Gold and Silver - Capital Gains Tax and IRS Reporting
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- Опубліковано 26 сер 2024
- Gold and Silver are susceptible to capital gains tax and there are times when purchases or sales will be reported to the IRS. I talk about when capital gains tax on precious metals applies and how much it is. I also go over which gold and silver items are reported to the IRS when they are sold in certain quantities. I AM NOT A FINANCIAL ADVISOR OR TAX EXPERT. DO YOUR OWN RESEARCH AND CONTACT A PROFESSIONAL. The IRS 8300 from is filled out and sent to the IRS when you purchase over $10,000 in gold or silver with cash. The IRS 1099-B form is filled out when you sell certain amounts of precious metals in certain quantities. You are required to report profits on sales of precious metals to the IRS and pay the capital gains tax of up to 28% on your own. You are only required to pay the capital gains tax on profits from gold sales or silver sales.
JMBullion Infographic on Gold and Silver Taxes and Reporting:
www.jmbullion....
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#silver #silverstacking #silverdragons
Topics I cover in this video: taxes on gold and silver, taxes on gold, taxes on silver, taxes on precious metals, silver tax, gold tax, selling gold and silver, capital gains tax on gold, capital gains tax on silver, capital gains tax on precious metals, gold reporting, silver reporting, irs form 8300, irs form 1099-b, gold and silver reporting, investing in gold, investing in silver
![АЛАУДИНОВ у Скабеевой: эти их ВСУ нас НЕ ДОГОНЯТ 😁 [Пародия]](http://i.ytimg.com/vi/an0anqU4WGQ/mqdefault.jpg)
This video is information on tax laws regarding gold and silver as well as mandatory IRS reporting. I AM NOT A TAX EXPERT OR FINANCIAL ADVISOR. I also do not like the fact that the capital gains tax exists and I hope that it can be removed or at least lowered in the future. 🔥🐉
Silver egales and gold egales are not taxed so u know 😊
Required to pay Capital Gains? Umm no, Not!
I buy and sell with cash, no forms.
Stop smoking the conga
With capital gains there are differences in rate depending on short and long term gains.
When i buy from some online silver dealers i get this thing called a payment fee sometimes not. Is this some kind of tax?
B Lam I believe this a fee the dealer is charging you because they have to pay the credit card company a 3% fee on each transaction, so they’re passing that transaction fee onto you, another scam. Find a different dealer to buy from.
So basically don't make any huge purchases and don't make any huge sales. Also don't tell the IRS when you do sell because it's not any of their damn business.
Exactly
Well said. We buy it privately, we sell it privately. Think all stackers know how the game works. Unfortunately I’ve made huge losses in metals.. 😉
@@sanpedrosilversocalsilver, What kind of losses and what kind of mistakes were they?
P WHALES wink wink 😉
@@sanpedrosilver , Ok I understand.....
Thank You
'they' dont deserve any share.
Tim Kincaid I know taxation is theft 🔥🐉
I pay taxes when I buy my silver and gold so i think they already got there share
Never pay taxes on PM’s!
@@glockman155 how
silver stasher Your LCS should not be charging taxes, tell them you’re not paying taxes or you’ll take your business elsewhere. Know this, when you hold the cash, you’re in charge! Don’t let someone gain advantage over you, squash them right off the bat.
@@glockman155 I wish it worked like that even jm apmex provident charge tax it law in kentucky
silver stasher Well you do what works for you, I’ll never pay taxes!
Why would I tell the criminals anything?
crazyjojp taxation is theft I get it 🔥🐉
crazyjojp 😂😂😂
Are you crazy or something ?? Telling uncle sam that you are selling something they know nothing about !!
Exactly!😃😃😄
Exactly,why would anyone shoot themselves on their foot.Unless if this channel is owned by the SAME POWERS THAT BE...😮😱😆😂
Daniel Hebert lol i’m not telling you what to do i’m just stating what the laws are 🔥🐉
BUY LESS THAN 10,000 AND DONT USE ------CASH...
I messed up I bought mine from a company and got the check from my bank. No way I can hide mine, and to old to go to prison.😬
I lost all my gold and silver in a boating accident it somewhere in the pacific ocean
And your guns
I lost all my gold and silver in the same boating accident where I lost my guns. Seriously though, this is about the silliest topic I've seen explained.
I was with you in that same boat. Witnessed it with my own twk eyes.
Unfortunately all of my firearms and gold/silver sank to the bottom of the ocean. Its a good thing we are witnesses. Wouldn't want them to think of any shenanigans.
@@jamesdjl4359 The 60,000 rounds of 7.62x39 shifting off center when we went over that giant wake caused it. Glad we had those inflatable love dolls with us.
@@paulhare662 - ahhh, ...and don't forget it was as we were sailing over the mariana trench
"To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical." Thomas Jefferson
Colt Le taxation is theft I get it 👍🏽🔥🐉
Taxing inflation 😡
What happens if I lost all my gold, silver and guns in a boat accident?
I would have reported my taxes but i lose it all in a unfortunate boating accident
And the trick is to never do sales or purchases over 10,000 dollars and use multiple outlets and dealers. Private cash sales are not subject to taxes unless for some strange reason an individual has a crisis of conscience. The IRS only comes into play if an individual is trading precious metals as a broker or as a gainful means of employment for profit.
As a side note, you are not required to pay taxes on the sale of your home of personal belongings such as cars, boats or aircraft as long as the profit does not exceed 250K single owner or 550K joint owners.
What is a "Conscience" ?? :)
I worked for 30yrs to give it away ? They haven,t taxed me enough ! And put the age of retirement up to 65-70 ? WTF !
Great info. Thanks glad I don't sell. Because I wouldn't tell them. 10% good enough for God,but my government want 28% everything
Timothy Loyd I know right... just never sell 😂🔥🐉
Taxes? How about NO 🤣🤣🤣
NorthWest_Staker lol and the IRS is like how about jail 😂🔥🐉
Silver Dragons I might change my name to Wesley snipes soon 🤣
All this type of info should be being kept in ledgers (personal, precious metals, silver, gold) where one can log basic info:
item, source, buy price, premium, sell price, profit.
I will never report anything related to my PM to the IRS. Got taxed from my check, got taxed in April, got taxed on the PM purchase, so no.
I will give the IRS half of..... Nothing!!!
I'm not reporting jack
P WHALES who is jack? lol 🔥🐉
No capital gains on silver and gold!
American silver eagles are 1099b exempt, the premium on them is the built in tax!
The fact that there's no "papertrail" when buying silver is a good reason to invest in silver bullion.
Nope...completely unhinged trade...I stick to shitcoin gitcoin Bitcoin
Tell them you sold it to an illegal, you're good !!!
Dennis Janda lol loophole 😂🔥🐉
🤣
Of course the cost of the item INCLUDES any premiums. If you sold it back the same day you would have lost those premium, so you would have incurred a loss on the sale.
"If we print a bunch of money, it will devalue it, so when people with silver sell it, it will show up as profit and we can tax them."
We need to treat our government the way Vlad Tepes treated the Ottomans.
Spot on
They rob you and then tax you again when you try to reclaim the value stolen from you in the first place.
Agreed!
By cash don't pay anything in taxes
Mario Anda I prefer cash in cash out 🔥🐉
Great Information! I believe the $10k cap is more about $ laundering than tax fraud specifically. Although, laundering $ usually involves tax fraud violations as well.
Norsefalconer yes that’s why they started that for sure 👍🏽 🔥🐉
Capital Gains taxes are the worst taxes. They shouldn't exist.
Cash purchases and cash sales. It’s that simple. Hello 🤷♂️
Thank you for doing this video. Great info for this new stacker!
Silver Roxx you got it my friend and thanks for watching!! 🔥🐉
Great video! Thanks for the info. I imagine that if one were to keep their sales of metal below 10k, they won't get a form 8300 lol! Thanks for inspiring me to stack silver! Your videos are awesome! 😎
Link Fonda for sales it has to do with the type of bullion and quantity to trigger an IRS form... you are welcome and stack on!!! 🔥🐉
Thanks! Just found a 5 pound piece if silver service in my shed! Gonna melt it !!! 💪💪💪 gonna follow your advice! 😎
100oz of Palladium before reporting?!?!? Sounds like a great place to launder money lol
Obviously the gov't is behind the times and don't realise that prices of palladium and platinum swapped when car industry changed what they use in catalytic converters.
The Indy-pendent Stacker 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 yes for sure 🔥🐉
The Indy-pendent Stacker 😂😂😂
WHOA!!!🎈Wasn’t expecting a video on taxes!! Interesting video Silver Dragons 🐉 👍
V Yes its me lol well i’m happy I was able to help 👍🏽🔥🐉
When you buy metals it taxed when you sell it its taxed more
Dennis Haggerty it’s not taxed here in Oregon. there is no federal tax on sales that I am aware of 🔥🐉
I did not see .999 silver coins on the list.
Capital losses is a thing that people should remember.if you sell at a loss you cannot deduct that amount but you sure can use it as a write-off against future capital gains.
i believe you can write off up to $3000/yr. against losses. NOT AGAINST THE TAX YOU OWE, but it goes into the calculation. every bit helps.
M- Nice very true always keep track of everything!!! 🔥🐉
Wow really nice Silver and gold coin/Bar setup video!!! :D
OcOmega Shadow thanks so much 😁🔥🐉
I would definitely report everything to the IRS, unfortunately I lost everything in a freak boating accident
Kudos for broaching such a taboo subject especially as it relates to the stacking hobbyist. Unfortunately, some costs are sunk costs that don't get factored in the acquisition and liquidation process like chemical testing, armed escort, platform commission (i.e. eBay) etc. Maybe these PM sellers (apmex, provident etc) are just stackers but capturing those sunk costs as business expenses?
Joseph Ngo yeah no idea and thanks for the kind words it is a very controversial topic 🔥🐉
It’s a shame I lost all my metals in that boating accident
I was robbed from those damn illegals
I didn't report anything because I feared for my life your laws made me not able to defend myself
"Due diligence"lol i love this channel already
Hmmm looks like I’m gonna break even one day on all m PM’s
Good idea, but might be hard to say you broke even when prices are at all time highs.
The most plausible reason that the U.S. government gives the "more than 10 thousand dollar" sale/purchase parameter is to try to prevent money laundering. The tax part is their method to hide the true intent. Money laundering is the reason given for a U.S. citizen leaving the U.S. to have to declare the amount if more than 10 thousand dollars. (It's 10k Euros in most other countries.).
I did not listen to the entire presentation so I apologize if you went over this later. I am pretty certain that there is a provision in the internal revenue code that states you do not have to pay any sort of tax on any profit that you might make by selling constitutional silver. I had a tax attorney tell me that a few years ago I’m not sure if she was correct there but I went with that being correct. She did let me know that she used to work for the Internal Revenue Service and was pretty well caught up on all of the rules andRegulations that we have to follow! You might see if you can find out the same thing as I did. Thank you for the video
What if you find $10,000 or more in gold, silver, or other precious metals? They can't do anything about that I assume. >:) They'll find some excuse to take your money though. Taxation is theft.
Art-Tastic Creations taxation is theft... yeah pretty sure treasure hunters pay massive taxes 🔥🐉
@@SilverDragons47 Well if the government can gets money from you it will find a way to get it. They'd tax you for breathing if they could get away with it.
@RedAnarchist223 Good point. I mean they can't really prove if you bought some here and there from different places or not. Especially if it is a cash transaction.
@@scotttild Ah I see. Well that makes sense.
See: "civil forfeiture"
This whole video should be in quotation marks 😂😂
If the value of the dollar goes to zero, why pay any taxes?
My LCS said I didn't have to report what I bought. Lol I never buy more than 200 at a time
Silver Wheels you never buy more than 200 ounces of Gold??😮😮😮😮😮😮😂😂😂😂😂😂😂😂😂😂😁🔥🐉
@@SilverDragons47 no silver. Got way more in hand
That's alot of money in gold 😂
If you pay cash... Why in the world would you report it to the Government?
Excellent info. Thanks & keep stackn! 👍🏼😎🇺🇸
Rik Seavers you got it my friend and you know so will! 😁🔥🐉
Cool deal dude, looks like I won't have to pay taxes on my silver
murph murph lol you do you my friend 👍🏽🔥🐉
Oh well 😢
be.
best vid on the subject, now i will try to be quiet about all the excitement, thanks
mark blong lol thanks my friend 👍🏽🔥🐉
What if you used a Sliver Eagle to purchase something for $1?
Let’s say you purchased a home made hat from a friend for $1 using an ASE at face value.
Your friend has made $1 in “income” and must pay taxes on it.
If I am understanding correctly, Capital Gains tax only applies when that coin is sold at a later date.
If you move from CA to Florida before the sale then you are not subject to the state Capital Gains Tax.
We get taxed here in Wisconsin for silver!
From The coin dealers ? Fcuk .
Psyched for Silver that really sucks 😵🔥🐉
I wonder if paying by Bitcoin is considered paying by cash.
Great video man. We are law abiding citizen and we should pay taxes. The only reason we buy silver and gold is not because paper currency has no value what so ever but for its shiny metal like looks. Also not becuase USA dollar will collapse pretty soon and people will only use silver and gold as actual money
Custom Decks, Inc.
0 seconds ago
Are u kidding ? They bust our assets at every turn so its now unsustainable ...At some point enough is enough. We already pay every tax imaginable. I for one like the Boston tea party idea
Since today is my birthday, I decided that Saturday I was going to do my 2nd largest bullion purchase. I ended up finding quite a few of the US Assay Office San Francisco rounds and bars and A Mark rounds in generic bins
Eric McCutcheon awesome you snag those “generics”!!!!! 🔥🐉
Silver Dragons actually, Apmex has the 2018 Perth dragon proofs on sale for $40, so I snagged 3 and some supplies. But yes, looking at premiums, especially 5-10oz generics are the best for cheaper, fast weight in stacks. But I should really ask, does it offset prices a lot if say you pick up a cooler design by brand or poured (Geiger, Johnson Matthey, tombstone bar, etc) from time to time in varied and/or off weights?
Eric McCutcheon yeah you can keep some premiums for the cool stuff but it is a headache to sell 🔥🐉
in almost all states tere is no sales tax on precious metals, but many sellers don't know that. I have gotten my taxes refunded when i contact them and inform them. lots of times they have to go check on it, and then come back and say you are right, and i get a refund. I am in Ohio. there are only about 6 or 7 states that have sales tax on precious metals. and, it's the state you buy it in
, not the state you buy from.
I know this video is old, but I find it so funny that we have to pay taxes on inflation. Like the more money that they print the more taxes we have to pay lol
Don't worry about taxes... you collect silver so you're poor
Very informative thanks Papa!
Bilbo Stackins you are welcome my friend!!! 👍🏽🔥🐉
I keep very good paperwork on all my stuff..I dont intend to sell..I plan to pass down..
Lots of good information there. Thanks for the video.
Slacker Stacker thanks for commenting and watching. good to see you my friend 👍🏽🔥🐉
Gold/Silver/Copper/Brass/Lead all have value, but don’t forget Nickel! Nickels are 75% Copper and 25% Nickel, Nickel is currently 3x the value of Copper per pound. So, load up while you can, it costs approximately 11 cents to make a Nickel, this composition won’t last long. Hmmm
Glockman 155 yeah nickel is pretty cheap right now but it could go back up for sure!!! 🔥🐉
Well my 2 silver quarters got stolen so no taxes will be paid
Carman 2012 lol golden 🔥🐉
I’ll mail them back to you for a dollar face!
Lol. Taxes, taxes? I don't think so.
Silver4Life 1230 taxation is theft 🔥🐉
Its simple guys sell only 999 troy oz of silver and uncle Sam will never know sell 24 1 oz gold coins and they wont ever know and use cash only nothing with a paper trail thanks for the minimum amount page I'm new at stacking so thanks for the info dude spot on
alejandro Ramirez arreola yeah always sell for cash and what you do after that is your business. ✌🏽🔥🐉
Not sure where you buy/sell your silver/gold but most reputable coin stores pay cash but must complete a receipt even for cash purchases. And when selling again not only a receipt but they require ID and signature for the sale.
Nice work Silver Dragons, BUT you forgot to mention the ability to claim Capital Losses of up to $3k per year I believe. Nothing like selling some ASEs you bought in 2011 and taking $3,000 in tax write-offs for some ensuing 7 years. I'm partially kidding as yes losses like that have occurred, but at a minimum, you can spread them against your investment capital gains too.
Couple SD Bullion blogs I have done on the topic [ Gold Silver Bullion Tax IRS Reporting Rules ] & [ SILVER TAXES | Selling Silver Coins Tax Implications ]
James Anderson great point and capital losses can be claimed every year! 👍🏽🔥🐉
Great info; thanks for the video!
That moment when your LCS does a better job at being a bank than an actual bank.
Agre, always ask if there reportable list. just keep buying your gold under kg(~32 Troy oz) or silver under 1000 Troy oz. it not like you buy it all at one dealer. Just spread out your buying like in the coin fair buy from different venders keep under the limited.
Thanks for the info, but ZERO IS WHAT THEY GET ! JUST SUBBED.
There alway a loop hole and you can find it to avoid paying tax. Keep it cash only and buy from many different vendor as possible if you can. It not like they have known about the total amount of a given day or you buy from next city over.
Hawaii has a precious metals sales tax of 4% :(
In Norwich New York in living I always pay Taxes here on everything even
Copper Gold silver and Platinum!!!
OcOmega Shadow what about silver
Wait for the bachelor tax and then the breathing tax...
@@bobmeyers3478 I think is no Taxes on Silver!!!
OcOmega Shadow that’s a bummer 😬🔥🐉
Shouldn't inflation be detected from the taxable percentage?
The constitution declares gold and silver as money not some obscure "collectible".
Trading real gold and silver for worthless fiat currency should not be a taxable event.
Well thanks for the education in taxes with precious metals, seems like there are a couple of loopholes in that list you showed and talked about. Nothing wrong with loopholes if we know about them i mean why sell all your silver or gold in one go (unless you have too.) when you can just sell some of it and save the rest for a future date.
Lol the whole first part was full of air quotes and Winnie faces.
salvador sanchez 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 was it that obvious 🔥🐉
DUDE you're not a financial advisor and tax professional??!?! Man I've been following you for over a year thinking you were!! What do I do man I put it all on my dude Dragons on UA-cam!?!?!?!!?!!!! :))))
Metal Bum lol i’m a youtube advisor I guess 😂😂😂😂😂😂😂😂😂😂🔥🐉
Also how would the IRS track a crypto currency precious metal purchase?
I
Refuse
Submission
I wish I never pay Taxes on Silver and gold in Norwich New York I living!!!
OcOmega Shadow yeah so lame!!! 🔥🐉
Great video SD!!!
Talking Bullion thanks so much TB!!! 🔥🐉
Selling inherited is interesting, as the purchase price then becomes the spot prices from the date of death. I am fairly certain of that since that was what I researched because that is the most likely scenario for me. The dropping dead part.
cash out , cash in , the irs can pound sand .
To hell to that I'm not paying taxes I'm tradeing silver for items.
Unless we go to digital money. then you are screwed.
Barter rules.
@@jaddy540 Digital Money is not Money lol.
Chris Martinez if we got into SHTF that will be your only option 🔥🐉
What is the deal with Silver Kuugrerands? How are they dealt--federally?
Best video I've watched all 2020
gs.novato thanks so much my friend! 👍🏽🔥🐉
What happens when all purchases are electronic and cash is done away with?
Bend over. You lose.
@@jaddy540 unless you have silver
Bob C. then the end will be near 🔥🐉
At 4:40 you make the salient point.
New England Views exactly cash in cash out 😏🔥🐉
Silver Dragons 👏😎
It's only there to barter with incase of a catastrophe. If that happens, then I think the government will have bigger things to worry about.
AMEN to THAT👏👍!
Taxes?...I don't have to show you no stinking taxes...!!! Lolol I mean badges .
It sucks that you can't discount inflation value loss from your profits when reporting. You might have made a profit, but actually lose buying power.. but still pay taxes on that functional loss.
The government gets you coming in and out, smh thanks for sharing!
JT Coin Rings yep they always try to screw you 🔥🐉
This is the type of guy that would have the cashier charge him for a (one) grape he ate while browsing the fresh food isle.
Y V I don’t get why people are making fun of him for making a video about complying with the law. That being said there’s no way he’s reporting all his sales, he’s just explaining what to do
If I sell some precious metals the IRS will never hear about it. And you can take that to the bank!
Stuff changes alright
What keeps a person from making under 10,000 purchases from several bullion dealers that total over 10,000? And how do they figure profit? For example you buy a tube of eagles at 20 dollar spot this year you buy a tube for 30 dollars the next year. The 3rd year you sell a tube at 50 dollars an ounce. How do they know if you sold the 20 spot price tube or the 30 spot price tube? I want to be honest but I'm totally confused.🤔🤔🤔
Audit and receipts....don't buy cars and house will un traced gold and silver you're asking for problems
Take profit money and keep it away from any system 💯
amazing video. very informative