saxplayer
fully equipped rock polisher
Member since March 2018
Posts: 1,327
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Post by saxplayer on Oct 24, 2018 20:44:14 GMT -5
You’re wrong that it’s not required however. Just because most keep quiet and aren’t caught doesn’t mean it is not required. I trade over $150,000 a year in gold and it’s all in my tax reports. Yours may not but I caution anyone to assume it’s not required because it absolutely is.
I just don’t want someone here reading the post and thinking gold is a good means of tax free liquidation or sales. It isn’t. And if they catch you there will be consequences. Some of us don’t mind and some do.
I’m not passing any judgement in your case - just that I’m pointing out it is absolutely required to be reported. But so is your craigslist and Facebook sales if over 3k and who does that, right?
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NRG
fully equipped rock polisher
Member since February 2018
Posts: 1,630
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Post by NRG on Oct 25, 2018 11:18:45 GMT -5
You’re wrong that it’s not required however. Just because most keep quiet and aren’t caught doesn’t mean it is not required. I trade over $150,000 a year in gold and it’s all in my tax reports. Yours may not but I caution anyone to assume it’s not required because it absolutely is. I just don’t want someone here reading the post and thinking gold is a good means of tax free liquidation or sales. It isn’t. And if they catch you there will be consequences. Some of us don’t mind and some do. I’m not passing any judgement in your case - just that I’m pointing out it is absolutely required to be reported. But so is your craigslist and Facebook sales if over 3k and who does that, right? That's cool. I wish I did that yearly! I don't think I said it isn't required. If I did, my mistake. I clarified to point out it isn't trackable. No SS# is used and no tax forms generated. You sir, are on your honor to report your gold dealings. And honorable you are! Woot!
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saxplayer
fully equipped rock polisher
Member since March 2018
Posts: 1,327
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Post by saxplayer on Oct 25, 2018 13:06:30 GMT -5
You’re wrong that it’s not required however. Just because most keep quiet and aren’t caught doesn’t mean it is not required. I trade over $150,000 a year in gold and it’s all in my tax reports. Yours may not but I caution anyone to assume it’s not required because it absolutely is. I just don’t want someone here reading the post and thinking gold is a good means of tax free liquidation or sales. It isn’t. And if they catch you there will be consequences. Some of us don’t mind and some do. I’m not passing any judgement in your case - just that I’m pointing out it is absolutely required to be reported. But so is your craigslist and Facebook sales if over 3k and who does that, right? That's cool. I wish I did that yearly! I don't think I said it isn't required. If I did, my mistake. I clarified to point out it isn't trackable. No SS# is used and no tax forms generated. You sir, are on your honor to report your gold dealings. And honorable you are! Woot! I’m sorry if I misrepresented your statement than - my fault. I certainly don’t want people just safely assuming it’s a no tax product to make money off of You’re right it is not trackable. I am paranoid about irs because of my profession so I’m def more “by the books”
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Tommy
Administrator
Member since January 2013
Posts: 12,680
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Post by Tommy on Oct 25, 2018 15:00:41 GMT -5
So just for clarification - and I'll be the first to say I'm definitely out over my skis on this one - I think we know and can agree on the fact that gold buying and selling transactions are not specifically tracked. Also not tracked or taxed are gifts given of up to $14k. If my wife and I had a sudden windfall of money like this, I could give each of our collective five children a gift of gold in the value of <$14k every year, and at the same time my wife could be giving them each the same gift value. So we continue this for twenty years and we have effectively distributed over $500k to each of our children free and clear of any and all taxes. If they at any point liquidate the gift which they have every right to do - all they pay in taxes is on the gain - value now vs. value when received.
Gold is harder to spend of course. Giving them cash would seem like a pittance - not even enough to buy a decent car - and it would get spent unless specific investment steps are taken. Gold hell, bury it in the ground as a hedge against the financial collapse that is coming. That's what I would do if I won a billion dollars.
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Post by 1dave on Oct 25, 2018 15:46:14 GMT -5
It would all go into my mattress so I can keep an eye on it until I die and find out how much I can take with me.
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Sabre52
Cave Dweller
Me and my gal, Rosie
Member since August 2005
Posts: 20,466
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Post by Sabre52 on Oct 25, 2018 17:52:58 GMT -5
Problem I have with precious metals is the sellers gouge you when you buy it and when you sell it so it has to appreciate quite a lot before you even get on the positive side of the investment and it earns no interest or dividends. However, it is a hedge against serious inflation, if we ever have any. Buddy of mine had a wife from a wealthy south American family. Inflation was monstrous there so the family actually had a treasure room beneath their home full of gold and silver which they sold for American dollars to buy stuff with. Me, I invest in lead in case things go to heck. It's the all purpose kind of investment...Mel
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Post by aDave on Oct 25, 2018 19:42:43 GMT -5
Me, I invest in lead in case things go to heck. It's the all purpose kind of investment...Mel Now I know who to call.
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Mark K
Cave Dweller
Member since April 2012
Posts: 2,600
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Post by Mark K on Oct 25, 2018 20:09:23 GMT -5
Anyway...
None of us won, so on with our lives.
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NRG
fully equipped rock polisher
Member since February 2018
Posts: 1,630
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Post by NRG on Oct 25, 2018 21:30:26 GMT -5
Me, I invest in lead in case things go to heck. It's the all purpose kind of investment...Mel Now I know who to call. Doesn't everyone have 100# of lead in the shed and a few car batteries too? 😈
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NRG
fully equipped rock polisher
Member since February 2018
Posts: 1,630
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Post by NRG on Oct 25, 2018 21:37:20 GMT -5
So just for clarification - and I'll be the first to say I'm definitely out over my skis on this one - I think we know and can agree on the fact that gold buying and selling transactions are not specifically tracked. Also not tracked or taxed are gifts given of up to $14k. If my wife and I had a sudden windfall of money like this, I could give each of our collective five children a gift of gold in the value of <$14k every year, and at the same time my wife could be giving them each the same gift value. So we continue this for twenty years and we have effectively distributed over $500k to each of our children free and clear of any and all taxes. If they at any point liquidate the gift which they have every right to do - all they pay in taxes is on the gain - value now vs. value when received. Gold is harder to spend of course. Giving them cash would seem like a pittance - not even enough to buy a decent car - and it would get spent unless specific investment steps are taken. Gold hell, bury it in the ground as a hedge against the financial collapse that is coming. That's what I would do if I won a billion dollars. Perfect! And buy them a house, retain ownership and lease them use of the house for $1/year. Same for cars.
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Post by aDave on Oct 26, 2018 11:32:13 GMT -5
Now I know who to call. Doesn't everyone have 100# of lead in the shed and a few car batteries too? 😈 Actually I am good in that department. Why car batteries?
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NRG
fully equipped rock polisher
Member since February 2018
Posts: 1,630
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Post by NRG on Oct 26, 2018 11:39:24 GMT -5
Doesn't everyone have 100# of lead in the shed and a few car batteries too? 😈 Actually I am good in that department. Why car batteries? They have 30# of lead in them ETA: Obama made an environmental regulation banning the production of lead within our borders. I guess it's better to mess up other countries than our own. Nonetheless, there is at least one lead recycling plant left. Quantity too large for me to buy. So I collect lead any way I can. In the event I need to make bullets..... 😎
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Post by aDave on Oct 26, 2018 11:45:15 GMT -5
Actually I am good in that department. Why car batteries? They have 30# of lead in them ETA: Obama made an environmental regulation banning the production of lead within our borders. I guess it's better to mess up other countries than our own. Nonetheless, there is at least one lead recycling plant left. Quantity too large for me to buy. So I collect lead any way I can. In the event I need to make bullets..... 😎 Gotcha. I am actually in pretty good shape with finished product, if you know what I mean. If I ever get past what I have on hand, then things have REALLY gotten bad.
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Post by 1dave on Oct 26, 2018 11:54:04 GMT -5
This is what I used to make lead soldiers out of back in the 1950's. www.nuclead.com/leadcaulk.htmlWe cast them, bit their heads off in war, re-cast them to fight another day!
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