SOLD SOME - FEELS GOOD!!!

[$ilver$urfer]

Well folks, I took the plunge and decided to sell off some of my stash yesterday. I am sure a few *holes on here will try to rub it in the next few weeks as silver climbs but I sold $750 face value of my CRHing 40%ers yesterday for $6.10 each to APMEX when silver closed at $43.40/ounce. I netted well over $8,000 in profit and let me tell you it feels good. The reason is I will be paying off the rest of my wife's high interest CC debt so she will be debt free -- and instead of her paying $600 a month just servicing her credit card debt she will give it to me to help me snowball the rest of my debt. By years end, we should be debt free minus mortgages!!!

HH,

$ilver$urfer

p.s. - I found out yesterday from the sales rep that 40%ers are non-reportable for income tax purposes but 90%ers and bullion are 1099 reportable! That said, APMEX pays well for them and I would think twice about trading up and losing value, especially if you are going to be selling in the future!

 

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[LiquidAsset]

That is fantastic. Nothing wrong with pulling some profit. You have personal goals and your cashing in.

 

[puckhead]

Everyone talks about how much their stash is worth, but until you you get cash in hand it's only a paper profit so I would say you did good. Besides, killing off debt is usually a good thing. Congrats on your success.

 

[fistfulladirt]

You did the right thing. Paying off debt is good

 

[Diver_Down]

Nice job, SS. Living debt free is a beautiful feeling.

 

[65gt350]

Congrats on a favorable outcome.
By the way the only time 90% must be reported is if you sell $1K FV. Any less and they are not required to give you a 1099.

HH,
65GT350

 

[maine_Jim]

Congrats - very nice profit. Paying off that credit card is a good move. The odds are against such a huge increase in silver in the next few months...but who knows. This is the fastest ride I have been on. I almost sold at $25 and was going to be happy but held off. Didn't know that about APMEX and the 40%. I heard that TULVING doesn't send 1099 on any sale. Anyone had any experience with that? Also NUCLEO - any 1099?

Maine_Jim

 

[brewboss]

Did they have a minimum FV amount that you have to send in?

 

[coincrawlin]

SilverSurfer...first of all I want to congratulate you on getting that debt paid off. Like others have said, no better feeling than being debt free. $8K is a nice profit, how long did it take you to accumulate $750 face? I've been thinking about selling my 40%ers, but only have around $150 face. What's the minimum APMEX will take, and do they give you a better price if you sell greater quantities?

 

[cdickrun64]

Good job......just make sure the wifey doesn't run that CC debt up again! Pull that free credit report once a year.....lol.

 

[jim4silver]

Well folks, I took the plunge and decided to sell off some of my stash yesterday. I am sure a few *holes on here will try to rub it in the next few weeks as silver climbs but I sold $750 face value of my CRHing 40%ers yesterday for $6.10 each to APMEX when silver closed at $43.40/ounce. I netted well over $8,000 in profit and let me tell you it feels good. The reason is I will be paying off the rest of my wife's high interest CC debt so she will be debt free -- and instead of her paying $600 a month just servicing her credit card debt she will give it to me to help me snowball the rest of my debt. By years end, we should be debt free minus mortgages!!!

HH,

$ilver$urfer

p.s. - I found out yesterday from the sales rep that 40%ers are non-reportable for income tax purposes but 90%ers and bullion are 1099 reportable! That said, APMEX pays well for them and I would think twice about trading up and losing value, especially if you are going to be selling in the future!

As long as you don't make a post telling everyone to SELL!! because somebody on the internet said prices are going to drop, I don't think you have to worry about any *holes rubbing it in if prices do continue to rise.

PS Non reportable still means a person owes taxes, just for those who may read your post and think any gains are tax free on 40%ers.

Jim

 

[jrf30]

Good job. ALthough I'd probably take off that part about the profit. Never know who (the IRS) could use that against you if you don't report it on your taxes next year.

I know that the odds are against that happening, or them even monitoring this board for any stupid reason. But why risk it? :-) In the meantime, great job, and don't worry if it goes up. You still did great.

 

[$ilver$urfer]

Thanks for all of the positive feedback folks!!! Profit is a four letter word...I worked my *ss off for the last 9 months CRHing so in the long run I am really just paying myself back for gas, food on the run, time invested, etc. Now I just hope to accumulate some more of the good stuff and then sell it in the future, at a higher spot price, and use that money for more personal good!

HH,

$ilver$urfer

 

[clovis97]

Way to go getting the debt paid off!!!!

You are going to sleep better at night, I promise!!!! FWIW, when life throws you a curve ball, like it did to me today, you won't have debt bogging you down.

 

[StevoCBR]

That is awesome, nothing wrong with a smart move like that

 

[JD-GA]

Good job SS on getting what you wanted out of it. As for the 1099 thing it doesnt even go into effect until next year and its highly unlikely it will not get repealed before then anyway. If it doesnt get repealed I will close my business and here is why. The vast majority of my customers sell 90% to me they have had for decades. Lets use a 1964 half for example since we all know what that is in this forum. Well in the 60s or maybe early 70s when my customer found his half he could take that 50c along with a date to the movies or he could put it away for later use. He could also have gotten nearly 3 gallons of gas for his car. Well today in 2011 with that same 50c he could sell it to me and with the proceeds he could take a date to the movie at $13.00, or he could put about 3 gallons of gas in his car at $3.80 a gallon at $11.40 total. So as you can see the customer that held onto that coin for all those years actually gained NOTHING or very little from the time he decided to put it away till the time he unloaded it. You know he doesnt have a receipt so he would have to pay the federal governmental theft ring taxes on $12.50 thus making him get even less now for that 50c than he could have when he found it.

Now clearly. If you find one today for 50c and sell it tomorrow for $13.00 I can see where income tax should be payed and through my business I will pay every cent of my income taxes (if i ever sell any that is haha) I earn. But how could I sleep at night knowing some of my 70 to 80 year old customers are going to pay taxes on something they have truly earned nothing from? What about the guy who bought a roll last year of 1964 last year for $140 and doesnt have a receipt? Should he pay taxes on the entire $250 he stands to get a check from me for, or will the irs believe him when he says he payed $140 instead of $10?

Anyway dont mean to hijack. This 1099 is a touchy subject and gets me fired up every time I see it. The government cant effectively do this in a fair manner so it simply needs to not be done. FAIRTAX fixes all of this by the way.

 

[grampa]

great job.. i wish i shopped around more before selling my 40%'s to the local coin/jewelry store... good thing i still have my 90s

 

[Bigheed]

good job SSurfer!! for any californians theres a local place called CNI, i think it stands for California Numismatic Investments. They will buy all your junk to but need to have 500 face or more to get there internet pricing. I think yesterday it was like 30x for 90% and 11.9x for 40%.

Sounds like you did great at 6.10 per coin thats like 12.2 face right? For me I'd probably just run it over to CNI to save on shipping, insurance all that jazz. Just throwing the location out.

Time to start accumulating again SS and grats again debt free is the way to live!

-Bigheed

 

[SaludaTeacha]

I'd rather be debt free any day of the week than have that silver. Looks like you'll get there soon than me. Now you have room to collect more silver anyway! HH

 

[WormtownFJR]

I want to chime in with everyone else here and congratulate you on making what was probably a tough choice. Moving forward, the people who survive the tough times ahead and weather it well will be those with good investments and NO debt. I have been thinking of doing the same thing with my girlfriend, but since my 40s will be buying her that ring, I don't know if I can tackle her debt to. The way silver is going who knows...

G