TommyK Posted November 3, 2011 Share Posted November 3, 2011 Suppose you bought gold or silver coins or jewelry 10 years ago. Now you want to sell them at a sizable profit. Are there income taxes to be paid? How do THEY know? Link to comment Share on other sites More sharing options...
EVOL! Posted November 3, 2011 Share Posted November 3, 2011 Suppose you bought gold or silver coins or jewelry 10 years ago. Now you want to sell them at a sizable profit. Are there income taxes to be paid? How do THEY know? Depends on where you sell them. To some guy on the internet? The IRS won't know. To an authorized coin dealer? They probably keep records so you'll have to claim them because there is a paper trail. So, yes, you are supposed to report them and pay tax. Not sure what they would be labeled as, but not income taxes. Link to comment Share on other sites More sharing options...
daveinspain Posted November 3, 2011 Share Posted November 3, 2011 Suppose you bought gold or silver coins or jewelry 10 years ago. Now you want to sell them at a sizable profit. Are there income taxes to be paid? How do THEY know? They wont know unless you deposit the money in the bank after you sell it... Link to comment Share on other sites More sharing options...
daveinspain Posted November 3, 2011 Share Posted November 3, 2011 Depends on where you sell them. To some guy on the internet? The IRS won't know. To an authorized coin dealer? They probably keep records so you'll have to claim them because there is a paper trail. So, yes, you are supposed to report them and pay tax. Not sure what they would be labeled as, but not income taxes. Might be listed as capital gains but I'm just guessing... Link to comment Share on other sites More sharing options...
bluzhammer Posted November 3, 2011 Share Posted November 3, 2011 Here's the deal , according to original intent of the" Constitution of these united States", any time you make a transaction that is considered " profit or gain separated from principle" that is by definition " income". In other words you purchase gold for $X and sell it for $100X, you have made a profit or what is legally called income. On the other hand, when you trade your time for an agreed upon $ amount that is what was considered compensation for labor, and therefore not considered true income by definition and not falling under the taxing clauses of the constitution. There are two types of taxes, 1. Indirect- being the tax upon a transaction for profit from an investment or holding.2. Direct - being a capitation tax upon held property or possessions and therefore subject to the rules of apportionment. The supreme court has ruled several times that compensation for labor is in itself a right and therefore only taxable under apportionment. Due to brainwashing and out right misinformation we have been led to believe that all sources of money are considered income, this is not entirely true. Disclaimer---- This information is entirely for educational and informative discussion, if you so choose to research further , I tip my cap to you. this is in no way intended as legal advice. Link to comment Share on other sites More sharing options...
EVOL! Posted November 3, 2011 Share Posted November 3, 2011 ...we have been led to believe that all sources of money are considered income, this is not entirely true. That was part of my point (you were more thorough in your explanation) and, depending on the source of the money, it is taxed at a different rate. Link to comment Share on other sites More sharing options...
bluzhammer Posted November 3, 2011 Share Posted November 3, 2011 True enough, in the quasi- legal world of the US Tax Code it Is alway best to CYA. Link to comment Share on other sites More sharing options...
damian Posted November 3, 2011 Share Posted November 3, 2011 Just mention that yer a "One Percenter" and you'll owe no taxes.... Link to comment Share on other sites More sharing options...
retrosurfer1959 Posted November 4, 2011 Share Posted November 4, 2011 Sell or buy you precious metal in single amount less that 10k in any 24 hour period. If you do 10.000.01 then it is required that the iRS be notified if you buy or sell precious metal. If it's under the magical 10k number no documentation or paperwork is even filed and no reporting is required. Thta's why so many of the current gold market deals are done in 9000 or even 9500 dollar deals if if you do it everyday. So if your selling 50k of gold do it 10k per day for a full 5 days and no reporting out is done. Link to comment Share on other sites More sharing options...
TommyK Posted November 4, 2011 Author Share Posted November 4, 2011 Just mention that yer a "One Percenter" and you'll owe no taxes.... The "One Percenters" pay 40% of the taxes. Not sure where this idea sprouted from. You might want to see my short treatise (thread) on the Elusive '99'. So... if you purchased gold or silver coins, I suspect you'd best keep a receipt so you can write off the expense. Link to comment Share on other sites More sharing options...
grampa Posted November 4, 2011 Share Posted November 4, 2011 Depends on where you sell them. To some guy on the internet? The IRS won't know. To an authorized coin dealer? They probably keep records so you'll have to claim them because there is a paper trail. So, yes, you are supposed to report them and pay tax. Not sure what they would be labeled as, but not income taxes. That's it exactly. Link to comment Share on other sites More sharing options...
zigzag Posted November 4, 2011 Share Posted November 4, 2011 So if your selling 50k of gold do it 10k per day for a full 5 days and no reporting out is done. Loophole... It pays to know these things. Link to comment Share on other sites More sharing options...
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