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.
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.
Call the money changer. They are on top of it.
https://the-moneychanger.com
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.
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
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.
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??
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?
Time to make a trip to Europe.