Posted on 05/06/2023 9:50:17 AM PDT by grumpygresh
With new rules requiring IRS disclosure for all sales over $600, and in view of the fact that eBay dealers were specifically mentioned, does anyone have any idea of what buyers and sellers are doing for sales over $600 privately? How about a seller to a jewelry store or gold dealer?
Hmmmm? Seems like a fair question. With gold over $2k/oz some folks may be in a selling mood.
The last time I sold to a local dealer they took my ID. I never got anything from them.
But if you keep accurate records, the gains are pretty easy to calculate and report. It’s no different than any other investment.
If you think you are going to get away with not paying taxes…they will find you. And they will screw you.
“If you think you are going to get away with not paying taxes…they will find you. And they will screw you.”
It’s called tyranny.
Since it’s hard to get spot when you buy or sell, I imagine a private sale between individuals for spot would be pretty attractive for both parties. To seek to arrange such a purchase/sale on social media would be tantamount to announcing to the world what you’re both doing.
If I were to be selling party to such a deal I would have the necessary paperwork on my person in the event it was a sting. If my buyer turned out to be one of those 87,000 new public servants the Eye Are Ess has hired, my position would be that I’m in compliance, just waiting for the deal to be complete.
If I buy official US minted gold Eagle or Buffalo coins, and sell one later,
should I expect to be taxed on the Dollar Deflation that I bought it to resist
in the first place?
Do I need to keep my receipt to show that the entire coin should not be treated
as income?
What is the likelihood that our government will make gold ownership illegal
again, and make me sell it to the government for pennies on the Dollar?
I’m no longer certain Americans are running this clown show.
Since it’s hard to get spot when you buy or sell, I imagine a private sale between individuals for spot would be pretty attractive for both parties. To seek to arrange such a purchase/sale on social media would be tantamount to announcing to the world what you’re both doing.........
or what you’re holding
“a private sale between individuals for spot would be pretty attractive for both parties”
I agree......kinda like guns IMO.
I’ve sold many but have yet to sell one to a dealer.....it’s been private buyers every time.....also, although you can’t avoid the tax deal, cars too for that matter if you have the time snd patience....a car dealership will always screw you on a trade in.
“ or what you’re holding”
The gold or the Glock?
Call the money changer. They are on top of it.
https://the-moneychanger.com
It could be the reason for all the IRS agents. They can go out and pose as sellers of gold, jewelry and if the buyer doesn’t ask for ID that is needed for IRS disclosure, then the target gets an audit. Classic entrapment scheme like the covid money.
The idea is to shut down the small cash, garage sale economy and harvest money through audits and prosecutions.
I would think this would also tend to depress gold prices and other commodities as a store of value because you have to report it as regular income subject to tax.
If you’re a seller, how do you prove where and how much you originally bought the gold, jewelry in the first place? Most people other than the most meticulous would not have records of purchases for valuables bought long ago.
It’s like they are treating every seller as professional retailer.
This is not the time to sell your gold and silver. We will soon be going on a new gold and silver backed monetary system. You want to wait awhile.
A lot of people wouldn’t have records of these purchases if bought long ago. How many people have their receipt for their wedding ring? It’s not like buying a stock or bond or ETF that is automatically registered.
Hi.
When you buy gold you get an invoice/receipt. When you sell gold you get an invoice/receipt.
The difference when you sell can be positive or negative. That’s called a capital gain or loss.
Factors like timing come into play. Short term capital gain/loss, long term capital gain/loss.
Reportable on your IRS form 1040. I forget which schedule.
Hope that helps.
5.56mm
Do you envision trading gold for food?
Assuming both 'survivalists' are armed, how do you avoid mistrust?
Forget reporting concerns....How do you safely conduct an honest transaction in an emergency?
I prefer to buy precious metal stocks or mutual funds. I made a significant investment in SGGDX on May 15, and the fund’s price has already risen nearly 15% since then. I can also count on dividends from the fund. If I decide to sell or buy more shares, it will be quick and easy.
Talk to a few coin store owners in your area and see what their willing to do for you. More than likely you’ll find one who is willing to transact business privately without your having to produce identification.
Coin shows are another place to meet gold buyers, although be careful about price shopping as coin show venders tend to stick together.
I would avoid any sort of online transaction though if your wishing to maintain privacy.
Bartering is going to become popular again.
Gold and Silver bullion sales under 10K isn’t a reportable financial transaction
I buy 10th Oz. 1 or 2 at at a time. Have done so for years. A little more expensive but never over the threshold of $600 yet. Easier to trade with in smaller denominations.
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