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 Replies: 20 / Views: 3,071 |
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Valued Member
Canada
178 Posts |
Am I alone or is it common concern with PM Bugs to protect your privacy when buying or selling PMs? We all know of the Gold Confiscation Act of 1933, but my bigger concern is tax. I don't care what country you're in, governments like to find anyway to tax you.
I personally like to buy silver in small increment up to 10 oz., with cash. No name given. It's no body's business, not the governments, or the kid working in the shop who tells his friends about this guy who buys all this silver and they feel they deserve it more than me.
I'm not a conspiracy theory type, I just think this is good common sense.
Is my tinfoil hat too tight or do you do the same? Edited by Center Pin
05/24/2012 3:09 pm
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Pillar of the Community
United States
863 Posts |
Completely agree. I try to do all of my purchases in cash. If you ever end up with a large amt of bills and claim bankruptcy no one has to know you have a small stash of pm. Also takes take any profit you may have out of the equation. ebay is taking now. I think ill buy on ebay but try o sell in person. Unless I think I can make good money off of ebay |
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Pillar of the Community
United States
1590 Posts |
I think if they could they would find a way to tax you for the perceived net increase in income, at the end of the year. I.e. if you buy at 16x and sell at 24x they would tax the profit.
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Pillar of the Community
United States
1454 Posts |
Wouldn't selling PMs at a profit be considered taxable income under current IRS regs.?
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Pillar of the Community
United States
759 Posts |
Yes, your tin foil hat is on WAY too tight, but perhaps not for the reason you think. It never ceases to amaze me how people divulge their willingness to, comfort with, and intent to commit fraud in a public forum with a digital footprint that goes away...never. Don't forget to sign up for the Secret Santa where you can provide someone with your name and physical address.
BTW, I don't especially enjoy paying taxes either and in the US, your profit upon sale is taxable income and under certain circumstances, the IRS will pay a reward to people turning in people who commit tax fraud.
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Valued Member
United States
162 Posts |
Attempting to hide assets from a bankruptcy court would also be illegal, and incredibly dishonest.
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Pillar of the Community
United States
648 Posts |
The only thing that's bankrupt is America.
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Pillar of the Community
United States
2189 Posts |
No, Your tin foil hat is not on two tight.I'm in agreement on a few points you have about privacy when buying gold or silver for my personal hobby for obvious security reasons.I do not broadcast to the world my purchases or what I sell
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Valued Member
United States
223 Posts |
All of my toys are bought with cash. Silver, guns, knives and 4-wheelers. I don't believe in credit and won't pay interest on what are essentially luxury items.
On the issue of profits for income tax purposes, if you are paying in cash how is anyone going to prove what the profit is. That would be up to you to self report.
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Pillar of the Community
United States
863 Posts |
is it really tax fraud though? you are aloud to buy items at a yard sale without being taxed or claiming profit. what is the difference if you buy it from a private collector?
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Pillar of the Community
United States
808 Posts |
My attitude is always the same:
1) Cash transactions are inherently confidential. An informed seller and an informed buyer complete a transaction where fiat is exchanged for PMs. Simple as that. If the seller requests a name, it's Cash.
2) Taxes due are always paid. If I pay cash for a taxable transaction where it's the seller's duty to collect the tax, I reasonably assume the seller is including tax in the agreed price. I expect my vendors to always follow the law or I take my business elsewhere.
Edited by coinwatch
05/25/2012 02:04 am
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Pillar of the Community
United States
1454 Posts |
Quote:
is it really tax fraud though? you are aloud to buy items at a yard sale without being taxed or claiming profit. what is the difference if you buy it from a private collector? That's why I asked. Where is the line drawn? If you're regularly selling PMs, then you are running a business. But again, how much can you sell without reporting it as taxable income? Is this covered by the IRS in one of their tax code tomes? Anyone? |
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Pillar of the Community
United States
808 Posts |
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Pillar of the Community
United States
1150 Posts |
This is why governments want all digital transactions; to track them all for tax purposes.
And yes, the only thing fraudulent mentioned in this thread is the IRS. Any agency that knowingly awards tax credits to people claiming non-citizen children in foreign countries has no business handling your money.
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Pillar of the Community
United States
1454 Posts |
coinwatch,
That confirms what I was thinking. If the sale resulted in a capital gain, (i.e. one made more $ than one lost in the transaction, or series thereof) it's taxable. Wonder how many people have fudged that one? ;)
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Pillar of the Community
Canada
590 Posts |
This won't be a concern until PM skyrocket in price, which could happen, and the US government goes bankrupt, which could happen also. Then they will care a lot about your PM because the US dollar will be worthless. I would expect at that point taxes will the the least of your concern, they may want all your PMs in exchange for worthless green backs. Could happen.
I'm not anti-government nor do I promote criminal activity, unless it is for the preservation of self and family. I would say you are better off keeping quiet about your PMs to everybody especially the government. When things go bad the first thing they go after is your guns, and then everything else. It may sound crazy but it has happened before within the last 100 years. Could happen again. Always plan for the worst and hope for the best.
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Replies: 20 / Views: 3,071 |
Posted 05/24/2012 3:39 pm
