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Thread: 1kilo gold bar OR 2300oz silver?

  1. #31

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    Quote Originally Posted by kfarnan View Post
    You must love being taxed.
    Why?


    http://www.marketwatch.com/story/the...old-2015-07-15

    The tax implications of owning gold

    Tax implications


    There are no tax-law restrictions on an individual having direct physical ownership of precious metal coins and bullion. Believe it or not, however, these assets are considered collectibles for federal income tax purposes (just like Beanie Babies). As such, any net long-term capital gains when these assets are sold by an individual taxpayer are subject to a maximum federal income tax rate of 28%, instead of the standard 20% maximum rate on long-term gains.

    Here’s how the 28% maximum rate deal works. If you are in the 28%, 33%, 35%, or 39.6% federal income tax bracket, net long-term gains from collectibles, including precious metal assets, are taxed at 28%. However, higher-income folks may also owe the dreaded 3.8% net investment income tax. If so, the maximum effective federal rate on long-term gains from precious metals can be 43.4% (39.6% + 3.8%).

    If you are in the 10%, 15%, or 25% bracket, your net long-term gains from collectibles, including precious metal assets, are taxed at your regular rate of 10%, 15%, or 25%. In these brackets, you don’t have to worry about owing the 3.8% net investment income tax.
    ETFs too.

    Precious metal ETFs and mining stocks held in taxable accounts

    Long-term capital gains from selling precious metal ETF shares held in an individual’s taxable brokerage firm account are subject to the 28% maximum federal income tax rate rather than the standard 20% maximum rate. Why? Because the gains are considered to be from selling collectibles. Short-term gains are subject to a maximum federal rate of 39.6%. Gains may also get hit with the 3.8% net investment income tax. Finally, state income tax may also apply.

    Long-term gains from selling mining stocks held in a taxable brokerage firm account are subject to the standard 20% maximum federal rate. Short-term gains are subject to a maximum federal rate of 39.6%. Gains reaped by higher-income folks may also get hit with the 3.8% net investment income tax, and state income tax may apply too.

    The bottom line

    The important thing to take away from this story is that your profits from taxable investments in precious metal coins, bullion, and ETFs could be taxed at a higher-than-expected rate. That doesn’t make acquiring some of these assets a bad idea, but it’s something to think about before you decide to pull the trigger. Another option is using your tax-deferred traditional IRA or tax-free Roth IRA to invest in precious metal assets.
    Last edited by Zippyjuan; 03-18-2017 at 10:12 AM.
    "Donald Trump is the opposite of Libertarian"- Ron Paul. He is a "dangerous authoritarian".

    http://www.washingtontimes.com/news/...us-authoritar/

    I am Zippy and I approve of this post. But you don't have to.



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  3. #32

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    Quote Originally Posted by oyarde View Post
    I do it daily , because it is fun .
    Indeed, it is.
    The rebel of the 21st Century will be old-fashioned.

  4. #33

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    They didn't mine it, store it, hold it, or sell it. Why do they get anything?

  5. #34

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    Quote Originally Posted by kfarnan View Post
    They didn't mine it, store it, hold it, or sell it. Why do they get anything?
    Because they don't want you to have a way to beat inflation.

  6. #35

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    Quote Originally Posted by Zippyjuan View Post
    I'm not gonna say who I'm talking about. But I know a guy who knows a guy who knows a guy who bought precious metals and later sold them and made money and didn't report it, and the government had no way of knowing he did it.

  7. #36

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    Quote Originally Posted by Superfluous Man View Post
    I'm not gonna say who I'm talking about. But I know a guy who knows a guy who knows a guy who bought precious metals and later sold them and made money and didn't report it, and the government had no way of knowing he did it.
    It is like magic .
    Support CalExit .

  8. #37

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    Quote Originally Posted by Superfluous Man View Post
    I'm not gonna say who I'm talking about. But I know a guy who knows a guy who knows a guy who bought precious metals and later sold them and made money and didn't report it, and the government had no way of knowing he did it.

    Don't tell zippy who it was..

  9. #38

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    Quote Originally Posted by Superfluous Man View Post
    I'm not gonna say who I'm talking about. But I know a guy who knows a guy who knows a guy who bought precious metals and later sold them and made money and didn't report it, and the government had no way of knowing he did it.
    Did the transaction meet the reporting requirements (which are pretty high)? More details on them:

    Unfortunately, some squeamish dealers report more customer transactions than the law actually requires. At Money Metals Exchange, we have examined the law very closely and therefore do not report the purchase of metals about 99.997% of the time, with one extremely rare exception. For a disclosure requirement to be triggered, BOTH of the following conditions have to be met:

    The transaction is (or related transactions are) larger than $10,000 in size, AND

    Payment is made using actual cash (i.e. Federal Reserve notes and U.S. coins) or with two or more cash instruments (defined as money orders, cashier's checks, or traveler's checks) which, individually, are $10,000 or less but when totaled together equal more than $10,000. Personal checks, debits, bank wires, and credit card payments are NOT considered cash or cash instruments, and, therefore, purchases using them do not trigger disclosure by a dealer regardless of their amount(s).

    The IRS disclosure document involved is called Form 8300, and it's applicable to all cash transactions in the broad U.S. economy meeting the above conditions – not just precious metals transactions. To date, Money Metals Exchange has completed over 300,000 transactions, and we have been required by law to file Form 8300 fewer than ten times.

    Money Metals maintains your privacy to the best of our abilities

    Likewise, we must report the SALE of your precious metals only in extremely rare circumstances: Of all retail silver products, only pre-1965 "junk" silver coins are arguably subject to reporting on IRS Form 1099B, but only in quantities of $10,000 face value or more – more than $125,000 of current silver value. Sales of silver bullion rounds, 10-ounce bars, and 100-ounce bars do not trigger a Form 1099B filing requirement.

    Sales of gold bars that are each smaller than one kilogram (32.15 ounces) absolutely do not trigger a 1099B – nor do sales of U.S.-minted gold coins such as the American Eagle. However, sales of certain one-ounce foreign-minted gold coins (Krugerrands, Maples, and Mexican Onzas only) currently require a 1099B when a customer sells 25 ounces or more.

    And finally, sales of platinum bars larger than 25 ounces and palladium bars larger than 100 ounces trigger a 1099B.
    Last edited by Zippyjuan; 03-19-2017 at 01:22 PM.
    "Donald Trump is the opposite of Libertarian"- Ron Paul. He is a "dangerous authoritarian".

    http://www.washingtontimes.com/news/...us-authoritar/

    I am Zippy and I approve of this post. But you don't have to.

  10. #39

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    Quote Originally Posted by Zippyjuan View Post
    Did the transaction meet the reporting requirements (which are pretty high)? More details on them:
    The guy says the transactions did not meet any reporting requirements.

    Somehow, he still managed to pull off this amazing feat.

  11. #40

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    Precious metals price manipulation makes gold & silver (especially silver) a good investment... values will eventually reset when the market bubble pops its cork.


  12. #41

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    Quote Originally Posted by shakey1 View Post
    Precious metals price manipulation makes gold & silver (especially silver) a good investment... values will eventually reset when the market bubble pops its cork.

    LOL , great pic .
    Support CalExit .

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