short. Outstanding video sir, please keep them coming. We need more videos like these.
The IRS will never know about my gold 🪙
Cheers!
Agreed - @@chris7brook
Keeping receipts contradicts my 5th amendment.
Taxes are illegal unlawful ungodly pure criminal act. 😤
Do you know about taxes and precious metals IRAs?
I know that when i do a "distribution" (have the IRA send me the actual PMs from the vault) its taxed as income (im 65), regardless of what i paid. But what happens when i go to sell that? Surely i dont pay taxes twice! So is my basis for cap gains calculated from the value at distribution?
My dealer said anything under 35 oz of gold a day doesn't need to be reported.
I got a couple of gold coins during Easter. They had chocolate inside; I ate them that same day, is there a tax implication?
Might have to ask your licensed tax professional.
😂🤣
Tax implications and precious metals...who knew : ) Very well explained actually, appreciate ya! Happy New Year! All my gold on the last family cruise went off the deck.....awful!
Terrible tragedy. Better luck in 2025!!
Thanks for the clarification! Great and informative video sir. I think the IRS needs to be overhauled.
So say we all. Cheers Sal.
Selling gold or silver now is very short sighted.
I wonder how many people had gold in their houses that burned and maybe can still retrieve it in whatever shape it may of melted in.
You can safely assume that any purchases or sales you have made where the transaction ran through your bank account are known to the IRS, likewise any online transactions (buying or selling) that you have done too. They will expect you to be able to account for what has become of those metals and report any capital gain on them whenever you do sell. Smaller (sub $10,000 per day) transactions through a LCS are pretty much the only way to go for more personal privacy.
The downsides in dealing exclusively with LCS's are that you don't get the deals or the selection the online shops have to offer. Also, some LCS's pay with checks which are still traceable thus defeating the purpose of privacy. If you're going to give me a check then I might as well just shop the online stores and get the better pricing.
In the UK, if its a British coin, there are no sales tax, as its a currency. Same as silver. But Bars and foreign coins will be taxed if you go over the capital gains tax limit. Gold is tax free to buy too. Silver has 20% tax. Second hand silver does not.
Yeah, we're all jealous of the UK's CGT exemptions on gold. I doubt many people here would be excited about their VAT on silver, though.
@2is1gold I am enjoying the content. Good open minded topics etc...
I was under the understanding that if you sell in small increments to stay under a certain threshold you're in the clear
Gains still apply. It's just on you to self-report. Honor system.
@@2is1goldIn Missouri it’s only reportable if more than$9999.99
@@2is1gold Right. The same way we sent in sales taxes for online purchases.
@2is1gold
Exactly. Just like our representatives are supposed to "honor" their constituents.
sir stop structuring 😂
For stackers the tax reporting requirement clarification changes little as far as selling goes as avoiding the 1099-B was easy enough... but it definitely changes what you should pay when buying... There is now no real reason to buy AGEs for a higher premium than any other foreign gold coin and as far as ASEs are concerned, there is no reason whatsoever to buy them at current prices especially given the fact that they now tend to milk spot which sends the cash paid for their outrageous premium straight to money heaven...
Good points.
The remaining reason is popularity, but I agree. Gold Maples and Krugerrands just got a huge bump.
Never heard of milk spots on GOLD eagles
Read again... AGE = Gold... ASE = Silver... :)
@@BA-lt2tx details, details...they always trip me up
Depends on your state, and county.
If you can't cover the details of the location. I don't need to watch anymore.
In the UK we have capital gains tax - but not for gold & silver UK coins because they are legal tender coins of the Royal Mint. Gold bars are capital gains taxed - but not gold coins. Worth remembering.
We also have VAT on silver - but not gold.
As long as you keep your videos in the sleeve & cover, and don’t bump the stylus, they’ll never get scratched.
Depends where you are in the world and what you own. Just a thought.
Appreciate the clear and concise explanation.
I don't have any idea nor does my coin shop know anything about CG...
Those waters get pretty choppy. I’ve lost so many things in boating accidents 😂
Dangerous hobby.
'SELL' is a four letter word.
And what exactly are you going to sell into? Dollars? Euros? Rupiis? Rubles? Treasuries? Tesla stock? Overpriced real estate?
Excellent info
Terribly upset that my dog ate the gold, sorry taxman... I have nothing for you.
Hate when that happens!
Just follow the dog around for a few days, you'll get it back haha
If you do follow the dog to see what comes out, you might find my homework as well...
@@nedporkus8602 🤣🤣
Good to see you 2 is 1, I have no intentions of selling my PM’s.
✊
Both are mentioned in the constitution. Tax on such is unconstitutional. Also, gold doesn't rose in value, the dollar just loses value through government currency inflation.
IRS: what did you buy your gold at?
Me: the price its trading at when I sold it 🤷😂
If the government doesn't know you have gold or silver ... Pay cash ! ...
Which IS one of the reasons why governments want to go to a CBDC.
happy new year, with health
Gold coins are legal tender so CGT exempt, no?
"You got nothing on me. You know it! I know it! I'm changing dollar bills, that's all."
- Tony Montana
Seller for paper money? No thanks
the guy is just trying to make money on his channel :)
@scottboyington9768 huh?
@@livinthedream7714 "Huh?" indeed. 2is1 is not like that. Any money he gets from sponsors
likely goes to offset the thousands of US$ he's spent on creating and running this channel.
You still need paper money to buy things. Good luck finding any shops that will take your gold or silver. I wish that wasn't the case but that's the current reality.
1987 16.5' misty river fishing boat 😂😂
Tragedy
Nice job and post!
It's not time to sell, unless you have an emergency, gold is probably gonna be 3.1k at the end of 2025.
The boat? A Cris-Craft... just like the one from Golden Pond... tragic.
Condolences
How about if we bought gold coins many years ago and lost the receipts or if we inherit them and there's no papers to prove the price it was bought ?
there have been only a handful of times when i thought to sell Gold or silver, and the thing that sometimes stops me is the fact that the government gets greedy, and here in Australia, it gets pretty bad. on the other hand, giving it to the kids for their gain for a better future? that sounds like something i can get behind
I’m sad for your country when I see the new 2025 Kangaroo coin. That’s the best they could do?! 🤭
@Leon612 the Perthmint manufactures better coins with higher tolerances than any mint. Perthmint is awesome.
The only question I ask my coin dealer is “what’s the best price on this coin” 😆
Of you’re trading, use ETFs. If you’re holding, hold physical.
But remember, if your kids or heirs are going to claim the "step-up-in-basis" benefits of inheritance they likely will have to prove they inherited it...which could have triggered other tax consequences (inheritance tax) in some states, and if huge amounts (or if the inheritance tax laws change), even the feds...
Nah. More chaos ahead im holding.
Good stuff 👍
I bought every oz I own at $2800 spot with a 50% premium
There's loop holes 🕳 most people will never know what they are 😵💫
how much tax you need pay if you were giving a piece of gold or found it on the street. Does that mean the cost is 0?
Sell and do what??
Pay off a high interest loan or debt. Some people are struggling and may need too sell. It is a savings vehicle, some buy metals for that reason. Preservation of wealth until the time of need.
Buy more gold.
Roll it into BTC
@@lockheedload😂
@@lockheedload
Never.
pay tax purchasing the stuff, and again when you sell. then the new proposed 'unrealised gains' tax.
I have a core holding of G. I am not currently buying. It is my opinion that having cash stacked is also smart, just in case G gets hammered. Back up the truck and load up if that happens.
Also don't have to worry about converting. Location makes that a lot easier for some than others. Cheers!
I'm saving for when I have to barter because digital currency will be regulated and fiat currency will be extinct or worthless...
Exactly.
Who would know what your capital gain is? Especially if you paid cash. Zero receipts
The only reason to sell Gold is if you use it to buy other physical items such as paying off you mortgage, makes no sense to sell for fiat unless you really have to
My understanding on Form 8300 is that the entity RECEIVING more than $10000 cash must file the form, and not the Payee. Thus a coin shop is not required to fill Form 8300 when buying back your metals at all. Is this correct?
True but I don't think many places will pay that much in cash or have that much on hand. Plus, having cash under your mattress ain't what it used to be so go buy something with 10k plus and that merchant will file the 8300. Circle of life😔
Plus bank wire and credit/debit cards are not considered cash. No reporting
Every dealer I know will start it for you.
@@2is1gold But that is not what Form 8300 is for. It's to scrutinize cash transactions for AMLA reasons, and not the underlying assets. Even digitalized money(bank wire, credit/debit, bank checks) payments do not trigger 8300.
Unfortunately gold isn’t legal tender, you have to convert it to FIAT. First step, usually go to a LCS, where they are currently buying back below spot. Then they will turn around and sell it for 75 to 250 over spot. More than likely the LCS are selling back to wholesale dealers most of their stock they take in. Think about that for a minute. They are basically a collection agent of precious metals. We will never go to a gold standard again, this is just another commodity and asset that is measured in USD.
That's why bitcoin is more popular and used as digital gold, no transport or bartering with dealers.
Appreciate the video. My strategy is to use some of the constitutional silver, some bullion issues and low value numismatic items to get higher value numismatic items. The goal is to have a lower volume of coins and bullion worth higher average value than IU have now. Towards the end of my life I will decide if the majority will be sold for medical costs or given as an inheritance. I would prefer selling the majority and keeping some high vaklue items for inheritance to family members OR if no interest than gift it to a numismatic club/society where it will be valued and appreciated.
I’m new to this I inherited 1/4oz American gold eagles and I went to my local shop and asked him these questions about selling the gold coins if I was going to get taxed and if he or I had to report it!
He said no all I need is identification card by law!
You don’t have to worry about taxes!
So I sold him 9 1/4oz age and went on my way!
Now I’m a little confused!
I didn’t give my social security card!
I went back a sold some silver from same inheritance and only provided ID!
Help me understand!
I'm no tax expert so don't quote me on any of this, but if you inherited the 9x 1/4 oz AGEs then their value would be whatever spot price on 2.25 oz of gold was at time of acquisition (i.e. the date of death - less than $10,000 I'm sure). If you then turned around and sold them shortly thereafter, then the price you got was probably pretty close to the value of them at the time you acquired them, and the capital gain or loss on your 2.25 oz of gold would be negligibly small, too small to be reportable or taxable. The same goes for your silver transaction a few days later. If however the inheritance happened years ago when the spot price on these metals were substantially lower and you only just now sold at a much higher price point, then it is possible you might be legally obliged to report and be taxed on the capital gain. Best advice would be to ask a tax preparer if this latter situation is the case.
Time to stack! Also, I deal with so small amount of gold that taxes don't apply. They can't track everything.
Also I sadly buried all my precious metals in my back yard and someone stole them while I was sleeping.
Terrible tragedy.
Any chance the thief is watching this video and planning to sell it?
how did they even find it?
@@PenArrowNation I think the thief is going to wait until the don't have to pay for "stolen" assets on their tax return.
Question 1 . I think the thief probably traded it for drugs. Or they are waiting for when they don't have to claim it on taxes. Question 2. Tweakers are up at night and they probably saw me do it in the woods.
It was a canoe, beware the stability of a canoe.
Mine was so tippy. I actually tried to ballast it with gold silver and firearms. Didn't help.
@@awakenotwoke4830 Like minds brother, like minds.
What right does the government have for money you already paid taxes on from the salary you accumulated and saved priorly?
Taxation tantamounts to legalized theft by the government.
The operative term there is "legalized".
".....like an old man trying to return soup in a deli."
😄
Excellent shit
Cheers!
@@2is1gold Bless your heart
Are we going through this because a recession/crash is looming?
I don't think we're there yet.