Taxing Precious Metals (topic name changed)

vexhold

Elite Member
Joined
Sep 22, 2011
Messages
629
Location
Hastings, MN
Is it true that the IRS will be requiring taxation on all precious metal (coins & Jewelry) purchases and sales over 600.00 begining January 2012?

:wow::shock::no::mad:
 
!!!

So does this mean a bigger percent will get taken if I send my gold to melt in Jan?
 
!!!

Just keep your transactions under $600.

Do we know how much they are going to tax ? Percentage? It may b worthwhile and cheaper to and it all in together if you factor in the price to ship and insure. ?
 
Is this a $600 "yearly total", or per transaction? I'm guessing it's the first. Otherwise, why wouldn't everyone break their sales into $500 increments?
 
It is a per transaction total. Think about it this way, when someone goes to a casino and wins 20 50.00 mini jackpots, a kid comes out and keeps filling the machine with coins. If that same person wins a jackpot of 1000.00, a person comes out with cash and a tax form.

So in our case, you can do as many transactions as you want as long as all transactions are under the 600.00 mark.
 
Where you may get in trouble is through an audit when they see you purposely subverting the new tax law by using 599.00 or under transactions. It's definately worth looking into.
 
Looks like 600.00 per calendar year. All goods and services. I wonder if this includes internet purchases too? If so, there goes many internet businesses I suppose.
 
Where you may get in trouble is through an audit when they see you purposely subverting the new tax law by using 599.00 or under transactions. It's definately worth looking into.

If you keep it under $600, who's going to know about it?
 
I’ve not heard this but it would not surprise me. That’s pretty much all I can say without getting banned for life from the forum.
 
i guess that would explain why ARA now wants a copy of your drivers license
 
Why

Why do my posts keep getting deleted? I simply referred to a current governmental system. So I can't say obama care?
 
If you have to pay income tax on the finds you sell, then I would take that as "them" saying you're a business....in which case you should deduct your detectors, headphones, diggers, all related gear, not to mention mileage on your vehicle......and so on.
 
Back
Top Bottom