Buying gold question

[Tpmetal]

May be a dumb question, but humor me. Say I wanted to purchase a large amount of gold, is there anything i should be aware of in terms of legal/tax issues? Say I go to the bank right now and take out 20k cash and go to a us mint distributer and buy bullion, Any issues?

 

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[Gare]

May be a dumb question, but humor me. Say I wanted to purchase a large amount of gold, is there anything i should be aware of in terms of legal/tax issues? Say I go to the bank right now and take out 20k cash and go to a us mint distributer and buy bullion, Any issues?

This is a great question. I wish i could help . I will be watching for reply's

 

[traveller777]

That is a great question and you will get a plethora of different answers. And company recomendations. I would deep dive on reviews for different companies and make sure to check their buy and sell options and prices. It can be very different for different companies. Most have a fairly hefty premium per ounce on your purchase. I would tell you who I bought from a few years back but I see they get very mixed reviews now.
So I would do my own research on the internet. If someone wants to recommend a company to you, ok and use that as part of your research.

 

[gunsil]

You have to pay sales tax over and above the price of the gold. With NY sales tax at 8.25% the sales tax on $20,000 gold would be $1,650. I also think the banks have to report any cash transaction $10,000 or over to the Feds, but that is not really a problem. That said, the US mint at West Point is a pretty cool place to visit as is the Point itself. Sadly detecting is not allowed at the Academy campus. Of course when you have the gold hiding it can be problematic although a friend has more than that he keeps in a safe deposit box at a bank.

 

[Hiball76]

I’ve never paid sales tax on gold coin purchases across various retailers, That may vary from state to state though. I also have never withdrew cash to make said purchase. I generally utilize whatever method allows for the least amount of premium, normally a check is just as good as cash.

Below is a link to show some differences across states. I would follow up with whomever you intend to buy from for specifics.

https://www.bgasc.com/sales-tax-gold-silver-bullion-coins

I believe there are some capital gains laws that rear there ugly head when selling, but I’ll defer that others. I lost most of my gold in tragic boating accident.. JK IRS of your watching..