If you sell your CRHing finds

[jim4silver]

Here is an article I saw that has accurate info relating to taxes on sales of silver, gold, etc.

Lots of disinfo out there, so hopefully this helps anyone who is wondering.

http://www.caseyresearch.com/editorial/3436?ppref=GLD178ED0610A


Jim

 

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[Rich Hartford]

Here is an article I saw that has accurate info relating to taxes on sales of silver, gold, etc.

Lots of disinfo out there, so hopefully this helps anyone who is wondering.

http://www.caseyresearch.com/editorial/3436?ppref=GLD178ED0610A


Jim

Interesting article !

 

[obediah]

Here is an article I saw that has accurate info relating to taxes on sales of silver, gold, etc.

Lots of disinfo out there, so hopefully this helps anyone who is wondering.

http://www.caseyresearch.com/editorial/3436?ppref=GLD178ED0610A


Jim

Interesting article !

Depressing article too!

 

[Fredness]

It is both for sure.
Thx!

 

[packerbacker]

How would they know you are selling for a profit? Maybe you paid a lot more for it when you got it and you are selling at a loss. If you say you are selling at a loss, can you claim it as a loss and write it off?
This would be another good reason NOT to buy 100-ounce bars. If silver goes way up, you will get a lot of money in one shot for a hundred-ouncer. That will draw attention.

 

[golden silver]

So what do you do sell in small amounts to avoid this? Jim can you explain this a little.

Golden Silver

 

[maine_Jim]

Has anyone here sold any large quantities to Nucleo or Apmex? If yes how do they handle the exchanges? Are they reporting the transactions to the IRS and do they require any personal information to enable a 1099 being sent if you sell more than a certain amount? Just wondering...

Maine_Jim

 

[CHAINCHOMP]

i dont sell any CRH'ed finds, unless i find one coin alone worth $1,000.00 or more sorry, didnt read the article, to scared some say its depressing, cant take that stuffanymore in life, it would kill me cuz CRH is everything to me

 

[jim4silver]

So what do you do sell in small amounts to avoid this? Jim can you explain this a little.

Golden Silver

GS,

I have sold some of my CRHing finds only a few times. Each time I declared the profits on my tax return (schedule D) and paid the taxes. I know it may sound stupid to some, but I don't want to worry about getting caught. Since I got the coins at face value I still made a decent profit.

Jim

 

[Silverminer]

Jim
Would you qualify for long term capital gain at a more favorable tax rate if you held for more than a year? All coins would have had dates prior to 1971 which would be a long term gain.
Cheers!

 

[jim4silver]

Jim
Would you qualify for long term capital gain at a more favorable tax rate if you held for more than a year? All coins would have had dates prior to 1971 which would be a long term gain.
Cheers!

My understanding is that gold/silver coins (and even gold/silver ETF shares) are taxed at the "collectibles" rate (which is a maximum of 28% for long term). Thus, you cannot take advantage of the long term capital gains rate when selling silver/gold coins. I believe there is a narrow exception to this rule if you own gold/silver ETF shares in an approved IRA or something to that effect, but it is a narrow exception.

That is why some recommend buying stocks of silver/gold miners, because you can get the long term capital gains rate if you hold the stock over a year. I don't know this for sure, but I would imagine that as the economy continues to sink, they are gonna do away with the long term capital gains rate and tax everything like a short term gain to increase tax revenue--but this is just my guess.

Further, the time period for determining if you held an asset long enough to qualify for a long term capital gain goes by when you acquire it and then sell it, not when the asset was created.

PS. Always consult with your CPA, because I could be wrong.

Jim

 

[Silverminer]

Jim,
Thanks for the collectible explanation. I indicated the date because acquisition time frame would be difficult to determine except for those CRH'ers who keep detailed records and don't just bury outside for a rainy day.
Cheers!

 

[quiksilver]

Interesting views, the question is do you all drive the speed limit all the time including when no one is watching.

 

[Silver Stripe]

Interesting views, the question is do you all drive the speed limit all the time including when no one is watching.

I always drive 5 mph over myself, 10 if I'm going to the bank. HH Mark

 

[mts]

Interesting views, the question is do you all drive the speed limit all the time including when no one is watching.

If I drive over the speed limit and get caught I am likely to get a ticket. If I commit tax fraud and get caught I'm likely to end up in JAIL. Big difference...

It's all about risk tolerance. Some of us don't care to pay a few tax dollars to know that we are not at risk of losing what matters most to us in life. Yet others are so tax averse that they would rather live a life of poverty than pay even one penny of tax. It makes no sense to me. Especially since those very same people seem to have no problem hunting for and collecting silver coins that were mined and minted using those very same tax dollars that they refuse to pay.

Note that my second paragraph above is NOT about you quicksilver. It's just a general observation that I've made after reading many anti-government posts out here in the CRH forum.

Jim4silver: thanks for the great link! As always, you are a wealth of information about silver!

 

[maine_Jim]

Has anyone here sold any large quantities to Nucleo or Apmex? If yes how do they handle the exchanges?

 

[packerbacker]

Strange. I have both sold and bought silver in transactions that were over $1,000. I was told by the dealer that, if the transaction was $1,000 or over, taxes were not charged, not even a sales tax. Go figure. They never take my name or any other information, they just give me a sales slip as if I had bought a loaf of bread.

 

[Diver_Down]

Strange. I have both sold and bought silver in transactions that were over $1,000. I was told by the dealer that, if the transaction was $1,000 or over, taxes were not charged, not even a sales tax. Go figure. They never take my name or any other information, they just give me a sales slip as if I had bought a loaf of bread.

Keep in mind there are different laws in different states governing the threshold for when sales tax is charged.

 

[Rich Hartford]

Interesting views, the question is do you all drive the speed limit all the time including when no one is watching.

If I drive over the speed limit and get caught I am likely to get a ticket. If I commit tax fraud and get caught I'm likely to end up in JAIL. Big difference...

It's all about risk tolerance. Some of us don't care to pay a few tax dollars to know that we are not at risk of losing what matters most to us in life. Yet others are so tax averse that they would rather live a life of poverty than pay even one penny of tax. It makes no sense to me. Especially since those very same people seem to have no problem hunting for and collecting silver coins that were mined and minted using those very same tax dollars that they refuse to pay.

Note that my second paragraph above is NOT about you quicksilver. It's just a general observation that I've made after reading many anti-government posts out here in the CRH forum.

Jim4silver: thanks for the great link! As always, you are a wealth of information about silver!

I'm an Obamatron. I work only so that I can pay taxes. Paying taxes makes me feel like an important part of society. I sleep better at night knowing that the fruits of my labor are shared by all.
I wonder who payed for silver coins before there was a federal income tax less than 100 years ago?
I feel bad for my great grandparents who never had the great opportunity to pay income taxes.
Hopefully in the future more taxes will be taken out of my pay, double plus good
I always drive the speed limit and I always let my money be taken away from me because I don't want to go to jail either,unless it's an all woman prison.
HH
Rich

 

[mts]

Interesting views, the question is do you all drive the speed limit all the time including when no one is watching.

If I drive over the speed limit and get caught I am likely to get a ticket. If I commit tax fraud and get caught I'm likely to end up in JAIL. Big difference...

It's all about risk tolerance. Some of us don't care to pay a few tax dollars to know that we are not at risk of losing what matters most to us in life. Yet others are so tax averse that they would rather live a life of poverty than pay even one penny of tax. It makes no sense to me. Especially since those very same people seem to have no problem hunting for and collecting silver coins that were mined and minted using those very same tax dollars that they refuse to pay.

Note that my second paragraph above is NOT about you quicksilver. It's just a general observation that I've made after reading many anti-government posts out here in the CRH forum.

Jim4silver: thanks for the great link! As always, you are a wealth of information about silver!

I'm an Obamatron. I work only so that I can pay taxes. Paying taxes makes me feel like an important part of society. I sleep better at night knowing that the fruits of my labor are shared by all.
I wonder who payed for silver coins before there was a federal income tax less than 100 years ago?
I feel bad for my great grandparents who never had the great opportunity to pay income taxes.
Hopefully in the future more taxes will be taken out of my pay, double plus good
I always drive the speed limit and I always let my money be taken away from me because I don't want to go to jail either,unless it's an all woman prison.
HH
Rich

Rich, it's not black and white. And trying to argue it as such simply doesn't work. I don't love to pay taxes either. But I'm smart enough to know that the road I drive on, school my kids attend, army that protects me, and yes... money that I use on a daily basis doesn't get paid for unless I'm willing to pay at least SOME taxes. I'd prefer to pay less and have the government do more with what I pay them. But I'm not like some of the people out here who are willing to live a life of virtual poverty in order to keep from paying even one penny of tax.

Let's put it this way... I'd rather pay $1B in tax next year than to pay no taxes. Why? Because if I pay $1B in taxes then I made about $3B in income! I wouldn't be happy about having to pay so much tax but I'd rather be a billionare than a pauper any day of the week.

And I'm not about to sit around bitching about taxes all the while forgetting to recognize what those tax dollars pay for. I often don't like the way my tax dollars are spent. But those are usually edge cases. It's easy to bitch about little things while ignoring the big picture.