The best way to buy gold and silver.

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  • Thu, Jan 06, 2011 - 05:04am

    #11
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: The best way to buy gold and silver.

 

[quote=doorwarrior]

Rich,

If you traded back some of your coins into FRNs to buy a tractor, make sure you pay the taxes on the sale or trade of your coins (since it is not a like-for-like exchange) and have a documented cost basis to establish your profit or loss.  When you post in a public place like this, there is a public record of it and if no taxes are paid, data miners may hold you to account.  Also, if you have dozens of transactions, you may want to have dozens of documents to show the IRS since that many transactions in PMs suggests to them that this activity may fall into the category of a business.  Just a heads up for people who do PM transactions without a record … if you have no documentation for your cost basis, you could wind up being taxed considerably more than the taxes you should actually pay.  It has happened and it will happen again.  Be careful folks.   

[/quote]

I am not sure about this, but I think Rich has not revealed his name or address.  Therefore, posting a comment about selling gold bullion creates a public record of an anonymous person who said he sold gold bullion.  Of course everyone is mindful of the IRS, but I doubt this forum will create a tax liability when all he goes by is “Rich”.

But the subject of taxation and bullion is a good one.  I have never sold bullion but I keep receipts.  I buy from local shops.  Receipts are handwritten or old-school cash register printouts that don’t specify much.   It must be like this in most shops.  

  • Thu, Jan 06, 2011 - 11:48am

    #12
    Peak Prosperity Admin

    Peak Prosperity Admin

    Status Bronze Member (Offline)

    Joined: Oct 31 2017

    Posts: 1583

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    Re: The best way to buy gold and silver.

[quote=ranch]

 Rich,

If you traded back some of your coins into FRNs to buy a tractor, make sure you pay the taxes on the sale or trade of your coins (since it is not a like-for-like exchange) and have a documented cost basis to establish your profit or loss.  When you post in a public place like this, there is a public record of it and if no taxes are paid, data miners may hold you to account.  Also, if you have dozens of transactions, you may want to have dozens of documents to show the IRS since that many transactions in PMs suggests to them that this activity may fall into the category of a business.  Just a heads up for people who do PM transactions without a record … if you have no documentation for your cost basis, you could wind up being taxed considerably more than the taxes you should actually pay.  It has happened and it will happen again.  Be careful folks.   

[/quote]

I am not sure about this, but I think Rich has not revealed his name or address.  Therefore, posting a comment about selling gold bullion creates a public record of an anonymous person who said he sold gold bullion.  Of course everyone is mindful of the IRS, but I doubt this forum will create a tax liability when all he goes by is “Rich”.

But the subject of taxation and bullion is a good one.  I have never sold bullion but I keep receipts.  I buy from local shops.  Receipts are handwritten or old-school cash register printouts that don’t specify much.   It must be like this in most shops.  

[/quote]

ranch,

Your quotre is attributed mistakely to ranch rather than me but, that being said, check into such programs as Carnivore, Echelon, etc. and you’ll understand that the public record isn’t the threat, government surveillance is.  The IRS does data mine and can and will track you regardless of whether you post your name and address.

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