Can do! PM on the way.
Regarding taxes: precious metals are classified by the IRS as collectibles, and so a higher capital gains rate may apply. The maximum capital gains rate charged on collectables is 28 percent. This does not necessarily mean that you will have to pay 28 percent, however. The actual rate that someone pays is determined by the amount of time the precious metals were held and the payer’s ordinary income tax rate. The investor must also determine if the capital gain is short-term or long-term based on how long they held the precious metals. Short-term capital gains are taxed differently from long-term capital gains.
I am, unfortunately, (or maybe fortunately!
) not a tax expert, but basically this is my understanding:
1. 28% is the maximum, not the minimum.
2. If your regular tax rate is lower than 28%, you use your regular tax rate (just add the gains on as a little extra income).
3. If your overall amount of capital gains is below a certain amount, I think it's $10, nobody reports it and the IRS doesn't worry about it.
From the IRS directly:
"If you figure your tax using the maximum capital gain rate and the regular tax computation results in a lower tax, the regular tax computation applies.
Example.
"All of your net capital gain is from selling collectibles, so the capital gain rate would be 28%. If you are otherwise subject to a rate lower than 28%, the 28% rate does not apply."
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http://www.irs.gov/publications/p17/ch16.html#d0e56153
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