Gold hit another all-time high today.

[Nick Gromicko]

Onwards and upwards.

[Michael Larson]

Originally Posted by gromicko

Onwards and upwards.

Along with everything else.

Enjoy paying your 28% or more on capital gains.

Gold is taxed as a collectible regardless if held for more than a year.

It is at a disadvantage with asset classes with regard to capital gains treatment.

[Nick Gromicko]

It is not taxed at all. It could go to $10,000 an ounce and you won't be taxed a penny. There aren't even any laws requiring one to report ownership of gold.

[Michael Larson]

Originally Posted by gromicko

It is not taxed at all. It could go to $10,000 an ounce and you won't be taxed a penny. There isn't even any laws requiring one to report ownership of gold.

If you can buy it without any records, maybe.

But when it come to redeem the gold they will find a way to tax it.

You an bet on it.

[Nick Gromicko]

If you can buy it without any records, maybe.

I've traded lots of gold in my lifetime and have never been asked for even my first name. I attended the Denver Coin Show this weekend where I watched piles of precious metals bought and sold without anyone asking for an I.D. What would they do with the I.D. anyway? Who would they report the transaction to? No agency requires one to report their gold holdings.

[Michael Larson]

Originally Posted by gromicko

I've traded lots of gold in my lifetime and have never been asked for even my first name. I attended the Denver Coin Show this weekend where I watched piles of precious metals bought and sold without anyone asking for an I.D. What would they do with the I.D. anyway? Who would they report the transaction to? No agency requires one to report their gold holdings.

And this?

According to an ABC news report, the new 1099 provisions in the health care bill, which will force business owners to declare all purchases over $600 on their yearly tax return, will also directly affect the sale of gold coins and bullion:



Section 9006 of the Patient Protection and Affordable Care Act will amend the Internal Revenue Code to expand the scope of Form 1099. Currently, 1099 forms are used to track and report the miscellaneous income associated with services rendered by independent contractors or self-employed individuals.

[Nick Gromicko]

That is not in effect.

I'm not saying that you can find a way to buy gold anonymously, I'm saying that it is impossible to buy gold other than anonymously. Try it. Walk into any coin show in America and you'll discover that EVERY dealer will sell you their gold and not ever ask you for even your name. Why would they? What would they do with the info?

[Michael Larson]

Originally Posted by gromicko

That is not in effect.

I'm not saying that you can find a way to buy gold anonymously, I'm saying that it is impossible to buy gold other than anonymously. Try it. Walk into any coin show in America and EVERY dealer will sell you their gold and not ever ask you for even your name. Why would they? What would they do with the info?

You are missing the point Nick.

The law I cited has already been passed and is law.

There is also nothing to prevent the government from requiring to to prove a basis price for your gold and tax the gains on it accordingly.

Everything is fine until you try to spend it.

[Michael Larson]

Tax on Collectibles including gold

[Nick Gromicko]

The law I cited has already been passed and is law.

Again, that is not in effect. The sale of a gold coin is not a reportable transaction.

[Brian E. Kelly]

Originally Posted by gromicko

Again, that is not in effect. The sale of a gold coin is not a reportable transaction.

Nick?? Really?? Are you advocating cheating on your taxes here in an Open Forum?

[Michael Larson]

Originally Posted by gromicko

Again, that is not in effect. The sale of a gold coin is not a reportable transaction.

Please explain.

It is law and will go into effect unless the law is changed.

[Nick Gromicko]

Brian, it is not cheating. There is no law that requires one to report the sale of a gold coin. There is no agency to report it to. The government tracks who owns the real estate in this country, who has money in a U.S. bank, who is driving 1972 Cadillacs... but doesn't keep track of who owns gold. Again, the purchase of a gold coin is not a reportable transaction.

[Nick Gromicko]

Michael writes:

Please explain.

It is law and will go into effect unless the law is changed.

Read the tense of your own sentence.

[Christopher Currins]

Sept. 11, 2010

Because the value of gold soared to record levels while the value of many other investments plummeted, the buying and selling of gold coins became increasingly popular from early in the 2000s. The Internal Revenue Service long required taxpayers to report most gold coin sales on their tax returns,

In Publication 544, "Sales and Other Dispositions of Assets," the IRS states that gold is a capital asset when held by a taxpayer. Any gain or loss that the individual sustains when he sells the gold is regarded as a capital gain or loss.

Taxpayers are required to report these transactions on Form 1099, where gains are reported as ordinary income. Taxes are paid to the federal government based on how long the gold was held, the initial price when the gold coins were bought and the sale price when the gold was sold