Can you ACTUALLY sell 'gold coins' and keep the money?

[Pinchaser]

TEK is the closest so far. Coins are considered "collectibles", the same as a painting, for example, and gains are taxed at a flat 28%, regardless of your income level (your income bracket is irrelevant.) This all assumes that the coins have been owned for at least 1 year, and that was a given in the OP's post.

 

[rockhopper46038]

Hey, I said that 20 posts ago

 

[Spikedog]

What happens in the gold shop stay's in the gold shop.

1+

 

[92ThoStro]

The IRS is illegal anyway, do whatever you want, at your own risk of course. I wouldn't think any less of anyone who avoided paying money to the IRS.

Looking around online it appears there is a 1099B for all transactions and reports are made directly to the feds for trasn over 10K if you work with a dealer. And that is for anything, from junk silver quarters, to gold coins.
I personally only sell and buy from private individuals, that way you can get the most out of it.
I know that is harder to do with gold, it is a lot more valuable than silver , and not something you want to advertise, but there are ways it can be done.

 

[ocsdor]

you guys may not be aware of this but gains on gold and silver coins are usually not taxed at the lt cap gains rate but instead at the "collectibles" rate.

A close financial advisor to me just said the same thing about coins being collectibles, so I must retract my capital gains statements in relation to coins earlier.

 

[Josh Ward]

Just sell you stuff and keep your mouth shut.

Oh and +1 for getting ahold of BradsKnives .... he'll do you right

 

[longbow]

Yes, you will make money on selling the coins.

 

[Trigger Time]

The way prices on goods have inflated over the years you can't really look at your "gain" in a price per ounce way anyways. Well you can but inflations comes into the equation.

So if you paid $500 an ounce for your gold and now it's $1400 an ounce or whatever, other things that cost money have also went up.

So maybe gas was $.90 a gallon and now it's $3.65. And a loaf of bread was .50 and now it's $2.00, ect.

 

[jeberle40]

What's the point of having gold or silver?

 

[ocsdor]

What's the point of having gold or silver?

To use for commerce when the dollar becomes nice-looking toilet paper.

 

[rlett]

I wish I had some gold to worry about

 

[NathanJefferson]

What's the point of having gold or silver?

It's wonderful to talk about online and bring trolls out of the woodwork!

 

[Miles42]

So all those that are selling used guns at higher prices than they originally paid also have to pay a capital gains tax?

 

[rockhopper46038]

So all those that are selling used guns at higher prices than they originally paid also have to pay a capital gains tax?

Define "have to".

 

[ClydeB]

Have yet to allegedly sell any precious metal coins I may / may not have.

But I keep this website in mind. Cannot speak to it's accuracy.

IRS 1099 Gold Reporting - Private Gold? - Private Silver Bullion? - GoldSilver.com

If nothing else, there is an "other" classified section on the forum. You could try a face to face sale.
Non-Firearms Related - INGunOwners