taxes on sold silver...

[d2arcing]

how does it work? if i sold on ebay do i get a statement at the end of the year or is it a honor system? how about if i sell on nucleo exchange?

 

[Felixaaron]

Don't sell your silver, trade it. Setup a company and trade your silver into the company then have the company sell the silver and give you what ever you would have bought back. Then report your silver and gold transactions at face value and claim the personal loss. The business would break even because revenue = expenses.

Heck why don't we ask our bosses to pay us in silver eagles? We could find ourselves pushing poverty level. For instance a $36,000/yr salary would show on a w-2 as $1000 because of the face value. You would get the earned income credit.

Then when you deduct the salary you pay your wife for maintaining the house, pay her in in fiat until your AGI is $0 and pay her in silver for the rest.

There is a law that states you can gift a spouse or children a certain amount, I think $16,000/yr , and they don't have to pay taxes on it. Why not give them 16,000 silver eagles.

 

[FormerTeller]

Lots of very old, outdated information here. Not cool, dude.



Best to start a new thread rather than dig up a two year old post.

 

[hotrod]

..................................

 

[$nack-Money]

yes pay dearly to obama, he will do the right thing with the proceeds, such as obamacare, obama bux, and free cell phones for everyone who doesnt work- sweet!

 

[billionaire]

I'm still not sure I understand. If I sold $1500 in 40% halves to someone or a company what taxes would I have to pay?

 

[bigscores]

I'm still not sure I understand. If I sold $1500 in 40% halves to someone or a company what taxes would I have to pay?

If you sold $1500 in 40% (I assume you mean $1500 worth, not $1500 face) you would have to pay taxes on your profit... so you take the $1500, subtract the face value of the coins, then your car mileage reimbursement ($0.55 per mile, IIRC), plus any additional fees (Cost of disposal of boxes/wrappers, cost of ordering, cost of dumping, etc.) and pay taxes on whats left.

 

[billionaire]

Lets just say i spent $600 on the disposal of the boxes

 

[bigscores]

Lets just say i spent $600 on the disposal of the boxes

Do you have a receipt for that expenditure? No? Then you can't deduct it and they will hammer you if audited.