Gold hit another all-time high today.

#18

Nick is Right…also my gold buyer takes my gold gives me cash and I walk out no 1099, no names ect…move on with life!

#19

Precious Metals and Stones, Stamps, and Coins

Gold, silver, gems, stamps, coins, etc., are capital assets except when they are held for sale by a dealer. Any gain or loss from their sale or exchange generally is a capital gain or loss. If you are a dealer, the amount received from the sale is ordinary business income.

#20

Brian Kelly, your IRS link doesn’t contradict my statements, it supports them.

#21

And your admitting tax fraud on an open board.

Wow!

#22

Michael, You are free to buy gold anonymously (and not report the transaction to anyone) and hoard it anonymously (and not report the ownership to anyone) regardless of how much it goes up. All perfectly legal.

I can explain it to you over and over, but I can’t understand it for you.

#23

So when you deposit 10,000, or more, into your account, where do you tell the IRS it came from?

#24

Not if you are caught.

And since you are not ignorant of the law, well you know…

Unreported income is just that.

Now I am all for starving the beast but it dangerous.

#25

ccurrins asks:

What does that have to do with this conversation? There are lots of reportable events. Buying gold and hoarding it aren’t two of them.

#26

Buying gold and hoarding it is not income (and so need not be reported), even if the price of gold goes to $100,000.000.00/ounce.

#27

As I said earlier. “until you go to sell it” :roll:

#28

Then you agree? There is no duty to report the purchase or ownership of gold and no tax is levied on it as it goes up in value inside your wall safe.

#29

Never said there wa. Teh problem is when you try to used the gold to buy something.

It is a taxable event.

If all you are going to do is hoard it you would be better off stocking beans and franks or something useful like a machine tool.

#30

I agree Nick.

But I am not hoarding anything at this time. :slight_smile:

#31

I had a wild idea that maybe someday you were going to sell it, my bad.

#32

I’d say hoard guns and ammo first.

#33

You’ll need th guns to protect the gold.

#34

… or to protect your wife and daughters from mobs on shtf day.

#35

Most people are not buying physical gold. Thats a lot of gold coins to buy to make real money.

#36

FYI - The same tax rules apply to paper gold such as gold funds.

#37

And that is risky IMHO because I don’t believe these gold funds have as much gold as they claim. I think it is a big Bernie Madoff-type scheme.