2007-04-19 08:03:55 · 10 answers · asked by neonman46 1 in Business & Finance ➔ Taxes ➔ United States
most definitely.
2007-04-19 09:01:18 · answer #1 · answered by Ola 4 · 0⤊ 0⤋
I doubt your local bank will have gold or silver currency. You will either want to go to a pawn shop, some sort of coin shop, or the U.S. Mint website, or maybe ebay or something. Your best bet are gold or silver american eagles, these are the most liquid and most easily converted to cash. Look up the "spot price" of the metal you are buying before you get the coins to make sure your not getting ripped off by the shop. Nothing is guaranteed to go up in value. If it was, everyone would be buying them. Consider gold a bet against the US dollar and other paper "fiat currency" (Money not backed by anything REAL, just the good faith of the government issuing it) Considering how much money the US government has been printing lately and the huge almost 14 trillion dollar national debt. It would not surprise me if we have massive inflation in the years to come. Therefore gold would be a good bet. Anyways, hope that helps. I'm not a pro take everything you hear with a grain of salt and dont base any investing decision on what i have told you alone.
2016-05-19 00:07:49 · answer #2 · answered by laurel 3 · 0⤊ 0⤋
Yes, the profits from selling gold and silver coins are taxable. If you just sell them occasionally they would reported on Schedule D as capital gains, either long-term (if you held them more than 1 year) or short-term (less than 1 year). If you deal in them all the time as a business, then they would be reported on a Schedule C and your profits would be subject to self-employment tax as well as the regular tax.
2007-04-19 10:45:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Gains from the sale of gold and silver coins are capital gains reported on Schedule D. Gold and silver coins are considered collectibles and are taxed at a rate of 28% for coins held more than one year.
If you have held them less than one year, the tax rate is the greater of 28% or your ordinary income tax rate.
2007-04-19 08:11:51 · answer #4 · answered by ninasgramma 7 · 2⤊ 0⤋
The profits are taxable as either capital gains or ordinary income, depending on the length of time they were held.
2007-04-19 08:53:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, and the answer about it being taxed at 28% is pretty much right on. No 15% rate on collectibles.
2007-04-19 16:45:43 · answer #6 · answered by Lee 5 · 0⤊ 0⤋
Yes. Just think of all the illegal aliens and foreign countries that depend on our tax dollars for food and beer so they don't have to work. You be sure and rush right down to the tax office and declare all your profits and pay the taxes. While you are at it be sure and tell them who you bought from and who you sold to so they can make sure everybody pays taxes.
2007-04-19 10:09:21 · answer #7 · answered by acmeraven 7 · 0⤊ 1⤋
You bet all profits are subject to taxes.
2007-04-19 08:12:01 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes--as capital gains. Rate depends on how long you've owned them.
2007-04-19 08:07:42 · answer #9 · answered by Still reading 6 · 0⤊ 1⤋
YES if it is reported to IRS.
2007-04-19 08:09:24 · answer #10 · answered by Anonymous · 0⤊ 3⤋