So...metals are property too.
So...metals are property too
Yep.
If you’ve got a real Silver coin, 1986-2013 Silver Eagle, $1.00 face value, and trade it for cash at ~$19.00 (current market), that is a capital gain.
Your cost basis for this may vary, but it would be assumed that it was its face value. If you factor in inflation/deprecation then your cost basis may be closer to what you can sell it for.
The IRS doesn’t care about an individual that trades their coins for cash. They want the money from people that do this as a business.
The question I have is “Where does the IRS draw the line?”
There have been moves to “Tax” excessive corporate profits, what’s the difference between that and “excessive Savings?”
Politically, I would run a campaign that equated “Corporate profits” to an “individuals Savings”. There’s not a single Liberal/Progressive that would forgo their personal savings.
Corporate profits represent a company that lives within its means. An individuals savings represents the same.