The Reality Of Capital Gains Tax And Precious Metals - What You're Not Told
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- čas přidán 21. 12. 2023
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Well I'd love to pay CGT, but all my gold was lost in a boating accident.
We all have this issue 😂
I found a lockbox full of gold and silver coins in a lake I thought I had a snag but reeled it up lol 😂
Original
Firearms often have that same fate I hear.
You can claim a loss on your taxes I think then.
I don't plan on being taxed on the sale of my metals. I won't sell it if I'm going to be taxed, I will find somewhere or someone that won't tax me on it.
it only happens if it gets recorded
It will be a miracle for people to wake up and realize that silver and gold can be traded fairly for goods.
How do they tell how much you profited? They don’t know what you paid for it? Or am I wrong in saying that?
Exactly. In fact, as PM's fluctuate, the price will surely go down some at some point. Just declare you purchased it on the high end, and are now selling it at a loss. In fact, report the loss on your taxes and lower your overall income tax reporting for the year. For this reason alone there should be no capital gains tax on these things.
It’s hard to prove capital gains on physical metal if you paid cash... If you sell to a bullion dealer or LCS the buy/sell spread is as bad as a tax.
Excellent. thousands of examples of hidden taxes. The other day the notch for the key ring on my auto start remote broke. They don’t make covers anymore so you have to buy a whole new remote $150. Then I was replacing the battery for my key phab and the whole thing fell apart like kindergarteners glued it together with Elmer’s glue. What a frickin joke
👍👍 very good explanation of all the crazy taxation going on.. its a crying shame its gotten this far. Keep on stacking.....
Here in Norway there is no sales tax on bullion coins and no capital gains tax when you sell them. There's a sales tax on gold bars and jewlery as that is not considered as money. All gold and silver coins with a face value is exempt from taxation.
You can only determine capital tax if you can determine at what original cost you paid for that gold. Well, that's the problem for the IRS. They don't know at what price/cost I originally bought that coin, even a bar for that matter. Coins do not have serial numbers or identifiers. Bars do, but dealers do not inventory serial numbers. Besides, what's stopping me to selling it to another dealer? Or melting it and selling it as scrap? In any of these cases, no one knows what you paid for the coin/bar. In fact, If I sold some of my gold, I'd declare I purchased it on the highend and was now selling it at the current lower price which means I have a loss. So this capital gains tax on PM's is a fallacy.
Any worry if you buy it online ? Wouldn’t there be a trail showing what you paid for it? Unfortunately, I don’t know any place where I can buy them locally because then I would just use cash. I only see these online places.
Because the amount of gold & silver is SO finite, I expect that when the fiat system blows up we will see a return to commodity backed currency (likely G&S) and the accounting of it will be via blockchain. There simply isn't enough G&S and completely unmanaged it still will lead to radical swings within the economy. But if nations issue currency based on a vaulted supply that is audited periodically and randomly (kinda like a poker game) where the audit is a call. Nations can try to bluff till someone calls, and industries and individuals will only have faith in a currency that is honest. It allows for growth, but has an honest backing that limits fraudulent inflation and debt spending.
If notes/digital tokens are going to be issued, they must be redeemable for the real thing (physical) at anytime WITHOUT exception. We can not rely on government to audit vaults. Didn't work the first time and won't work the second time. Too much opportunity for corruption. Redeemable notes allow the PEOPLE (not government) to keep the vaults/banks in check.
I’ve been with friends who have sold over the years. As long as the transactions were under $10k, no forms needed to be filed out by them. Btw, this is in CA.
I understand the dealer has forms to fill out but only under certain situations (transactions over $10k etc).
Only if the sale is recorded
That’s why I buy high, sell low💪💪💪💪💪💪💪
👍
😂
Oh, you forgot the transportation costs of getting that gold and silver from a store lol
😅 true
For the salt, it can liquefier ice until -15 celcius degrees. In Alaska they use sand because the salt useless there.
The point being, if it's good enough for Alaska, it's good enough for anywhere in the Country. This just proves that sand is effective against ice. No need for destructive salt that destroys infrastructure, water ways and personal property. Would love to see who is lobbying for the use of salt. Sure it would make sense once we follow the money....
Taxing US gold and silver coins is unconstitutional!
If you live In the U.K. there is no capital gains tax on British gold coins such as Britannia’s and sovereigns.
The first state has no sales tax . But in the end the government always wins.
North Dakota uses sand and urea instead of salt on the roads in winter time.
SSE …. It ironic we are taxed when we buy or sell real U.S money. But when we foreign currency, we are not ! What’s up with that ??
I lost my breaks on I- 80 near Chicago. it happened very suddenly, the peddle went all the way down.
Here in Italy we have 22% sale tax, so after premium and tax silver comes at 27- 32€ per OZ depending on the coin you want to buy, if somehow you make a profit youll have to pay 26% capital gain on it
WOW!! Ahem.. private sale
Yep, keep it in the down low. Uncle Sam doesn't need to know.@@David-rz7jj
That Is a good option 😂, the problem is that when you buy It from a shop they ask your fiscal code and accept only digital payments, cash Is not allowed ( anti money laundery law). Here they make fiscal law with the expectation that you ll try to evade tax, sad but true
Can yku do math, sold Fiat for 5000 dollars. Bought 5000 worth of gold, held gold for 5 years, sold gold for 8000 dollars. Made 3000 dollars. Da
Salt is a hidden tax.
You're a winner... oh my
Georgia doesnt have sales tax on gold or silver sadly capital gains tax does apply. hope they dont start doing this with Bitcoin
How is anyone, let alone the IRS, is going to know how much I paid for my metals when my local dealer doesn't even report it?
Lucky you you have a local dealer. How much do they charge you over spot price? Wish I had someone locally.
Possible answer, don't buy PMs, buy miners that pay dividends. live off the dividends at low tax rates.
On his side, no about the salt, melting ice if the temperature is too low like in Alaska. It won’t melt the ice that’s why they use sand
I’m still laughing at this guy. I don’t pay tax when I buy the metal. I don’t pay tax when I sell it, no matter what I sell it for. There is no record of the sale when you buy coin. Capital gains do not apply here.
Only true if you made less than 10K
@@davidmmm8no sir. That’s not true at all. If you’re holding physical metal and you sell it, that’s your business. Whether you sell to a private party or a dealer, there’s no need to involve anyone else unless you’re stupid. If you’re worried about a red flag reporting number, sell less than $10k worth of coin at a time. Here’s the deal: capital gains suggests you made a profit. If there’s no record of what you paid per coin, how could anyone figure out what your profit could have been? My logic is why the IRS and our government and the Fed want to get rid of cash. Wake up
"Two roads diverged in a wood and I took the one less traveled by, and that made all the difference." --Robert Frost
Several states have made gold /silver legal tender again which means no cap gains tax
Oh really? What state is that?
There is NO capital gains on gold and silver sales!
Unless you make a profit.
CGT? Yeah, I'm just straight up not going to do that.
How many stackers have any idea or documentation of what they paid for each and every coin? How are you supposed to determine the cost basis? When will cap gain be ended on the result of the gov stealing the worth of the currency?
Love those canadian werewolf coins. I want some so badly but the premiums online seem pretty nuts.
I bought them a few years back during a flash sale. Premium was pretty much equivalent to a Philharmonic at the time.
Get them when you find them . I found a few last year at a show … $ 65.00 for a two Ouncer . Thanks SilverStar for showing !
START..#PREPPING.................NOW!!!!!! LIKE #172
I find your comments about my State offensive, There always a check off in that have sales tax and states
It's a capital preservation tax.
Yea, it's like paying the mobsters for protection.
Pay taxes 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 too funny !!!!
i heard toyota used those zinc coated steel frames to prevent corrosion
Most of the toyota cars use a aluminum unibody frame. Aluminum is non corrosive in the presence of salt. However, many of the parts (struts, brake lines, calipers, etc.) are still made from steel. Trucks however almost always get wrecked in a matter of a few years because of the steel frame needed to support all the weight.
We should talk about taxes for 10 more years like something will actually be done about it 😅
Goobernnent always wants its dough didn’t ya know?
Truth!
Borrow money (no tax) buy bitcoin (no tax) sell bit coin for gold (no tax)
Barter trade Gold for Silver (no tax)
Barter trade Silver for Food (no tax)
You are wrong about this: You see, according to the rules: it doesn't matter if you use FRN for transaction. If you "barter", then you are supposed to pay taxes on the value of the trade in FRN. So calculate the value of the barter by converting to FRN, then pay FRN tax on that value. I'm not kidding. That's how it works. By saying "no tax" you are exposing your ignorance and making yourself a target of tax collectors.
Ask an accountant if you don't believe me.
You don't seem to understand how the system works. Transactions happen only when there is a RECORD of it happening. Unless you are psychic - no one can ever prove a barter trade went on. And more to the point - when equal values are traded - as in a barter trade NIETHER ONE PROFITS (or loses) - so how would you tax that?
It's called the Free Market. It will always be out of ANY control - unless one party CHOOSES to bring in a third party (Government) to arbitrate.
Governments' ONLY ROLE is to arbitrate transactions. That arbitration is why you pay "tax".
Anything beyond that - is overreach.
Hope you are doing well. How about a new video? I really like your content.
lol not in my state
Right, ok, ok, right, ok
Unsubbed
Self employed cash money.... no tax for buying silver and gold in my state .. my friend own a coin shop ... cash money ... everytime... so my money won't be laundered thru Ukraine.
😂😂😂😂😂😂😂😂
Blaw blaw blaw