Regardless of the form of the metal, by law you are required to report all capital gains to the IRS and be taxed at 28%. The fact that the 1099 requirement has been repealed is irrelevant. Read the IRS tax link above posted May 25, 2011.
I really would like to see the actual text. I have downloaded the pdf law and did a search and cannot find anything about this except some vague reference to IRS reporting in section 9006. They need to state the exact quote from the document.
The IRS can't regulate a private transaction between two individuals. This new "tax" will just provide more fuel for the now-growing underground economy,
I was thinking that also but the law states that any sale to the individual or corporation over $600 in that current year is taxable. So that means you have to find new buyers everytime lol... This will not last, there will be an outcry.
@InGoldWeTrust1 Yea, wonder why they just hored 18k IRS people when the bill passed. They gonna hit all the LLC and small business to track the 330 billion they see they can collect from that sector. It freaken sucks. We'll see what will happen in 2012 when things get worse.
irs.gov/newsroom/article/0,,id=170634,00.html
Regardless of the form of the metal, by law you are required to report all capital gains to the IRS and be taxed at 28%. The fact that the 1099 requirement has been repealed is irrelevant. Read the IRS tax link above posted May 25, 2011.
DainX 5 months ago
@DainX You are right. One question: If I invest 100K in gold and I loose 30K do I get a tax credit,the answer is no.
If I loose 30K in the stock market I can deduct that.
The government wants us to stick to the stock markets, GICs, mutual funds,..etc.
Cause they don;t want anyone to get ahead and they dont want to bring back the middle class. The less money and education we have the better.
dPain261 3 weeks ago
this was repealed so i dont think it matters....
MrBigEnchilada 6 months ago 2
Comment removed
chico280 6 months ago
YOUR INFORMATION IS WORTHLESS.
Tiggerpilot 9 months ago
I really would like to see the actual text. I have downloaded the pdf law and did a search and cannot find anything about this except some vague reference to IRS reporting in section 9006. They need to state the exact quote from the document.
herviews 11 months ago
when is that law come into effect?
mtube620 1 year ago
The IRS can't regulate a private transaction between two individuals. This new "tax" will just provide more fuel for the now-growing underground economy,
Zalzal019 1 year ago
A pair of tin snips can make a 1 oz coin into roughly four 1/4 oz coins :-)
InspireImages 1 year ago
I was thinking that also but the law states that any sale to the individual or corporation over $600 in that current year is taxable. So that means you have to find new buyers everytime lol... This will not last, there will be an outcry.
charlesfuchs 1 year ago
Yes i think you are right - it is annualized but that makes it very difficult to track and very expensive
InGoldWeTrust1 1 year ago
@InGoldWeTrust1 Yea, wonder why they just hored 18k IRS people when the bill passed. They gonna hit all the LLC and small business to track the 330 billion they see they can collect from that sector. It freaken sucks. We'll see what will happen in 2012 when things get worse.
charlesfuchs 1 year ago
@charlesfuchs yes - by then you may even want to be out of gold and silver - perish the thought - start thinking exit plan now
InGoldWeTrust1 1 year ago