switters's picture

Question about taxation of physical gold sales in U.S.

I've been researching the tax assessed on sale of physical gold in the U.S.  My current understanding is that it's taxed as a collectible at the rate of 28%.  However, I've also read that in the US there are no requirements for either the buyer or the seller of gold and silver to report the transaction to the government. The only reporting required is for cash transactions of more than $10,000.  

jneo's picture

The Tax Jingle

Jager06's picture

Precious Metals Purchasing Question

Ok, I have a question that has been bugging me for a while and my CPA is not giving me what I think is the complete answer.

One of my many endeavors is current presidency of a small retail shipping corporation, like I'm the onlly executive small. Less than $700k a year small.

bcc87's picture

Law starting in 2012 requiring 1099s on PM sales

See article below; does anybody know where to find further information on this and/or if this law is going in effect.

Law requires 1099s on all PMs transactions over $600 in 2012

extant09's picture

One more because I'm in a posting mood - Walter Burien

G'day again (yes, I'm an Aussie)

After watching his doco (link below - pays to give it a bit of a watch first or you might not grasp what I'm on about.  In basic terms he says that governments are MUCH richer than they claim and that we could abolish taxation altogether), I sent walter an email... seems he is a bit of a technotopian, but I was happy to recieve a response regardless.  Any comments on his or my view would be appreciated.  I've removed personal details for privacy reasons.


rowmat's picture

Can you believe this?

Not satisfied being taxed to death or losing your home, pension, retirement savings or job due to the greed of the banksters?

Now that they've got their taxpayer funded bailout bonuses the country is in dire debt.


Because your government had to borrow money from the banks (at interest) to bailout... (wait for it)... the banks. (did you get that?)

Of course you'll now be taxed even more and 'nickel and dimed' at every turn but hey, c'mon, show some compassion.

John99's picture

Is the IRS a legal entity? Article says no - a tax collector for Foreign Banks is carrying an article this morning with link to site, with 31 questions and answers about the Internal Revenue Service.

They state that the IRS is registered out of Puerto Rico, and is not an 'an Agency of the US Government', and the scary part, that they collect money for foreign banks.

switters's picture

To own or rent: the property tax wildcard

I've been reading some of Stoneleigh's old posts over at The Automatic Earth.  IMO, she is one of the few commentators (like Chris) who understands the inexorable connection between energy, economics and environment and how the crises we're facing in each of these areas are likely to converge.

RussB's picture

AIG: A Clawback You Can Believe In

We've heard alot of talk about "clawbacks" of executive compensation, where executive performance was morbidly incompetent, or where the compensation process was clearly criminal ("fraudulent conveyance"), or where the amount, compared to performance, was simply unconscionable.

Yet for all the talk it seems there's an insuperable political obstacle to doing this. Namely, it's clear none of those in government who are talking actually want to do this, since they could easily do it at will.

SamLinder's picture

The Tax Poem

The Tax Poem

Tax his land,
Tax his bed,
Tax the table
At which he's fed.

Tax his tractor,
Tax his mule,
Teach him taxes
Are the rule.

Tax his work,
Tax his pay,
He works for peanuts

Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.

Tax his ties,
Tax his shirt,
Tax his work,
Tax his dirt.

Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.