North☆Star
Elite Member
Just wondering what to expect when I cash in. What's the tax man's cut on my hard (but extremely enjoyable) work? Anyone?
Tax on cashing in gold
- Thread starter North☆Star
- Start date
Jason in Enid
Elite Member
North☆Star;1898389 said:
Depends on your end of year tax situation. If you're broke, they'll probably pay you to sell it. If you're like most of us, you'll probably lose 30%.
Tax?? On gold colored pulltabs? I don't have a clue on what your talking about.
Dark Chameleon
Elite Member
Send in less then $600 a year and you're ok...if your sending in more then that id consider getting yourself a smelter and doing your own smelting...then keep the lot....im so tempted to do that, but my stuff is all good stuff, not damaged
ARA keeps records but DOESN'T report you.
If your worried sell it privately.
If your worried sell it privately.
351maverick
Elite Member
[QUOTE
If your worried sell it privately.[/QUOTE]
^^^THIS^^^
If your worried sell it privately.[/QUOTE]
^^^THIS^^^
North☆Star
Elite Member
Thank you
North☆Star
Elite Member
Thank you
welp guys becareful with this one I know of a few different guys that thought it wasn't gona get reported so they ignored it an now have gotten fines and have to also pay the tax on of my buddies didn't even sell to ara he was a private seller to a private buyer but the buyer claimed it on his tax's that it was purchaced from him then irs came after him for it so just becareful and if u selling large amounts like my buddie was. check with the buyer first
dewcon
Quality Control Expert
Ill take my chances Uncle Sugar gets way to much of every hard earned dime i make now. Im saving it for Obummer Care.
Dew
Dew
Dark Chameleon
Elite Member
Your not taxed on selling your own possession..show me where it wasn't yours or you spouses or your inheritance from great aunt Sadie.
North☆Star
Elite Member
Was not aware of this.
gordonquixote
Elite Member
Not true. All of your possesions have a 'basis' cost value. If you sell something for a profit, you technically owe taxes on the difference between your 'basis' and the sale price.
If you find a ring and then sell it, your basis = $0 and you owe your income tax bracket tax percentage on the sale price.
But most importantly, what gold?....no gold here.
gunsil
Elite Member
Smelting is the act of heating raw ore to get the metal out of it. Melting down your jewelry into bars isn't a great idea since there are few people foolish enough to buy home made bars of metal. If the jewelry you melt has any soldered joints or settings it can no longer be marked with the metal quality of the original piece when melted down and it cannot be used for further casting of a new piece of jewelry since the solder now mixed into the bar will cause pitting in a cast piece. If you go to sell home made bars to any metal supplier you will be charged an assay cost since they need to know what's in it and will never trust a non-commercial quality stamping.
zeemang
Forum Supporter
Find someone local, i've got a guy here and stick with him...
ohiochris
Elite Member
If I remember correctly there is supposed to be a federal tax paid on ALL gold sold no matter what it is. If you sell it to a refiner they usually charge the tax and let you see it on some form of reciept , if you sell small amounts to a jeweler from my experience they just add it in with their cut and hand you the cash left over. But with gold there is usually ways to avoid paying the tax which ultimately should wind up being paid by somebody at some point in time theoretically. All of it depends on whats being reported and what is not.
When you sell gold it's considered income but you can write off all associated expenses to find the gold. gas, or vehicle milage, equipment ( detectors, scoops etc.) so although you may have to pay some income tax after your expenses are deducted it shouldn't be that much unless you have hit the motherlode!
HH phil
HH phil
Commercial fishing is the same way.
