I've searched the forum regarding this issue and found a "mish-mash" of information. I would appreciate it if anyone can help me answer these questions. I currently have some money in the SPDR Gold Shares ETF (GLD), but would like to get my hands on some physical gold, too, to get some of the advantages of holding physical gold.
Questions on buying:
- What's the best place to buy physical gold and "sidestep" future capital gains issues?
- If I purchased physical gold at my local coin dealer, would the dealer record my information and report it to the government?
- Do local coin dealers accept all cash transactions - and if so, would that help me avoid capital gains issues in the future?
- If I purchase physical gold over the web (or phone) from a national dealer, would the dealer record my information and report it to the government?
- Is using a credit card for purchase a no-no? Fairly obvious, but I just want to make sure.
- Are there any other good strategies to sidestep future capital gains issues?
Questions on selling:
- Does one have to pay capital gains on physical gold sales? Fairly obvious, but I just want to make sure.
- Is there a legal way to "sidestep" paying capital gains taxes on physical gold sales?
- What's the best place to sell my physical gold and safely "sidestep" capital gains issues?
- Are there any other good strategies to sidestep capital gains issues?