Skip to comments.bullion conversion question
Posted on 10/18/2011 3:27:46 PM PDT by klb99
Yes, that is known.
Just take them into a coin shop and make a trade. You won’t get full ozt. per ozt. value from your bullion, but it’ll be fairly close.
Obviously ask your accountant for your specific situation, but I believe it is pretty complicated. There are rules for what types of coins it can be exchanged for (example, an exchange for a Canadian Maple Leaf gold coin is considered a 1031 exchange (tax free) but exchanging for a South African Krugerrand is considered a sale and you are taxed capital gains. (something to do with the gold value in the Canadian Maple Leaf is higher).
If it is a dealer, be sure you convert just under 1000 ounces and there's no 1099 requirement. Unless it's American Eagles, then there is no requirement.
Hope I got that straight from my gold guru son.
I forgot to tell you it’s reportable as capital gain on your taxes but even trade, probably not.
It smells like cumin.
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