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?
No argument there. But I just got finished with a four year audit. It included some gold and silver sales. They accepted my records, but I learned how bad it can be when you don’t have a record of a purchased asset.
I did not get “charged.” But others in my “cohort” tried to be snarky. They got fines.
Follow their rules when they knock at your door.
Correction: purchase of fund was April 15, not May 15.
Honestly? I kept every receipt for my gold and silver.
I never bought it to avoid taxes.
Gold...silver...brass @ lead...coffee ...cigarettes...olive oil....salt....sugar.....grains are good if you have a mill.
In retrospect don't conduct any transactions....someone might arrive with a .5 caliber machine gun.
I think that may sound too good to be true.
.
"There are no specific requirements requiring the reporting of precious metal acquisitions. But if you pay with cash and it exceeds $10,000, you have to disclose it as a "cash reporting transaction". The government doesn't care about gold; it just cares about cash. Transactions over $1,000 in cash necessitate such reporting."
I make certain purchases from a large store for cash and am not asked for ID. I like that.
Wire funds to your cousin Vinny in Salerno. Cousin Vinny will buy gold for you there. He will hold the gold for you. Cousin Vinny will wire you funds when he sells it in Italy... [no VAT]... Gold sales in Italy do not have to be reported by the Italian bank if under $13,771 USD [12,500 Euros]. . There are 6,000 gold buyers in Italy. This can be done in some other countries as well. The moslems do this all the time. Can be done in Dubai UAE if you have a Filipina GF working there.
I do not buy by credit card, check or mail order. No one asks for ID when I pay cash.
Be self sufficient or learn to transact with extreme caution.
Unless you have a community of like minded people, prepared to guard and protect a barter culture, its going to be tough and those accepting gold in barter will be few.
Gold will be for any generations emerging to form a new civilization.
Never heard of any authors, fiction or not, suggesting a practical solution.
“A little more expensive...”
No, it’s phenomenally more expensive.
And Gun Control is a steady hand and a beady eye.
Yeah, but that premium is pretty much a 2-way street on the sell side, too.
“ I’m no longer certain Americans are running this clown show”
Americans haven’t been running this for a LONG time.
Look to see if there is a metals refinery near you. They melt down jewelry and resell to industries, jewelers and dentists.
.
What....
Are you a fed?
Digging for people to prosecute??
Collector coins eg, Byzantine and Roman coins should be exempt
News from arkansas last month (this may be the same legal tender in oklahoma or texas?? Just not sure about other states)
9 Apr 2023Arkansas Law Makes Gold and Silver Legal Tender in the State April 19, 2023 by Michael Maharrey 0 28 Arkansas Gov. Sarah Huckabee Sanders has signed a bill into law making gold and silver legal tender in the state. The new law also effectively repeals the state capital gains tax on gold and silver.
Who know what will happen to gold and silver if we get a digital dollar, kinda like bitcoin? Of course our current dollar is very ephemeral and digital already. But..... My opinion is that Au has established a firm base of $1950-$2000 due to bank problems, bank failures and the war in Ukraine.
I have read that the fewer the banks we have, the more bank consolidations we get. That this will make establishing a digital dollar easier. Mark o the Beast time too.
So inherited gold jewelry and place settings of silver with no receipts how will that be treated.
No appraisal at transfer to me by parents.
All capital gains?
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