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Bill Introduced in Congress to Eliminate Capital Gain Taxes on the Sale of Gold and Silver Bullion

00nightstorm

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#1
Where is Keef???

Bill Introduced in Congress to Eliminate Capital Gain Taxes on the Sale of Gold and Silver Bullion

A bill introduced in the US House would eliminate capital gains taxes on goldand silver bullion.
Rep. Alex Mooney (R-W.Va.) introduced HR6790 on Sept. 12. Titled the Monetary Metals Tax Neutrality Act of 2018, the legislation would amend the IRS code to exempt the sale of “refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form,” from capital gains taxes.
It would also exempt any gold, silver, platinum, or palladium coins minted and issued by the US Treasury.
The bill would effectively be revenue neutral. While it would end capital gains taxes on gold and silver specie, investors would no longer be able to claim losses on their taxes either.
The IRS currently treats gold and silver bullion as “collectible” – think artwork or sports memorabilia. Any “gain” on the sale of gold and silver bullion is subject to capital gains taxes. Mooney said gold and silver are money and shouldn’t be taxed.
If they’re indeed US money, it seems there should be no taxes on them at all. So, why are we taxing these coins as collectibles?”​
More ........
https://schiffgold.com/key-gold-new...chiffGold+Newsletter+(Full+List)+-+09-28-2018
 

Fatrat

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#3
Small gold and silver sells with out taxes, larger chunks not so much.
 

bern

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#4
@Fatrat - You are talking about sales taxes and the rules for sales tax vary by state. Legislation mentioned in the OP is referring to Federal level law on capital gains taxes.
 

Ragnarok

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#5
From the GovTrack website:

Prognosis: 5% chance of being enacted according to Skopos Labs (details)

R.
 

TAEZZAR

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My understanding is that there is no federal tax nor reporting required on the sale of US gold coins. The reporting & tax starts at 25 coins for foreign gold.
I would think this bill should pass easily, IF CONgress understood !!
 

TAEZZAR

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#8

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My understanding is that there is no federal tax nor reporting required on the sale of US gold coins. The reporting & tax starts at 25 coins for foreign gold.
I would think this bill should pass easily, IF CONgress understood !!
That's no reporting, not no federal tax. Anyway, I could deduct losses if I sold some goods now.
 

TAEZZAR

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#10
That's no reporting, not no federal tax. Anyway, I could deduct losses if I sold some goods now.
Silver, my LCD says foreign coins have the requirements I listed. He is required to 1099 on foreign bullion over 25 oz.. Can you provide data to the contrary. I would love it !
 
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#12
That infographic states:
Any bullion product NOT on the Reportable Items list above ... do not need a form 1009-B to be filed, no matter how large the quantity. ...
But if you scroll down to the fine print under the infographic, it states:
... According to the IRS’s policies, there are two circumstances under which, precious metals dealers are legally obligated to report your transactions: when a customer sells large quantities of specific bullion pieces and when they pay $10,000 or more in cash. ...

What is considered cash and what is not?

“Cash” is defined as any transaction payments of $10,000 or less that are made with traveler’s checks, cashier’s checks, money orders and bank drafts. Cash also refers to any purchases made with US or foreign currency. Personal checks, bank wires, credit/debit cards, PayPal and ACH transfers do not constitute as cash regardless of the payment amount.
...
My understanding is that there is no federal tax ...
What do you mean by "federal tax"? Federal Sales Tax? Capital Gains Tax?
 

Jodster

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#13
Does anybody else see how this is going to pass and pave the way for J.P. Morgan to sell their 750,000,000 ounces of Ag?
That's one HUGE tax break. Methinks this is a harbinger of Morgan letting the silver market correct shortly.
Comex will implode. Saudi's will drop the petro dollar. Metals positive.
Is it all coming together?
 

TAEZZAR

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#14

Silver

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#15
That infographic states:
But if you scroll down to the fine print under the infographic, it states:
Let's say you sold 100 oz's of Gold Eagles (or any other gold that doesn't require reporting) and received payment by bank wire, there would be no 1099 filed. That doesn't mean you are exempt from Capital Gains tax, just that there is no reporting.
 

TAEZZAR

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#16
Let's say you sold 100 oz's of Gold Eagles (or any other gold that doesn't require reporting) and received payment by bank wire, there would be no 1099 filed. That doesn't mean you are exempt from Capital Gains tax, just that there is no reporting.
Doesn't "no reporting" equal "no tax" ??? :don't know:
 

TAEZZAR

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TAEZZAR

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TAEZZAR

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#22
That's ME, where did you find that ??? :belly laugh:
 

Ragnarok

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#23
How can you have capital gains when there is no lawful capital?

R.
 

Ragnarok

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#25
Anyone know when this bill is expected to be up for a vote?

R.
 

Ragnarok

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#28
I don’t see why it wouldn’t pass, surely there’s lots of .gov people that own PMs.

R.