What about the $10,000 thing? Federal law states that businesses need to report cash payments of more than $10,000 to the IRS using a Form 8300. This has nothing to do specifically with precious metals.

@matthewcohan3442

3 жыл бұрын

This is for buying with cash.

@2is1gold

3 жыл бұрын

@@matthewcohan3442 right. Like if the LCS buys your gold for cash.

@mantan9400

3 жыл бұрын

Legally Precious Metals is nothing but a rock. No one pays taxes for rocks they have laying around their property.

@theenglishprofessor8411

3 жыл бұрын

Do I get a complimentary 2 is 1 pocket protector after watching this? 😂 No-but seriously, I love 😍 a video post that begins with the phrase, “pop quiz”!

@2is1gold

3 жыл бұрын

@@theenglishprofessor8411 I really wish I could edit existing videos! I hate going back and seeing the implementation quirks. :)

My gold didn’t gain value You’re money lost value

@luftwaffe6521

3 жыл бұрын

“Spot” on!!

@davemi00

3 жыл бұрын

That’s why INFLATION Is such a Bitch !! ** and it Raises All Taxes, not to mention Costs.

@holdmedown100

3 жыл бұрын

Burn!!👏🏽👏🏽👏🏽🤷🏽‍♂️🤣🤣🤣

@deeeeeeps

3 жыл бұрын

@evanjobe9485

3 жыл бұрын

both can happen

I lost my AR-15 in a Boating accident also!:))))

@elitefitness341

3 жыл бұрын

I didn't. This is America no matter what. I will not play that game with politicians.

@x00p3

3 жыл бұрын

I lost my boat in a gold mining accident.

My boat was lost in an unfortunate gold mining accident.

@biddydibdab9180

3 жыл бұрын

I’m going to have to buy a boat!

@biddydibdab9180

3 жыл бұрын

@spybotist Do they sell boats there?

@haorla

3 жыл бұрын

Genius!!!!!!!!!!!!!!!!!!!!!!!!!!!!

@224dot0dot0dot10

Жыл бұрын

@@biddydibdab9180 How much capital gains tax do I have to pay to the IRS in the USA if I am mining gold out of the ground as an amateur gold prospector?

@nyhuismanagement8680

Жыл бұрын

Oh that so sad. I mean to lose your boat..... hopefully you had insurance on the boat....

Sorry to hear that such a diligent, honest taxpayer ran into such an expensive and financially costly accident.

@2is1gold

3 жыл бұрын

There I was, obeying the local nautical laws...

@wsdmrtst

2 жыл бұрын

😂

Make taxation theft again

man, I had a terrible unfortunate boating accident.... I lost everything... sad

Thanks for this. It is unbelievable how much misinformation there is on this issue. I tell people who say coins are not taxed, "Do you really think the IRS/Federal Government is going to give up a chance to take money from you?"

@2is1gold

3 жыл бұрын

Agreed on the misinformation. It's one thing to hear a person suggest they keep things under wraps, but I'm always amazed when people don't seem to know.

@TheOnlySaneAmerican

Жыл бұрын

You mean currency. The US dollar is currency, not money.

@Jbedard1963

10 ай бұрын

Not with the Inflation Reduction Act's (haha) new 87,000, gun totin', rootin', shootin' IRS agents. To help us in our time of need a) They'll make sure only the wealthiest "Pay their fair share". I mean with the exception of the FFM (First Family Members), we should all "Pay our fair share", right? Thanks to the reduction of inflation, it makes sense to pick up the health care costs and government pensions of 87,000 new hires too ~ can't make this stuff up. I love, love, love the "write off inflation as a loss" comment ~ please get me the name of that account. :)

Those look like chocolate coins covered in gold foil. I love to eat chocolate coins while boating.

@aniceguy9876

3 жыл бұрын

this is really krappy, the deepest part of the deeepest underwater is in the pacific ocean; it is just seven miles underwater . . . but i lost my stuff in that hidden hole that appears to be about 11 miles deep ... after all 7 miles is not as bad as 11 miles under water pressure...

Texas law let us pay nothing, love Texas!!

@2is1gold

3 жыл бұрын

No sales tax here either. Wish that applied to capital gains taxes.

@gunnargundersen3787

3 жыл бұрын

Don't worry. The soy imports from California will soon fix that.

@benmcbroom7134

3 жыл бұрын

@@gunnargundersen3787 interesting hypothesis. Do you suspect that the California exodus is really just an invasion force trying to undermine Texas conservative base? (I'm in Illinois deep in enemy territory, former California expatriate, hoping Texas stays Red).

@gunnargundersen3787

3 жыл бұрын

@@benmcbroom7134 Nah. They're smart enough to leave a dump. But not smart enough not to stop voting for the same types of idiots who screwed up the place they left believing this time it will be different.

@Balibaliadashi

3 жыл бұрын

Funny. Texas conservatism is so great that the independent and unregulated electrical grid is working soooo well right now...

It's a standing thing in the stacking community the number of boating accidents .😜

@2is1gold

3 жыл бұрын

Epidemic really.

@scottyV1000

2 жыл бұрын

There are a lot of boating accidents with gun owners too. It’s just terrible.

No 1099 from dealer, then nothing to report. IRS is form driven and if you get amnesia and the dealer sent no 1099, then all is well. Just saying. Stealing taxes from my labor wages is enough for me.

@petersmith4914

3 жыл бұрын

A 1099 is only required to be issued to the withholding agent of a non-resident alien’s US sourced income. It has nothing to do with a US citizen’s income ever. Most people haven’t a clue as to the true nature of tax forms, they just assume it applies to them. m.kzread.info/dash/bejne/k4NrtcSdqtyvcZc.html

@Drumbeat52

3 жыл бұрын

@@petersmith4914 I know what your saying, but you cannot educate the issuers of the forms let alone operate in the system unless you want to make a life of legally fighting them all!! Then, you have the judges, tax court and the IRS/DOJ to deal with. Tried it, not worth it financially. Just saying.

@petersmith4914

3 жыл бұрын

No, you don’t. I’ve been income tax free for over 22 years. The first step is understanding the law which why I posted the link.

@Drumbeat52

3 жыл бұрын

@@petersmith4914 And no one has ever needed your tax return for a loan? Own a home?

@petersmith4914

3 жыл бұрын

@@Drumbeat52 Some banks require one but most will accept a certified financial statement.

IRS to me: did you sell any gold at a profit? Me to the IRS: Cash me outside how bout dat?!?!?

@2is1gold

3 жыл бұрын

😄

@TheKritter91

2 жыл бұрын

🤣🤣🤣

Thanks for showing us the gold before the boating accident that might happen next Friday!

@2is1gold

3 жыл бұрын

Yes, just in time!

Thanks for the info. I may have a boating incident myself, I'm very clumsy.

Excellent 👍 I learn a lot today.

Offering my condolences in advance for your unfortunate boating accident...very nice vid!

Thanks for the help, 2is1. Made a direct switch to only stacking AGE's cause of this vid!

Ima start dredging lakes. Subscribed!

@2is1gold

3 жыл бұрын

Ha! Good luck!

That's exactly the info I was looking for 😉

Given that the government is essentially claiming an interest on your asset, you should charge them a storage fee for the asset that they're expecting to realise a profit from once you sell it and they tax you. Ideally the storage fee would be the same amount they were hoping to rob from you, i mean tax you. Of course, then they'll turn around and tax you on that windfall unless you can make holding government items a tax exempt activity.

Excellent video. Nice succinct explanations. Thank you.

useful info for anyone looking to get into gold/silver thanks for the vid!

@2is1gold

3 жыл бұрын

Thanks for watching!

I bought all of my PM’s from the bank, so there is a paper trail, but I don’t have it anymore, I donated it all to the church!

Tax evaders are unpatriotic scum who selfishly refuse to pay their fair share. That's why I have always kept detailed records of all precious metal transactions so I can make sure to pay every penny I owe. Unfortunately, all those records were lost recently in a tragic boating accident :D

@Justin-zi7yl

3 жыл бұрын

Yeah, tell that to all of the illegals in Ca that I pay for daily. I’m with you, but seriously, our money will soon be worthless

@Justin-zi7yl

3 жыл бұрын

FYI, my accountant makes damn sure that I abide by the law.

@SilverSovereign

7 ай бұрын

Not gonna lie.. you had me at the beginning haha

@VILLVINOUS88

7 ай бұрын

Me too 😅

@Jesusdisciples27

2 ай бұрын

Me too 😊

This has been very informative. Glad someone didn’t duck out with “I’m not a tax expert”

You just shared priceless info 👌 just sub!!!

@2is1gold

3 жыл бұрын

Good to hear. Thanks!

Great video with smart, helpful info. Enjoy your approach to all your videos and the content is presented in an fun and instructive manner. Makes me want to go get some gold for myself, but it sounds like I'll end up treading water, while watching it sink so.....I'll keep watching you show off that old, lost gold of yours! Thanks again

@2is1gold

3 жыл бұрын

Ha! Thanks!

Good information. Thank you!

@2is1gold

3 жыл бұрын

Thanks for watching!

This is my fourth video I've watched this one earns you a subscribe very informative videos, thank you

@2is1gold

3 жыл бұрын

Thanks!

In the UK, bullion currency such as the Britannia is exempt from capital gains tax, because it's technically money. Surprised that there's something the USA taxes that the UK doesn't, it's usually the other way round.

@sethshaffer8592

2 жыл бұрын

Capital gains tax, income tax, property tax, sales tax, inheritance tax....they have their hands in nearly everything.

@constantinvaldor3742

2 жыл бұрын

@@sethshaffer8592 in UK we have council tax.

@travis1240

2 жыл бұрын

If you spend your eagles at face value, you don't pay capital gains :)

@philmorris8862

Жыл бұрын

No. The usa taxes gambling winnings and the UK or Australia do not.

@stacyhazelwood4033

Жыл бұрын

@@travis1240 🤣🤣🤣🤣

Bwahaha. The answer to your pop quiz. 💯 My Man! It's funny, I used to, back in the day, use an e check to purchase metal. Now, I only deal with online dealers that accept money orders. I even went so far to create a second account (same shipping address so they could figure it out if they looked hard enough I'm sure) with the name, "Big Daddy". Big Daddy, doesn't want Big Brother or Uncle Sam in his life more than can be avoided.🤣🤛💪

Thx for the info. I didn’t know that

@2is1gold

3 жыл бұрын

Sure thing!

Awesome video - learned a lot, great job in how you presented the information (both the insinuations and the obvious) haha.

@2is1gold

2 жыл бұрын

Thanks!

@jhimmothy

2 жыл бұрын

@@2is1gold You're welcome!

@jhimmothy

2 жыл бұрын

@@2is1gold No doubt!

No taxation without representation as far as I’m concerned my interest have not been served over the course of my entire life in the United States. Supposedly taxes are also voluntary.

Wow. Thanks for the info

@2is1gold

3 жыл бұрын

✊

The video we all needed!

@2is1gold

3 жыл бұрын

But didn’t want! 😂

@firelordsozin3677

3 жыл бұрын

😂😂😂 I’m a mortgage loan officer ....schedule D is Real. They’ll be glad you posted when they buy a house, and sell for a down payment. Especially with FHA or VA loans. The cash is useless If they can’t provide a source to some extent. IRS is a helluva dude

@2is1gold

3 жыл бұрын

@@firelordsozin3677 very true. I remember the (very) early days of having to prove recent cash deposits weren't coming from a parent.

Good discussion... always the elephant in the room.

@2is1gold

3 жыл бұрын

Definitely!

Thank you very much!

Wow.... thanks for being my friend on my gold journey.

@2is1gold

2 жыл бұрын

🤜🤛

Great video! BTW - your intros are getting better and better... I am an Audio Engineer and Electrical Technician. While I am not an audio snob nor am I the greatest engineer ever but I am prone to being annoyed by poor production values... Having said all that, I just thought a "tech note" and accolade may be well received and appreciated as I am all to aware of the "behind the scenes" work it takes to do a quality production and know how thankless it can be so, Thank You!

@2is1gold

3 жыл бұрын

I definitely appreciate that! I'm on the verge of switching over to my dSLR - I can't seem to get the lighting right. I'm terrible at audio, but I'm working on it, so THANKS!

@joethebassplayer

3 жыл бұрын

@@2is1gold Lighting is an art-form and it is certainly a craft to it's own but I might suggest trying lighting diffusers and less textured backgrounds for close-up shots as this will keep your auto-focus from being "overwhelmed"... I think your video is fine and your audio is good too, the real style of your videos will come across in the editing. I do not think anything needs to be changed and I was only commenting on your apparent progress in quality over-all... Your content is great and I appreciate the balance of educating and entertaining, surely this is the hardest balance to achieve. Your channel is my favorite of the stacking genre and I watch all the usual suspects and I appreciate everyone's efforts as I think most people have channels for narcissistic reasons and your channel seems to be genuinely engaging and well done... Keep it up and thank you again!

@2is1gold

3 жыл бұрын

Thank you for this! Honestly, I don’t get a lot of feedback on production, so I appreciate it that much more! I think there’s an art to just getting a story arc into 10 minutes, and it’s not a format I was familiar with. I’m hoping as this all gets more familiar, the videos will get a lot better. Thanks again!

@joethebassplayer

3 жыл бұрын

@@2is1gold being a concise and cogent story teller is a whole other level of genius... I've got no insight on that. Maybe look to good songwriters... McCartney and/or Sting, so maybe check out bass players too!

@nealamesbury1480

Жыл бұрын

@@2is1gold I no nothin- but I thot it very good !

SIR, I REALLY LIKED YOUR VIDEO!

@2is1gold

2 жыл бұрын

Thanks!

Very good information

@2is1gold

3 жыл бұрын

Thanks!

One of reasons having physical gold and silver is to avoid Uncle Sam... probably applies to 99.9% of stackers...

@2is1gold

3 жыл бұрын

Yep.

Thank you, I didn’t know what happened when I passed on my coins (that I might or might not have) to my child or family pet! Good information!

@2is1gold

3 жыл бұрын

Ha - thanks!

@mattthompson3656

Жыл бұрын

If you pass your coins to your kids, the price it's at when you die is the cost basis. So it becomes easier to calculate the whole batch at least! What happens if we sell in a few years and cash has been replaced with cbdc? Maybe we can trade for a boat?

Excellent Video. I don't plan on reporting any sales.

@2is1gold

3 жыл бұрын

Always pay your taxes. 😉😉

@thinkforyourself9311

3 жыл бұрын

@@2is1gold nope.

Cool I didn’t know this info! Good stuff... Time to make a trip to the lake!

@2is1gold

3 жыл бұрын

Yes, sir! 😁😉

I swear I have the worst luck, I've had 3 or 4 boating accidents this week alone and it's not even Tuesday!

The closing words were literal gold! 🤣👍

@2is1gold

3 жыл бұрын

😄

There's been an up tic in dirt cheap old boat sales since the posting of this video 🤣

@2is1gold

Жыл бұрын

😄

Key word is cap. Sell them in retirement when you have no other income that year and you can pay almost nothing.

Good information sir.

@2is1gold

3 жыл бұрын

Thanks!

Man great lighting as i have over 140 vids and it takesme forever to get my lighting right lol.

@2is1gold

3 жыл бұрын

Thanks. Lighting is very difficult. I try to turn off overhead lights and only go off indirect sunlight.

The thing that really gets my ass is that I get income tax on my pay from my regular employment. I buy gold or silver under $1,000 in my state - they take state sales tax. Metals go up so I sell for a profit and the profits are taxed. YUP...TAXED 3 TIMES. That’s why I don’t own any gold or silver...😈😉

@2is1gold

3 жыл бұрын

Tax law definitely shows what the Fed thinks of gold "hoarding" or savings in general. Need to spur that economy, not save!

@ticktology

3 жыл бұрын

@@2is1gold oh I know it. My fear is that sometime in the near future the government will find a way to keep track of gold/silver purchases or ownership. Maybe with a serial number registration or something along those lines. Because think of all of the money they’re potentially missing out on in taxes. I know an LCS that will not charge sales tax if you pay in cash. And if you use a debit card, he will lower the total because of the sales tax 😉😂. Look at interest rates on savings accounts because of the Fed. I was getting 2% interest on my savings and now it’s 0.6% 🤦🏻‍♂️. It’s almost useless to save cash...the only reason I have cash are for emergencies and to buy the dip in stocks or metals! 😂 thanks for the video brotha! Looking forward to your next one!

@2is1gold

3 жыл бұрын

@@ticktology the CML privy marks are unique. If the AGE gets something similar next year, it’s a piece of that potential (tracking) puzzle. Not to spread a conspiracy theory...😁

@SilverRipples.

3 жыл бұрын

@Dan Frois and when you 100% pay off your home and land....you don’t own it completely... you are still leasing it from your county. If you don’t pay your property tax Each year they will place a lien on “your” property and you will make up the payments OR have your property sold out from under YOU at public auction Guess the Gov likes to charge us for making us FREE They rob our wealth at every chance they get

@ticktology

3 жыл бұрын

@@SilverRipples. oh I know it brotha. It is complete and utter BS. You can never just sit back with your pile of gold inside your “paid off” house, living the American dream. The “American Dream” is greasing Uncle Sam’s palm.

Thanks for your education. I am new and learning about precious coins. My sale guy representative for company that I bought , He said, “ no taxable when I sale back. I can sale how much coins as I want.” 😨

GREAT...THANK YOU!!!!

@2is1gold

2 жыл бұрын

🤜🤛

Lol, great intro!

@2is1gold

3 жыл бұрын

Thanks! 😄

two ways to avoid Capital Gains tax. 1. wait till you are in a lower tax bracket as in retired and pay zero capital gains tax (totally legal) 2.Do all cash deal to private party in person. (Legal, not so much)

lol great video man I was apart of that boating accident with you ! lol Cant believe you dont remember. lol

@2is1gold

3 жыл бұрын

I think I remember that. It’s hard to recall all the details! 😂

@juicestacker1950

3 жыл бұрын

@@2is1gold 😂🤣✊🏻

I always count my gold coins in a V-bottom boat in the middle of the lake.

@2is1gold

3 жыл бұрын

Lots of people do!

Thanks for the information, which jives with what I’ve heard elsewhere. I’m a recent PM stacker and keep a personal record of all the gold & silver I buy. Will I refer to my records for tax reporting purposes when I sell any gold & silver? Of course I will! (wink wink)

those damn boating accidents are really a plage on the silver and gold community

some times being taxed is the biggest crime of all

The best part about this video was discovering I can claim a gold loss from my boating accident.

@2is1gold

Күн бұрын

😄

If my taxed currency is my disposable income, why should what I use it for be taxed. After all, it is MY disposable income, it wouldn't be taxed again if I didn't spend it. If I don't use it, I dont want it taxed out of existence by inflation either.

As a scuba diver, I can think of tons of great places to lose things exactly where you want to lose them. I need to start getting paid to help people lose things.

@2is1gold

3 жыл бұрын

Just as long as there’s sufficient corroboration that it was lost. 😁

@ThatCasualZach

3 жыл бұрын

@@2is1gold the client hires me as an underwater search and recovery agent who goes down and verifies that it was lost😉😂 it's perfect

@2is1gold

3 жыл бұрын

@@ThatCasualZach seems legit! 💯

@johnhenryreber2501

3 жыл бұрын

@@ThatCasualZach you are funny bro! Got mad jokes. 😆

@david-Davidson

3 жыл бұрын

That sounds like a terrible idea lol, comes back and your lockbox is 20 feet under the shifting sandly floor of the lakebed.

Finally. Good job! A step up in basis can occur when a spouse dies as well. Do your local LCS’s actually pay cash? Or check? Mine pay only with a check.

@2is1gold

3 жыл бұрын

Thanks. Mine pay in cash up to 10k.

@staleydu1

3 жыл бұрын

The step up is great which explains why president dementia Joe so badly wants to do away with it.

My friend sold some swiss francs back to Apmex. Apmex told him there was no taxes on foreign currency. When I use my metals, it will be mad max, the irs will be a non issue

Oh my God! That is soooooooooooooooooooo weird! My safe was washed away from my place too and I have have precious metals anymore. :-(

@2is1gold

3 жыл бұрын

It’s definitely becoming more common! 😁

Lol so many boating accidents in the past year insurance companies must be dancing lol 🤣🤣🤣

@2is1gold

3 жыл бұрын

😂

realtalk

In California coins shops, ID is required to purchase or sell, cash or credit card. In other words that transaction is recorded and available for the IRS to see.

@2is1gold

2 жыл бұрын

I haven’t bought there in over a year. I don’t remember ever showing my ID for a purchase, though. I wonder if that’s new or not enforced/ applied statewide. I bought in Chinatown SF or Long Beach.

@Pepeekeo808

2 жыл бұрын

@@2is1gold Well, a Coin Shop in Chinatown or one in the more "interesting" areas of Long Beach, would probably not ask for ID. I have a friend that buys at Tung's Gold in LA Chinatown with no ID, but even he admits that its not a safe area and wouldn't go there alone. The more "legit" shops always ask here in Orange County.

Thank you! I'll be sure to destroy that cash receipt. ;-)

Thank you

Mine was lost in a tragic boat accident too! Someone left a car on a train track the train hit it then derailed and hit my boat pushing it out to sea where it was presumed lost with all my stack onboard of course!

@2is1gold

3 жыл бұрын

The danger is real! 😂

@dlew3624

3 жыл бұрын

That's such a tragic story,made me cry.... . With laughter 😂.

The guy I sell gold to doesn’t report it unless it’s more than a kilogram

Love bro😍

@2is1gold

3 жыл бұрын

✊

Gold doesn't gain value, it's fiat losing value. What an ounce of gold could purchase 1000 years ago can still be roughly bought with an ounce of gold today.

@HyperspaceHoliday

2 жыл бұрын

Less capital gains tax. So it's even less

@art40odd

2 жыл бұрын

Ahm thats why you buy it....

@bobingalls4643

Жыл бұрын

Yes, please explain that to the IRS. I don't think they get it.

keep in mind, it's not what the spot was on the purchase, it is the total. So, if spot was $28 with a $8 premium, your gains will be based on $36 when selling. Also, if you made purchases at several different times, you can choose which receipt to use. Guys, you should be thinking about private sales taking cash anyway. Stop giving up that premium to the dealers.

@golforfishing

3 жыл бұрын

A private sale has its security issues.

Good video

@2is1gold

2 жыл бұрын

Thank you!

I better keep careful records so the tax man gets his fair share. I think I sold my metal at a loss of $1.2 million or so

@wsdmrtst

2 жыл бұрын

🤣😂🤣😂 yeah me too!

With stocks I would sometimes sell some losers along with winners to offset my capital gains. (Assuming I no longer wanted to own the losing stocks)

@2is1gold

3 жыл бұрын

It’s a good strategy. You can’t buy back in to the same company after taking a loss, but you can even buy into a similar stock and try again.

Nice video sir

@2is1gold

2 жыл бұрын

Thanks!

Oh, I get it! 😉😉😉

So if the Eagles will be taxed should I be getting the quarter oz AGE's? I'd definitely be interested in seeing an updated version of this video with the new tax laws set into place this last year. Thanks

in uk any gold coin that is considered legal tender , is vat and capital gains free, such as a gold sovereign. . in us different tax laws but any government issued coin with a dollar value designed on to it is technically legal tender. the reason why they still have face value is so you can theoretically carry them across international boarders

@2is1gold

3 жыл бұрын

Yeah, I wish the U.S. was that way. That’s how it should be.

Like with other items, the gruberment doesn't really need to know about private sales.

Good stuff as always, question, does inflation of the fiat currency come I to play? For a hypothetical example, say I had a bunch of ase prior to 2020 civic, then 20% of entire fiat gets dumped into the cash stream, is there any way to compensate for that? Thanks again!

@2is1gold

3 жыл бұрын

There is not. That's the biggest part that irritates me. It's taxed like art.

Hey, do I understand correctly, that you should report taxes of the bought gold only if you are actally selling it/getting money? Great video, thanks

@2is1gold

2 жыл бұрын

Yep. You’d only report a gain or loss. Cheers!

Best way to buy silver and gold is with cash. Can't trace cash. No one in their own right mind will use a card when buying this stuff. Doing these things "privately" is the only way to go.

Interesting. It varies from one country to another. In the Czech Republic, gold is classified among tangible assets, and is exempt from VAT upon purchase and sale. Unless you are trading as a company, you are exempt from paying any capital gains taxes. If you are a company and are trading in gold, then you are liable for capital gains taxes.

@vids290

2 жыл бұрын

Here in the UK British coins I.e. Britannia's, sovereign's are VAT exempt and CGT exempt, foreign coins are taxable

@TheBooban

Жыл бұрын

@@vids290 foreign gold coins are not taxed in the uk. UK enacted almost the same laws as EU. 22k+ gold has no tax. Additionally UK coins (incl. silver) from UK mint, no capital gains tax in UK.

Please talk about protecting yourself from gold confiscation risk. When reporting capital gains, it makes sense to adjust for the inflated dollar at the time of selling.

This video should get some views! :)

@2is1gold

3 жыл бұрын

Lame topic, but important for people to at least understand the way the tax laws are written. 😉

@2is1gold

3 жыл бұрын

@@ivangaeta3663 nope! 😄

Hmmm 🧐😉 thank you

@2is1gold

3 жыл бұрын

You’re welcome. 😉

Thats why ive always paid 10x spot for my bullion. Hard to sell for any gains.

@2is1gold

3 жыл бұрын

Makes perfect sense!

Once, I pruned rose bushes, fixed a broken irrigation head, propagated cuttings from pruning- only two people knew... Simple can be more complex than being open. Honestly if you can read the words- Theirs. Think about that word, theirs...

@2is1gold

3 жыл бұрын

Is this a treasure map?

That darned gold keeps falling off of every boat that I got onto. 😳

If you want to report gains or losses on the Price, not the Value of your gold, you need to keep good records. Two things to remember. When you buy it is usually at a premium and when you sell it is usually at a discount. This is a very good reason for keeping records. The capital gain is on the transaction, not the spot price. Another thing to remember is FIFO vs. LIFO. You might have bought an ounce of gold ten years ago and another two years ago. If you sell an ounce... Which one did you sell. That choice will affect both your current and future tax liability. Again, keep good records.

I should follow your subscribers to the boat ramp.

Digital Currency will definitely make things quite Sticky, unfortunately.