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  1. #31
    us
    Feb 2010
    Missouri
    2,783
    2065 times
    Yeah, I was thinking sales tax. There’s no sales tax on US coins (but there is on currency).

    back to the original question I don’t have a real emotional attachment to my CRH finds necessarily but also don’t need the money. I think if silver gets to $36-38 my 40%ers may get sold.
    Tommybuckets likes this.

  2. #32

    Aug 2005
    1,325
    72 times
    Bear in mind also that people do not necessarily deposit their "return" into bank accounts where gummint cheezeballs can see the numbers.

    If I accumulated several grand in silver over a period of years, did not really advertize the fact I sold any of it, and did not deposit any of my sales into a bank account, the only way the gummint would know I sold any of it would be by checking the records of the dealer I sold the silver to. Sure, it is still a record, but with no record of the cash being deposited, there would be one less record of any "profits".

    But, it is all pie-in-the-sky "theory" and also, what the hell do I know?

  3. #33

    Aug 2005
    1,325
    72 times
    Yes, but my opinion is that I sell so little I am unlikely to be audited. They have bigger fish to fry, and even if they raked me over the coals for the profit on, say, 100 dollars face value in silver, they would give me the opportunity to make good on it in the end.

    As it is, it would cost them so much more to prosecute some small-time cretin like myself that it would not be worth it. If they have to spend 20 grand in legal fees, investigative work, court costs, etc. for 400 dollars I "forgot" to report on my tax form, it would not be worth it to them at all.
    "It's the stuff that dreams are made of....."

  4. #34
    Charter Member
    us
    Feb 2008
    Great Lakes State
    dirtfishing
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    Honorable Mentions (1)
    Quote Originally Posted by MalteseFalcon View Post
    Bear in mind also that people do not necessarily deposit their "return" into bank accounts where gummint cheezeballs can see the numbers.

    If I accumulated several grand in silver over a period of years, did not really advertize the fact I sold any of it, and did not deposit any of my sales into a bank account, the only way the gummint would know I sold any of it would be by checking the records of the dealer I sold the silver to. Sure, it is still a record, but with no record of the cash being deposited, there would be one less record of any "profits".

    But, it is all pie-in-the-sky "theory" and also, what the hell do I know?
    Your point? Ya kind of tip toed around the elephant in the room.

  5. #35
    Charter Member
    us
    Feb 2008
    Great Lakes State
    dirtfishing
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    Honorable Mentions (1)
    Quote Originally Posted by MalteseFalcon View Post
    Yes, but my opinion is that I sell so little I am unlikely to be audited. They have bigger fish to fry, and even if they raked me over the coals for the profit on, say, 100 dollars face value in silver, they would give me the opportunity to make good on it in the end.

    As it is, it would cost them so much more to prosecute some small-time cretin like myself that it would not be worth it. If they have to spend 20 grand in legal fees, investigative work, court costs, etc. for 400 dollars I "forgot" to report on my tax form, it would not be worth it to them at all.
    Since when is cost a matter to Guv?
    TheMastermind likes this.

  6. #36

    Jan 2016
    421
    866 times
    Quote Originally Posted by LooseChange View Post
    Unless/until you need cash badly, you shouldn't trade your physical silver for dollars. There is a much better thing to do with physical silver - if you are patient.

    You can build a larger and larger stack by trading between silver and gold. Hold your physical silver until the ratio of gold to sliver is less than 65 (currently around 73, recently in 120's). Once the ratio gets to the low 60's, trade all of your physical silver for physical gold. Then, then wait for the ratio to get above 80. When that happens, trade all of your physical gold for physical silver. For each trade, your stack of precious metal grows. It grows free of cost, free of risk, and free of taxes. It works.
    This is what I have done before and am going to do this time.
    I traded my gold for silver when it broke 90
    No regrets that it climbed to 125
    But, I am holding out for 35 to trade my silver back into gold.
    I believe mid 30's is most likely.
    I've done this before. It work VERY well for me

  7. #37

    Jan 2016
    421
    866 times
    Quote Originally Posted by fistfulladirt View Post
    Just donít forget your capital gains tax of 28% on the sale.
    They will have to find " John Smith " to charge MY capitol gains tax to. LOL
    Dannycoco and FormerTeller like this.

  8. #38
    Charter Member
    us
    Feb 2008
    Great Lakes State
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    Quote Originally Posted by silveraddict View Post
    They will have to find " John Smith " to charge MY capitol gains tax to. LOL
    Tried that with my LCS. He didn’t think it was funny as he demanded my driver’s license. I don’t carry a second fake one LOL.

  9. #39

    Jan 2016
    421
    866 times
    Quote Originally Posted by fistfulladirt View Post
    Tried that with my LCS. He didnít think it was funny as he demanded my driverís license. I donít carry a second fake one LOL.
    Fortunately I have been friends with the owner of my LCS for over 40 years.
    Not a problem for me.
    FormerTeller likes this.

  10. #40
    us
    Feb 2010
    Missouri
    2,783
    2065 times
    I wouldn’t mind seeing a silver to gold ratio of < 50:1. That might trigger some rotation for me.

  11. #41

    Sep 2012
    710
    545 times
    All Types Of Treasure Hunting
    Quote Originally Posted by TheMastermind View Post
    "I bought all of that in 2012 at $48/ozt., Mr. Gov't Man. Just sold it all for $40/ozt. Can you direct me to the form for declaring my losses?"

    Quote Originally Posted by Avago View Post
    One thing they may do is ask for proof of the purchase/receipts, which you might not necessarily have if they were a bunch of smaller, unreport-able cash purchases - But big brother would say "where did you get the $xx,xxx in 2012 to buy it all then?"

    Initiate audit.
    I got almost all of my tiny stack as gifts from family - in 2012 (when the gift tax exclusion amount was $13k).
    Unfortunately, it was all lost in a boating accident and I now have no physical metals of any sort (except some pitted silver fillings in my teeth - from the 1980's).
    fistfulladirt likes this.

  12. #42
    us
    Mar 2015
    Bodymore, Metalland
    Minelab Excal, Safari, Garrett infinium, Whites prizm 4
    888
    1663 times
    All Types Of Treasure Hunting
    Banner Finds (1)
    I think I'll put a few 40% out at spot and see what happens... Y'all have me intrigued. I do like this silver to gold trade if the ratio is already swinging that way. Avoiding going into dollars sounds great. I already have dollars for that lol.
    fistfulladirt likes this.

  13. #43

    Apr 2020
    44
    37 times
    Coin Roll Hunting
    Yowza... Anyone who sold before today probably did nicely!
    fistfulladirt likes this.

  14. #44
    Charter Member
    us
    Feb 2008
    Great Lakes State
    dirtfishing
    11,390
    3492 times
    silver surfing
    Honorable Mentions (1)
    Quote Originally Posted by Tommybuckets View Post
    I think I'll put a few 40% out at spot and see what happens... Y'all have me intrigued. I do like this silver to gold trade if the ratio is already swinging that way. Avoiding going into dollars sounds great. I already have dollars for that lol.
    My 40% sat on Craigslist for a month with only one inquiry. That was at $35/oz. I settled for 75% spot.

  15. #45

    Jun 2016
    New York
    354
    982 times
    All Types Of Treasure Hunting
    I sold my 40%ers when it was at $28.18.

 

 
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