Silver Tax

[RED THUNDER]

I was wondering those of you that have sold either 40% or 90% coins to company's other than coin shops, such as Monex, Kitco etc. have ran into taxes being withheld? I believe that there is none on 40% but there is on 90% coins.

Red Thunder

 

[killerwine]

I sold some to The Louisville Exchange and wasn't taxed on 40% or 90%....

 

[cyberdan]

I have only sold a small amout to my local coin dealer.
No tax withheld
cash only
no paper work

 

[soldierman]

I have only sold a small amout to my local coin dealer.
No tax withheld
cash only
no paper work

Same here.

 

[cocrh]

Your tax would be on the total you received for the sale minus your basis (50 cents a coin) and minus shipping and any other expenses incurred while acquiring the hoard. Taxed at your regular tax rate from the tax forms. Although there are vague references on the IRS site about coins being taxed at a higher rate like 28% so do your own research. It might depend on how long you held the investment.

 

[pepperpump]

I have only sold a small amout to my local coin dealer.
No tax withheld
cash only
no paper work

Same here.

Same with me as well!
Pepperpump