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GOLD SILVER TAXES?

How does the tax law treat coins when I take them back into the shop and sell them, are just supposed to report that gain?

If I go into a coin store and sell back my coins whose going to know when I bought the coins and will they make me pay taxes?



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I've been buying 1/4 gold

I've been buying 1/4 gold eagles just in case the gold gets real high in price, so that I don't have a 6,000 grand coin instead I have a 1,500 coin something that's not much of princly cash sum for the coin dealer to hand out.

you have to report on kruggerands/ and maple leafs and fill out 1099.
I didn't know that but lucked out on buying american coins.

I've been buying 1/4 gold

I've been buying 1/4 gold eagles just in case the gold gets real high in price, so that I don't have a 6,000 grand coin instead I have a 1,500 coin something that's not much of princly cash sum for the coin dealer to hand out.

After a year, 28%

It's on page 66 under collectibles:

http://www.irs.gov/pub/irs-pdf/p550.pdf

I'm not sure if people actually pay/report this amount, but it's a horrible tax. I personally would not sell anything unless it was as anonymous as possible.

I found this

I found this http://www.restoretherepublic.com/content/view/807/
At the bottom of the article it has a reply from the IRS. I hope this helps, but you might want to call the IRS directly and ask.

Trade with all nations; alliances with none. ~Thomas Jefferson

“Paper money eventually returns to its intrinsic value - zero”. Voltaire-1729
www.4HUTS.com

so its done by good faith

so its done by good faith and trust?

You should read what Mike

You should read what Mike Maloney has to say about selling gold and silver back, http://goldsilver.com/what_to_buy.php?ss=227add2ae3864b0a723...

Trade with all nations; alliances with none. ~Thomas Jefferson

“Paper money eventually returns to its intrinsic value - zero”. Voltaire-1729
www.4HUTS.com