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.
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”!
@@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?
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.ua-cam.com/video/aO7SbdzyIA4/v-deo.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.
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.
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
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.
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. :)
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.
@@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.
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.
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...
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.
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.
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.
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...😈😉
@@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.
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)
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
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.
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.
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.
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.
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?
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!
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.
@@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.
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...
in uk any gold coin that is considered legal tender , is vat and capital gains free, such as a gold sovereign. . in us different tax laws but any government issued coin with a dollar value designed on to it is technically legal tender. the reason why they still have face value is so you can theoretically carry them across international boarders
This is the advantage of living in UK or being a resident for tax purposes in UK. You are completely exempt from CGT if you buy UK bullion coins including (but not limited to) Sovereigns minted in 1837 and later, Lunar, Queen’s Beasts as well as Britannia coins are exempt from UK capital gains tax. They are considered legal tender. It is better to live in UK or Australia than USA. In both UK and USA your primary residence is CGT exempt. In Australia it is even better there is no inheritance tax as well. Why would you want to go through stress with IRS when you have such benefits and a better quality of life elsewhere?
😂😂😂 I’m a mortgage loan officer ....schedule D is Real. They’ll be glad you posted when they buy a house, and sell for a down payment. Especially with FHA or VA loans. The cash is useless If they can’t provide a source to some extent. IRS is a helluva dude
The tax issue is something the sellers conveniently doesn't mention in all those buy gold to avoid inflation commercials you see on TV and the internet from Rosland Capitol. They never mention the sell side and the tax implications or that you will be losing 28% of your profit (assuming that terrible boating accident didn't happen). You can't eat gold so it is just an investment like any other and sooner or later you are going to sell 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.
Please talk about protecting yourself from gold confiscation risk. When reporting capital gains, it makes sense to adjust for the inflated dollar at the time of selling.
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
Using cash can be problematic,--if you're getting it from your bank, that is. Let's say you want to buy a large quantity of precious metals and the ATM can't fork over the amount you need, so you go into the bank. Well if it's over 10K, then the bank is obligated to ask you what you're using it for and report it! You still get your cash, but it's on record now. And I don't know how closely they watch people, or the amounts of money they take out but it's creepy that they also have literature warning against "structuring," meaning taking out amounts under the threshold over a period of time to avoid getting questioned/noticed. Any comments/experiences/advice with this?
Ok so I’m not crazy. I went into the bank and asked the teller the same question. I have let’s say 10k in the bank. I want to take the 10k out because it’s my money. She said if you withdraw 10k I have to report it to the govt. I said ok two questions. One why??? What is the legitimate reason for reporting me using my own property? And two more importantly, then what? You report it….Then what??? She said she wasn’t sure. Ok so let me get this straight. I worked hard for this money. It’s mine. Not only is it a problem to withdraw it. But I get reported and put on a watch list for using my own money??? Silence …. Then I asked and your ok with this??? None of this seems weird to you? Then she said said it. It’s the Govt. They want to know how they can get their money from you. There is no stopping it. 😉
Great video! BTW - your intros are getting better and better... I am an Audio Engineer and Electrical Technician. While I am not an audio snob nor am I the greatest engineer ever but I am prone to being annoyed by poor production values... Having said all that, I just thought a "tech note" and accolade may be well received and appreciated as I am all to aware of the "behind the scenes" work it takes to do a quality production and know how thankless it can be so, Thank You!
I definitely appreciate that! I'm on the verge of switching over to my dSLR - I can't seem to get the lighting right. I'm terrible at audio, but I'm working on it, so THANKS!
@@2is1gold Lighting is an art-form and it is certainly a craft to it's own but I might suggest trying lighting diffusers and less textured backgrounds for close-up shots as this will keep your auto-focus from being "overwhelmed"... I think your video is fine and your audio is good too, the real style of your videos will come across in the editing. I do not think anything needs to be changed and I was only commenting on your apparent progress in quality over-all... Your content is great and I appreciate the balance of educating and entertaining, surely this is the hardest balance to achieve. Your channel is my favorite of the stacking genre and I watch all the usual suspects and I appreciate everyone's efforts as I think most people have channels for narcissistic reasons and your channel seems to be genuinely engaging and well done... Keep it up and thank you again!
Thank you for this! Honestly, I don’t get a lot of feedback on production, so I appreciate it that much more! I think there’s an art to just getting a story arc into 10 minutes, and it’s not a format I was familiar with. I’m hoping as this all gets more familiar, the videos will get a lot better. Thanks again!
@@2is1gold being a concise and cogent story teller is a whole other level of genius... I've got no insight on that. Maybe look to good songwriters... McCartney and/or Sting, so maybe check out bass players too!
I'm new to buying gold/platinum coins (I haven't purchased any yet), but I'm leaning towards the 1 oz's or the halfs (if I can get a good projected future profit margin on it).
Whether it's gold or platinum, it'll be a LONG 10 year investment. I just got a gold coin package and wish I'da saved more years ago for whenever I do finally choose which type of coins I'll buy... #AmericanGoldBuffalo. That 193% mark-up ⬆️ in profit is gonna look 💵REAL NICE💵 in 2034 when I go to sell a few coins. 🤑
My only suggestion is this. The choice of what size coin to purchase is mostly dependent upon your expectations for using it in the future. If you want to try making a purchase using gold, 1/10 oz is priced today at about $230. That is relatively negotiable. If you try using a 1 oz coin at $2300, how do you expect the seller to make change.
Also remember gold investments do not earn a profit. They simply hold their value. You also buy at a premium and sell at a discount, so you incur a transaction cost on both ends and still have to pay taxes on the increase in price.
@@davidsandy5917 Gold has historically increased in value over time, even during inflation. For example, between 1971 and 2022, gold generated an average annual return of 7.7%, which is higher than the 4.2% nominal return the dollar generated during that period. As of December 2023, gold had an average 20-year return rate of 8.86 percent, which is slightly behind U.S. stocks with a rate of 10.27. 😒
@@2is1gold of course it used to be illegal to “horde” more then 100 dollars face value in both silver and gold so like 5 Troy ounces of gold and 100 Troy ounces of silver.. via executive order 6102 en.wikipedia.org/wiki/Executive_Order_6102
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.
My question is if a 1 oz gold double eagle was worth $20 in 1920 and is now worth around $2,500 today but buys about the same amount of supplies today as the 1920 double eagle did back in 1920 what did you gain? (asking for a friend)
If I gift you a coin that I would have otherwise owed capital gains on, then a few years later you gift it back to me, does that reset the gains? Do I owe tax on the initial gift giving even though there were no actual proceeds/realized gains? What are your tax implication for receiving then giving? This tax stuff is complicated.
Don’t break the law, take the time to understand it. I don’t pay income taxes or capital gains (and haven’t for 22 years) as I am not legally required to do so. Here’s a brief introduction to tax law, m.ua-cam.com/video/aO7SbdzyIA4/v-deo.html
@@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
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?
If you’ve been dollar cost averaging in for many years... is the cost basis the aggregate cost, or do you need exact purchase records of every individual coin?
This subject does get dicey. What if you are someone who has saved gold coins all your life and you have never sold any? In your retirement you might want to sell a big pile of those coins. Someone writes you a check for a huge sum of money. You put it in the bank. Now the bank will most likely report this transaction to the government. Now the government is aware that you have this large sum of money. Where did you get it? It is probably a good idea to be honest with the government and report the capital gains on this transaction. The government is not someone to play around with. If you are someone who is just selling a coin or 2, for cash this is not really a problem for you. But, in the other case it just might be a problem. Or, if you bought gold thru a vault like Bullionvault or Goldmoney you will have to report gains or losses as well. The government pretty much has ways to make sure we pay our taxes in cases when it really matters. The banks provide zero privacy now. I think, a cashless society will be part of the future as well, making it much more difficult for anyone to skirt giving the government their share of your profits as well. I live outside of the country now. The banks where I live have to give information on my bank accounts to the government if it is requested. We have no privacy no matter where we live now. Over seas banks don't really want to do business with US citizens because of the reporting requirements. Its not worth it to them. If you live oversea's, the only way to have any privacy at all is to rent a safe deposit box in a private vault. Private vaults are not cheap but they are necessary if you are a stacker over seas. You use them not just for gold. But, for that stack of 100 dollar bills as well. We sacrifice quite a bit of our liberty by being a US citizen and this is the reason that so many people give up their citizenship in favor of citizenship in a country where more liberty exists.
Yeah, taxes are serious business, and people need to understand exactly what is expected. Knowing is half the battle and all that. (The other half is up to them.) There's a huge difference between selling a coin or two and selling 30, and that Schedule D can even be your friend if you're going in for a loan at some point. The banks won't take a duffle bag full of cash as a down payment. At least not here in the U.S.. Thanks for the comment!
@@2is1gold That's another problem. Cash can be a problem as well. What if you have a large sum of cash that you saved and you have had it for many years? You pretty much cannot put this cash in the bank all at once. You have to do it little by little. You are limited about where you can spend this cash as well. Isn't it obvious that we are headed for a cashless society? I have heard folks say that we are headed for a cashless society and it becomes more and more clear to me that we are headed in that direction all the time. Eventually you will have to use gold as a hard currency instead of the dollar. In other words, pay with gold to avoid converting it to digital currency before making the transaction. Things will continue to get dicey to the point it gets really ridiculous. Gold may become its own so called black market.
@@glenh4971 this is purely speculation, but I think there will be plenty of alternative peer-to-peer digital currencies. It's only a matter of time before there's one tied to gold.
@@2is1gold That may be true. None will give you privacy in your dealings. I do all my business in cash only. I am old school. I am afraid my days are numbered. I live in a developing country in Central America where I hope that an old dog like myself can continue to live on a cash basis. Things are changing too fast for me.
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 $20. , why it cost's more it is because the Dollar is worth less than in 1913. wheres the profit??? They don't give us a loss every time they print dollars out of thin air and the Dollar becomes worth less.
Cheat sheet: 32.15 or less troy oz gold ,sale,not required to report? 1,000. Oz silver not required to report? 1,000$ face value junk,not required to report ? Just asking.
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
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...
😂
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....
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.
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.ua-cam.com/video/aO7SbdzyIA4/v-deo.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.
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 🤣🤣🤣🤣
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 😊
man, I had a terrible unfortunate boating accident.... I lost everything... sad
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. :)
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.
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...
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.
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...
Thanks for showing us the gold before the boating accident that might happen next Friday!
Yes, just in time!
IRS to me: did you sell any gold at a profit?
Me to the IRS: Cash me outside how bout dat?!?!?
😄
🤣🤣🤣
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.
Thanks for the info. I may have a boating incident myself, I'm very clumsy.
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!
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.
One of reasons having physical gold and silver is to avoid Uncle Sam... probably applies to 99.9% of stackers...
Yep.
Key word is cap. Sell them in retirement when you have no other income that year and you can pay almost nothing.
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.
some times being taxed is the biggest crime of all
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.
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.
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)
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
Offering my condolences in advance for your unfortunate boating accident...very nice vid!
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.
Ima start dredging lakes. Subscribed!
Ha! Good luck!
The guy I sell gold to doesn’t report it unless it’s more than a kilogram
I swear I have the worst luck, I've had 3 or 4 boating accidents this week alone and it's not even Tuesday!
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.
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.
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.
I always count my gold coins in a V-bottom boat in the middle of the lake.
Lots of people do!
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?
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.
those damn boating accidents are really a plage on the silver and gold community
Here’s a question. Should you notify your home insurance of a stack?
You’d want it itemized if it was stolen.
@@2is1gold hmmmm.... not sure which way to go with that then. Probably large majority of stackers to not itemize it then I’m guessing
Thats why ive always paid 10x spot for my bullion. Hard to sell for any gains.
Makes perfect sense!
Good discussion... always the elephant in the room.
Definitely!
Like with other items, the gruberment doesn't really need to know about private sales.
There's been an up tic in dirt cheap old boat sales since the posting of this video 🤣
😄
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!
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 😂.
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.
Never heard of so many people who need to take a boating safety coarse !
Thanks for the help, 2is1. Made a direct switch to only stacking AGE's cause of this vid!
In the UK, CGT does not exist wiy with Britanias.
And I'm jealous! 😁
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?
useful info for anyone looking to get into gold/silver thanks for the vid!
Thanks for watching!
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!
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.
in uk any gold coin that is considered legal tender , is vat and capital gains free, such as a gold sovereign. . in us different tax laws but any government issued coin with a dollar value designed on to it is technically legal tender. the reason why they still have face value is so you can theoretically carry them across international boarders
Yeah, I wish the U.S. was that way. That’s how it should be.
This has been very informative. Glad someone didn’t duck out with “I’m not a tax expert”
This is the advantage of living in UK or being a resident for tax purposes in UK. You are completely exempt from CGT if you buy UK bullion coins including (but not limited to) Sovereigns minted in 1837 and later, Lunar, Queen’s Beasts as well as Britannia coins are exempt from UK capital gains tax. They are considered legal tender. It is better to live in UK or Australia than USA. In both UK and USA your primary residence is CGT exempt. In Australia it is even better there is no inheritance tax as well. Why would you want to go through stress with IRS when you have such benefits and a better quality of life elsewhere?
in New Jersey we have to pay tax when we purchase Gold and Silver
That’s crazy!
The video we all needed!
But didn’t want! 😂
😂😂😂
I’m a mortgage loan officer ....schedule D is Real.
They’ll be glad you posted when they buy a house, and sell for a down payment. Especially with FHA or VA loans.
The cash is useless If they can’t provide a source to some extent.
IRS is a helluva dude
@@firelordsozin3677 very true. I remember the (very) early days of having to prove recent cash deposits weren't coming from a parent.
The tax issue is something the sellers conveniently doesn't mention in all those buy gold to avoid inflation commercials you see on TV and the internet from Rosland Capitol. They never mention the sell side and the tax implications or that you will be losing 28% of your profit (assuming that terrible boating accident didn't happen). You can't eat gold so it is just an investment like any other and sooner or later you are going to sell it.
"You can't eat gold..." Funny how this is almost always said as if ONLY edibles are of any value. lol
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
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.
How do they know when you bought and when you sold
Paper trails, forms or self disclosure.
In the UK British gold coins such as sovereigns and Britannias are tax free ie inheritance,capital gains etc
Excellent video. Nice succinct explanations. Thank you.
Britannias in the UK are capital gains tax exempt, as you cannot tax legal tender.
That's the way it should be!
Raw Evidence: Correct.....unfortunately we still get ripped-off with the 20% tax on all silver :-(
So are Britain's tax free?
Please talk about protecting yourself from gold confiscation risk. When reporting capital gains, it makes sense to adjust for the inflated dollar at the time of selling.
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
Using cash can be problematic,--if you're getting it from your bank, that is. Let's say you want to buy a large quantity of precious metals and the ATM can't fork over the amount you need, so you go into the bank. Well if it's over 10K, then the bank is obligated to ask you what you're using it for and report it! You still get your cash, but it's on record now. And I don't know how closely they watch people, or the amounts of money they take out but it's creepy that they also have literature warning against "structuring," meaning taking out amounts under the threshold over a period of time to avoid getting questioned/noticed. Any comments/experiences/advice with this?
Ok so I’m not crazy. I went into the bank and asked the teller the same question. I have let’s say 10k in the bank. I want to take the 10k out because it’s my money. She said if you withdraw 10k I have to report it to the govt. I said ok two questions. One why??? What is the legitimate reason for reporting me using my own property? And two more importantly, then what? You report it….Then what??? She said she wasn’t sure. Ok so let me get this straight. I worked hard for this money. It’s mine. Not only is it a problem to withdraw it. But I get reported and put on a watch list for using my own money??? Silence …. Then I asked and your ok with this??? None of this seems weird to you? Then she said said it. It’s the Govt. They want to know how they can get their money from you. There is no stopping it. 😉
@@sunsetz72 Right?!!
You just shared priceless info 👌 just sub!!!
Good to hear. Thanks!
Great video! BTW - your intros are getting better and better... I am an Audio Engineer and Electrical Technician. While I am not an audio snob nor am I the greatest engineer ever but I am prone to being annoyed by poor production values... Having said all that, I just thought a "tech note" and accolade may be well received and appreciated as I am all to aware of the "behind the scenes" work it takes to do a quality production and know how thankless it can be so, Thank You!
I definitely appreciate that! I'm on the verge of switching over to my dSLR - I can't seem to get the lighting right. I'm terrible at audio, but I'm working on it, so THANKS!
@@2is1gold Lighting is an art-form and it is certainly a craft to it's own but I might suggest trying lighting diffusers and less textured backgrounds for close-up shots as this will keep your auto-focus from being "overwhelmed"... I think your video is fine and your audio is good too, the real style of your videos will come across in the editing. I do not think anything needs to be changed and I was only commenting on your apparent progress in quality over-all... Your content is great and I appreciate the balance of educating and entertaining, surely this is the hardest balance to achieve. Your channel is my favorite of the stacking genre and I watch all the usual suspects and I appreciate everyone's efforts as I think most people have channels for narcissistic reasons and your channel seems to be genuinely engaging and well done... Keep it up and thank you again!
Thank you for this! Honestly, I don’t get a lot of feedback on production, so I appreciate it that much more! I think there’s an art to just getting a story arc into 10 minutes, and it’s not a format I was familiar with. I’m hoping as this all gets more familiar, the videos will get a lot better. Thanks again!
@@2is1gold being a concise and cogent story teller is a whole other level of genius... I've got no insight on that. Maybe look to good songwriters... McCartney and/or Sting, so maybe check out bass players too!
@@2is1gold I no nothin- but I thot it very good !
I'm new to buying gold/platinum coins (I haven't purchased any yet), but I'm leaning towards the 1 oz's or the halfs (if I can get a good projected future profit margin on it).
Whether it's gold or platinum, it'll be a LONG 10 year investment. I just got a gold coin package and wish I'da saved more years ago for whenever I do finally choose which type of coins I'll buy... #AmericanGoldBuffalo.
That 193% mark-up ⬆️ in profit is gonna look 💵REAL NICE💵 in 2034 when I go to sell a few coins. 🤑
My only suggestion is this. The choice of what size coin to purchase is mostly dependent upon your expectations for using it in the future. If you want to try making a purchase using gold, 1/10 oz is priced today at about $230. That is relatively negotiable. If you try using a 1 oz coin at $2300, how do you expect the seller to make change.
Also remember gold investments do not earn a profit. They simply hold their value. You also buy at a premium and sell at a discount, so you incur a transaction cost on both ends and still have to pay taxes on the increase in price.
@@davidsandy5917 Gold has historically increased in value over time, even during inflation. For example, between 1971 and 2022, gold generated an average annual return of 7.7%, which is higher than the 4.2% nominal return the dollar generated during that period. As of December 2023, gold had an average 20-year return rate of 8.86 percent, which is slightly behind U.S. stocks with a rate of 10.27. 😒
What about swapping ? Like say silver for gold or Vice versa
My understanding is that you're just transferring your acquisition costs if no cash trades hands. It's above my paygrade, though, officially.
@@2is1gold of course it used to be illegal to “horde” more then 100 dollars face value in both silver and gold so like 5 Troy ounces of gold and 100 Troy ounces of silver.. via executive order 6102 en.wikipedia.org/wiki/Executive_Order_6102
It’s so weird, I just lost all my gold in a boating accident. And I don’t even like boating that much.
It’s a risk!
This is my fourth video I've watched this one earns you a subscribe very informative videos, thank you
Thanks!
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! 😄
By the time I want to sell any precious metals there will be no government to tax me.
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.
My question is if a 1 oz gold double eagle was worth $20 in 1920 and is now worth around $2,500 today but buys about the same amount of supplies today as the 1920 double eagle did back in 1920 what did you gain? (asking for a friend)
If I gift you a coin that I would have otherwise owed capital gains on, then a few years later you gift it back to me, does that reset the gains? Do I owe tax on the initial gift giving even though there were no actual proceeds/realized gains? What are your tax implication for receiving then giving? This tax stuff is complicated.
In the UK, if you own gold coins produced by the Royal Mint, they are CGT free. i.e. Sovereign's, or Brittania's
If you have your LCS make the check out to another person, say someone you are buying something big ( a boat perhaps) from , does that work?
Doubtful. 🤷♂️
Don’t break the law, take the time to understand it. I don’t pay income taxes or capital gains (and haven’t for 22 years) as I am not legally required to do so. Here’s a brief introduction to tax law, m.ua-cam.com/video/aO7SbdzyIA4/v-deo.html
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
That's exactly the info I was looking for 😉
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.
If you just trade silver straight to gold at a shop is that taxable?
Awesome video - learned a lot, great job in how you presented the information (both the insinuations and the obvious) haha.
Thanks!
@@2is1gold You're welcome!
@@2is1gold No doubt!
*I never mess with IRA and taxes . (slowly winks behind camera).*
😄
Digital Currency will definitely make things quite Sticky, unfortunately.
If you’ve been dollar cost averaging in for many years... is the cost basis the aggregate cost, or do you need exact purchase records of every individual coin?
That's a good question. I use aggregate cost basis, but I know that since there's no true way to audit it, there's some room to choose.
Its not gain when you buy the couns
@@styx62ga95 ... No kiddin, but what number do you you think you calculate gains against?
That darned gold keeps falling off of every boat that I got onto. 😳
How the heck does the KGB...errr IRS know you bought a coin here and there from dealers, then sell privately ?
Can you write off your capital loss for the loss of purchasing power when the dollar loses value through inflation?
I don't see why not. Unfortunately, I don't get a say, though. 😁
I think we should be able to,!
This subject does get dicey. What if you are someone who has saved gold coins all your life and you have never sold any? In your retirement you might want to sell a big pile of those coins. Someone writes you a check for a huge sum of money. You put it in the bank. Now the bank will most likely report this transaction to the government. Now the government is aware that you have this large sum of money. Where did you get it? It is probably a good idea to be honest with the government and report the capital gains on this transaction. The government is not someone to play around with. If you are someone who is just selling a coin or 2, for cash this is not really a problem for you. But, in the other case it just might be a problem. Or, if you bought gold thru a vault like Bullionvault or Goldmoney you will have to report gains or losses as well. The government pretty much has ways to make sure we pay our taxes in cases when it really matters. The banks provide zero privacy now. I think, a cashless society will be part of the future as well, making it much more difficult for anyone to skirt giving the government their share of your profits as well. I live outside of the country now. The banks where I live have to give information on my bank accounts to the government if it is requested. We have no privacy no matter where we live now. Over seas banks don't really want to do business with US citizens because of the reporting requirements. Its not worth it to them. If you live oversea's, the only way to have any privacy at all is to rent a safe deposit box in a private vault. Private vaults are not cheap but they are necessary if you are a stacker over seas. You use them not just for gold. But, for that stack of 100 dollar bills as well. We sacrifice quite a bit of our liberty by being a US citizen and this is the reason that so many people give up their citizenship in favor of citizenship in a country where more liberty exists.
Yeah, taxes are serious business, and people need to understand exactly what is expected. Knowing is half the battle and all that. (The other half is up to them.) There's a huge difference between selling a coin or two and selling 30, and that Schedule D can even be your friend if you're going in for a loan at some point. The banks won't take a duffle bag full of cash as a down payment. At least not here in the U.S.. Thanks for the comment!
@@2is1gold That's another problem. Cash can be a problem as well. What if you have a large sum of cash that you saved and you have had it for many years? You pretty much cannot put this cash in the bank all at once. You have to do it little by little. You are limited about where you can spend this cash as well. Isn't it obvious that we are headed for a cashless society? I have heard folks say that we are headed for a cashless society and it becomes more and more clear to me that we are headed in that direction all the time. Eventually you will have to use gold as a hard currency instead of the dollar. In other words, pay with gold to avoid converting it to digital currency before making the transaction. Things will continue to get dicey to the point it gets really ridiculous. Gold may become its own so called black market.
@@glenh4971 this is purely speculation, but I think there will be plenty of alternative peer-to-peer digital currencies. It's only a matter of time before there's one tied to gold.
@@2is1gold That may be true. None will give you privacy in your dealings. I do all my business in cash only. I am old school. I am afraid my days are numbered. I live in a developing country in Central America where I hope that an old dog like myself can continue to live on a cash basis. Things are changing too fast for me.
Wow. Thanks for the info
✊
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 $20. , why it cost's more it is because the Dollar is worth less than in 1913. wheres the profit??? They don't give us a loss every time they print dollars out of thin air and the Dollar becomes worth less.
good point, the price of gold is just a representative of how weak the dollar has become.
Facts
Cheat sheet: 32.15 or less troy oz gold ,sale,not required to report? 1,000. Oz silver not required to report? 1,000$ face value junk,not required to report ? Just asking.
If a Gold Eagle or similar coin was bought for cash and there is no sales receipt, how is the capital gains calculated if you report the sale?
It’s simply given as a net gain in collectibles. There’s really no proof that could be supplied.