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Selling Gold/Silver and Goverment Taxes

wilspeak

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#1
When I Buy Gold or Silver bars and then sell them, do I have to report any profit to the IRS?
 

andial

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#3
Naturally
 

Silver

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#4
You'll be deducting losses ;) Half kidding, but not really - I've got a $2200 loss on a box of eagles I sold. Paid 10k, sold for 7800.
 

Mujahideen

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#7
What gold/silver? :don't    know2:
 

TAEZZAR

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#9

Joe King

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#10
Reportable or not reportable is not the same thing as taxable or not taxable.

The OP is asking for a legal determination of whether or not he/she has to pay tax on any profit.

We have no way of knowing what this persons status is or what if any liability they've incurred relative to any taxes they may or may not owe.

It'd be like askin', "hey everybody, do I owe taxes on that liquor I sold last year?"

Well, maybe. Maybe not.

As in, there's not enough info given to know. Did I sell one bottle to my BiL for a $10 profit, or a thousand barrels of the stuff?

Same with the OP. Did he sell a couple GAE's for a few bucks profit, or a truck load of 'em for a boatload of profit?
....but either way, it's basically asking for legal advice.
 

ttazzman

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#11
Reportable or not reportable is not the same thing as taxable or not taxable.

The OP is asking for a legal determination of whether or not he/she has to pay tax on any profit.

We have no way of knowing what this persons status is or what if any liability they've incurred relative to any taxes they may or may not owe.

It'd be like askin', "hey everybody, do I owe taxes on that liquor I sold last year?"

Well, maybe. Maybe not.

As in, there's not enough info given to know. Did I sell one bottle to my BiL for a $10 profit, or a thousand barrels of the stuff?

Same with the OP. Did he sell a couple GAE's for a few bucks profit, or a truck load of 'em for a boatload of profit?
....but either way, it's basically asking for legal advice.
....i provided a link.......with no opinion, advice or verbiage attached.....if you have a issue with the link or a interpretation of it please present it as such, not as a inference or implication of my intent in posting such...

....if the OP and yourself actually takes/took the time to read the complete link and notes you would find that it directly addresses your concerns regarding financial advisement and taxes...
 

Joe King

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#13
....i provided a link.......with no opinion, advice or verbiage attached.....if you have a issue with the link or a interpretation of it please present it as such, not as a inference or implication of my intent in posting such...
No issues here about your link. Just mentioning about the dif in reportable and owing.