if i bought precious metals with taxed money, i am never filling out a form for them to tax me on the sale of precious items bought with taxed money.

@danwhitehead4913

Жыл бұрын

Exactly!

@danwhitehead4913

Жыл бұрын

Exactly!

@MadaraUchiha-gi1se

Жыл бұрын

Then when you sell that taxed metal paid for by taxed money they will tax the money you got from that too. This equation applies in a lot of other things. Basically every dollar is taxed Multiple times as it changes forms and it doesn’t even have to leave the singular owner

@beachdweller3378

Жыл бұрын

@@MadaraUchiha-gi1se Its absolutely insane.

@robertpratt6664

3 ай бұрын

Tyrants trying to take our hard earned wealth.

They actually just want to make it as difficult as possible to discourage people from buying physical gold and silver

@dang9641

Жыл бұрын

Thats it

@SilverDragons47

Жыл бұрын

yes of course! they hate cash and metals 🔥🐉

@kconnor4568

17 күн бұрын

Not necessarily. It gives them the power to , legally, confiscate the property and put it in the government domain for the, eventually taking it out to use as rewards for the police and give bonuses to high ranking officials.

I think we need to go out and vote and support MEGA candidates so we can get rid of all this corruption

@bocefusmurica4340

2 жыл бұрын

MAGA?

@protox4

2 жыл бұрын

COS

@woonsockettruthseeker9009

Жыл бұрын

Ha ha. They still think voting isnt an illusion

@jeromej3958

11 ай бұрын

You must have bump your head. Have you been watching the news lately?

Gold is money. Why pay tax when converting to currency, disgusting!

ABOLISH THE IRS AND THE ATF

@jonathanrice8950

2 жыл бұрын

Don't forget the FBI DEA and others

@JewTubeSux

2 жыл бұрын

ALL alphabet agencies are unconstitutional...

@jj18057

2 жыл бұрын

Nah keep the ATF. It is my favorite convenience store

@whereRbearsTeeth

Жыл бұрын

We no longer have an ATF under Biden. We have the “AFT”

Great video. Great information

Great advice!!

I don’t think the guys I sell to through Craigslist carry IRS forms with them 🤔

@Keifsanderson

Жыл бұрын

I like selling random stuff on CL, but feel like selling PMs there is just asking for an attempted robbery. Do you meet people at police stations? How do you mitigate this risk?

@SilverDragons47

Жыл бұрын

probably just make sure you carry whenever you do deals 🔥🐉

@afridgetoofar1818

Жыл бұрын

@@SilverDragons47 Better yet, don't go alone. Make sure you're being escorted by a couple of friends.

@DrSchor

Ай бұрын

@@afridgetoofar1818 how does having friends keep you from being sold counterfeit metal or having your cash stolen?

There was a small spider in your video crossing just below the Scottsdale silver bar going towards the Buffalo gold coins. 😂😂 anyway love your videos thank you for all the information on buying and selling these awesome metals. 🌺🙏🏻

great info dragons!!

Great video something awesome to think about. I have been buying the 10 oz bars but now I may start looking more towards one ounce coins even though part of me don't know if 10 oz would ever be a Target for silver but who knows.

@SilverDragons47

Жыл бұрын

yeah I like 1 oz size the best 🔥🐉

@kconnor4568

17 күн бұрын

Or 1 once or 10 onces of ASE or the amount that would not trigger the law .

I was fishing in a deep lake last summer. The boat tipped over and all my gold and silver went to the bottom of the lake. Too bad. It's sad,but I'll get over it.

@mathiaskanuck6759

Жыл бұрын

How Ironic! Me too! I don't know what I was thinking taking all my silver and gold on the lake with me.... But oh well. Its gone now.... 😉

@aaronShmackles

Жыл бұрын

Must be Minnesota

@deadeye0072002

Жыл бұрын

@@aaronShmackles you'll never know.

@BenJamin-pd4mp

Жыл бұрын

Why would you take your metals fishing with you

@deadeye0072002

Жыл бұрын

@@BenJamin-pd4mp 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

Good to know. Thanks for telling us.

I never intend on selling my stack. I plan on spending it after it all hits the fan.

@punch_bowl_turd3005

Жыл бұрын

thats assuming it;ll be worth anything after shtf....and you'll be able to find a place to unload it. not a smart plan imo. i sold mine 2 yrs ago @1966 & moved on to grow it more.

@makdaddy8399

Жыл бұрын

If doubling of housing costs and gas prices isn't hitting the fan...what is your idea of hitting the fan? Right now premiums are nearly 25% over spot so you would need about a 75% increase to break even over premiums and inflation.....lol.

@limbuel

Жыл бұрын

I plan on melting my stack down and turning it into bullets for when the zombie apocalypses hits. Go ahead laugh if you want but it could happen.

@jbthecook

Жыл бұрын

@@limbuel that will definitely work for Werewolves

@andyirons7162

Жыл бұрын

@@makdaddy8399 good post...depends pal's definition of SHTF....let's take Weimer Germany or Argentinean crisis or Venezuelan crisis....all are definitions of SHTF and in all of them gold went hyperbolic and saved ppl....ppl who say it won't be worth anything or that buyers don't exist, are ignorant

Great videos!

I understand your point about selling and the govt. But IMHO, anyone who's currently selling a lot of silver or gold for "cash," might want to visit a shrink! Just sayin'

@Justicia007

Жыл бұрын

Yep, they would be premature in that.....

@DrSchor

Ай бұрын

interesting . what are you saying

So much for "Free Market Economy" Little do they realize that the more one tightens the Rules & Regulations slapping with Paper trail, the more they encourage people to resort to avoiding thus force genuine people out and make way from corruption to sneak in Economics 101 Course text book by Robinson clearly says that Rationing and Quotas foster black market to thrive IRS should be mindful of the impact of Helicopter Money of Fiat currencies that is responsible for the entire gamut of Financial Melt down

I don't have enough to warrant a "Large" amount...I'm a poor sharecropper who lives under a bridge, down by the river. Haha

Most of us never knew we would end up with 50k, 100k. 1 million in metals but that is what happens after 5, 10, 15 years of shiny obsession honestly I would probably be broke if I never found silver I spent money on stupid stuff and silver meets that need to buy stuff.

@leinad.s

2 жыл бұрын

I don't consider buying silver as spending money, I consider it saving money because if I didnt save it in silver I would spend it on dumb stuff I didn't need.

@Zeus-mk7yn

Жыл бұрын

Same same

@brainwashingdetergent4128

Жыл бұрын

I started buying dumb stuff that holds value and playing the market and its paying off better than continuing stacking.

Jokes on the IRS we aren’t selling our silver bahahahaha

This was quite informative and I had no idea. Therefore, a big thanks for the information!

Great video!

Thanks for the help on this issue. There are salespeople that tell you (Nusmatic) that you will have to report your sale. That means I would have to have record of coins I had bought many years ago. To show if any capital gains. Thanks for the information. Also, I was told I would not have report any coins before 1964. From what you said, if sold over $1000 I would.

Informative video! SD spelled Palladium wrong on their site. Might wanna let them know…

@SilverDragons47

Жыл бұрын

they did fix it haha 🔥🐉

No forms for selling silver eagles? Makes me wonder if they are using ASE's for laundering. That might explain the higher premiums? Just a thought.

If I ever need to sell my assets I don't think there will be a functional IRS left.

@SilverDragons47

Жыл бұрын

lol we will see 🔥🐉

@russwhite7715

Жыл бұрын

Don't you realize that they are hiring additional 87,000 irs agents

@PaleoCon2008

Жыл бұрын

@@russwhite7715 I am sorry that you didn't understand my comment.

@BrilloHead

2 ай бұрын

​​@@russwhite7715All that will be moot when the federal government can no longer pay it's employees. And it won't be long when that happens. At some point, government is just going to be insolvent

Big dreams to hit that many oz. I am not buying anything bigger than 10oz. bars great video if price goes up yes taxes and changes will for sure happen i think

Since gold eagles are less than 0.995 minimum fineness would you still have to report if 32.15 troy oz or more is sold?

Thank you!

That's some great information, thank you!!

Whats the time you should wait between making these 9999$ purchases or sales? A week, a month, a year?

My grandma has just died left me enough to buy 1000oz bar, Well, right now it's enough but the will is going to take at least 6 months for it to come through... I hope the prices stay at this level or lower. I'm going to be stressing about that until that comes through.

@richardcontinijr9661

2 жыл бұрын

Buy gold instead it's way easier to store and carry. Just buy whatever is the current cheapest 1 oz gold coin when you get the money.

@leinad.s

2 жыл бұрын

@@richardcontinijr9661 True, But I cant use the gold as a door stop. 😜

@richardcontinijr9661

2 жыл бұрын

@@leinad.s I use a 100oz bar as a doorstop for my home office. It's actually covered in a crochet cover. Nobody has a clue what it is.

@daniel51404

Жыл бұрын

Buy from different dealers.

@youtube6817

Жыл бұрын

@@richardcontinijr9661 Lmao that’s genius. How are u not tempted to spill the beans haha

Great video. Thanks for the info!

Great video brother 😁

Amen Brother . Good to know . If price ever spike ,watch out . The syndicate will demand their cut .

I am enjoying this series and after this I’m going to watch part 3. This may be from a year ago but the same rules still apply. The only thing that may have changed is the weight or the amount that you are selling. The government isn’t stupid, they will put in some changes to the law but 1 way or another they will get you. Oh BTW since I didn’t specify cars, they can put out a few laws that you may have broken, but are not specific, just so they can take your car into the Impound lot, where they can take all of your possessions legally, and forget to include a receipt for all of the “ evidence and thus, unless you can provide a receipt of everything that you had in your car, then they cancel either claim that all of your possessions are in the evidence locker” and can’t even be taken without a judges permission. Who can do whatever he wants, especially, when the profit from this will benefit of him or the local government.

0:55 a bug scurries out from under your Scottsdale silver bar...

@Johnsuperfun

Жыл бұрын

I see it too. A little bitty one!

Stay under limit ! Sell in smaller amounts ! and stack on !

@BrilloHead

2 ай бұрын

Or don't sell at all.

I buy by the spread. I try the 1 ounce silvers but if the premium is over $2.50 I may go up to 100 ounce bars. 1-10 ounce silvers are the best in my opinion.

@BrilloHead

2 ай бұрын

Lol, I usually end up paying at least $7 premium over spot for ASE

@silver dragons what about 10oz Gold bars? I have a colleague who prefers kilo bars until he heard about this. So his solution is to buy 10oz Gold bars to avoid detection when selling. But if he sells 3 of them, that still triggers IRS form no? He thinks otherwise.

@DrSchor

Ай бұрын

It is not the weight, it is the value. Any amount over 10 K gets reported.

@0:17 bug crawling on 20oz silver bar. He trying to rob you.

Whenever kugerands are mentioned the Leathal weapon movie comes to mind.

palladium wasn't used in catalytic converters in 1982 and the costs were probably less than they are today.

@DrSchor

Ай бұрын

palladium was never and is not now being used in catalytic converters

What about when we buy from an online retailer do they report our holdings to IRS??

@lotsofthisandthat9791

Жыл бұрын

Yes! All of it is catalog on computer program and they daily forward it to Lois Lerner at IRS!

@daniel51404

Жыл бұрын

Hopefully they will shred all our information if they want to stay in business nobody wants to be ratted out.

@SilverDragons47

Жыл бұрын

if they produce a warrant your info will be handed over 🔥🐉

Thanks for the info SD

Right now, too bad about kilos. They're the best deal out there. Seen one below 700.00 before premium. Others in that range!

@customer9845

2 жыл бұрын

KIlo gold not kilo silver

@ericthehalfmexican9187

Жыл бұрын

You can buy silver kilos all day w/o paperwork.

Thanks for the info, especially about the kilo bars, that will keep me from getting those now.

thank you

Is Goldco a good company?

A 1099-B wouldn't hurt if you wanted to claim a capital loss though, right?

Silver Dragons. Canadian junk silver can be had for around $24 a troy ounce at apmex, compared to over $30 a troy ounce for american. They have silver dollars for $15.59 compared to over $31 for american.

@tonyfc8809

Жыл бұрын

Isn’t the Canadian coins 80% as opposed to our 90% junk silver

At my dealer in San Diego, if I buy or sell 10k or more of anything I need to fill out the form.

@DrSchor

Ай бұрын

we watched the video . we know

Actually, I haven't paid taxes for years. I'm an American state national. The irs knows I dont and nothing they can do.

@lobbyrobby

Жыл бұрын

I recently watched a KZread video about that. It kind of sparked my interest. I don't know how it would affect me for my employment though

@patriotpioneer

Жыл бұрын

@DavidK How do you become a American State National?

@nolandietrich6717

Жыл бұрын

Police hate people like you. Are you allowed to speed too and not get arrested cus of who you Identify as. This doesn't exist and people don't get involved cus it's more trouble than good

@nolandietrich6717

Жыл бұрын

Also it's tax evasion. Jail time yay. Just cus they haven't gotten you In a while doesn't mean they don't where you live and where you work. It's the U.S government people

@davidk5597

Жыл бұрын

@@nolandietrich6717 no, it isnt. Its called revocation to pay taxes. Look into it. I was under an audit when I did it. Your the one still in the corporate structure of the United States of America. Research it or believe the lies.

My only purpose In stacking silver ounces is to have real money when the dollar ultimately becomes zero and there is no food now tell me Mr Stacker where and how can I sell some my ounces ❓❓

@paxvobiscum1792

Жыл бұрын

Those that are INDIVIDUAL PRODUCERS (aka: Farmers Markets) will accept PMs in exchange for Produce. This has always been a NORM in state since it joined the USA... well documented even to this day... when I sold mineral interest, I did so for X-Amount of Gold American Eagles in exchange.. Then again, my State GOLD and SILVER are classified as REAL MONEY and Exempt from Taxation... only FIAT Currencies that are Mandated and Back by a Government are taxable in my State...

This is why you shouldn’t sell it for fiat. Trade it for something equal in value

9:20 Bingo, I'm going through the same door as the rich lol

Any amount that you sell even 1 oz if you make a profit your supposed to report. But if your in the business of buying and selling then especially you have to report even if your under 1,000 oz. I assume the difference is the 1099 form Comes at the end of the year as opposed to each individual Transaction

@betoxyz68

11 ай бұрын

😂🤣🤪 Now thats funny!

@BrilloHead

2 ай бұрын

I really don't think you need to report anything if you only buy PM. You only report if you sell and then you get taxed 28% from such sale.

When the market crashes people are only going to have one interest eating and shelter

How can anyone file any forms because the IRS is closed with no employees!😂

Both of these episodes have been extremely informative. Thanks!

Hey I know we taxed you nearly 30% on your income, plus sales tax when you spent that money to obtain this bullion, but we’re gonna need some more when you sell it too. It wouldn’t be fair if you made more than us from your sale now would it?

@BrilloHead

2 ай бұрын

Worst of all, if you do sell and made a gain from such sale, you get taxed 28% on that gain. Ouch. But I'll still gold physical over some imaginary dollars in a bank account.

I bought about $12k worth of silver and gold back in the fall as my 1st metals purchase, it's now worth about $15-16k. Not too shabby.

@DrSchor

Ай бұрын

reportable and taxed when sold. the tax will not be too shabby.

The IRS won’t be around much longer.

@davidortiz3094

2 жыл бұрын

The Government will make sure they paid regardless

@BrilloHead

2 ай бұрын

​@@davidortiz3094They can try but they will be powerless to enforce it

@BrilloHead

2 ай бұрын

​@@SmithsnMozI hope so. I dislike the IRS for many reasons.

Oh wow this is great information to know.

The IRS is going away

Actually this is not new. This has been going on for years and years. Same thing when you win in the casinos, the casino will make you fill out a form. The advantage here is if you are selling at a loss, you can claim that in your tax returns especially if you have receipts. Make sure you keep all records of your purchases no matter how small.

@BrilloHead

2 ай бұрын

Oops I never kept them. But then again I never cared for those receipts since I don't intend to sell. I rather barter than sell.

Once you notice the bug crawling along the bars, you can't not watch it

What about the $10,000 transaction reporting requirements?

@VILLVINOUS88

8 ай бұрын

Im also confused with this. Some place i talk to say its 10k but then i read that you dont get reported if its under a 32 oz

@DrSchor

Ай бұрын

you report it

Hi dragon's, very informative video. I won't be selling anytime soon but very good to know. Stay strong brother 💪

The reporting rules perfectly encompass the benefit/cost analysis of a criminal act or series of actions. Yes, I am simplifying, but with the intention of asking, "Is it worth the risk?" The risk of falsifying the 1099 form? The risk of pushing the transactional limits that trigger the rule? Of transacting business with parties who shall and must follow reporting rules - or violate federal law if they do not? As reporting rules tighten, is it worth the risk of doing business outside of structured dealerships? On the flip side, what are the risks of following the rules? Capital gains taxes? They are currently required - 1099 form or not. Bartering for goods and services is not legally exempt from taxation. Tax fraud in any form comes with its unique risk profile. Taxes are a burden of voluntary claims with supporting proof. Establish a simple record system that forms a qualified basis for costs of purchase, holding and converting your metals to cash, goods, or services. Lowering the gains is currently allowed. On the other hand, if you interpret the laws and regs to set forth the proposition that, as free, sovereign individual, not paying tax is your moral and responsible choice, then live with your risk. I can say with utmost certainty, for myself, the path of potential total destruction will not be traveled. I've seen the bones. Keep records, stay away from Form 1099B if practicable, pace your transactions. Do not underestimate the relentless pursuit of the collection of taxes. Not a game.

I'm legally tax exempt under the law

I expect those reportable limits to be lowered soon by our oppressive government. Much as they did with the "$600 eBay amount." Good advice about buying in 1 oz coins.

@Skatakephalos7434

2 жыл бұрын

No need to lower reporting limits. Inflation will rise to meet them.

@jameshihihin1320

2 жыл бұрын

I wasn’t aware of that. That passed?

@richardcontinijr9661

2 жыл бұрын

@@jameshihihin1320 yup eBay PayPal Venmo now have to report $600 or more to the IRS

@stanleykijek6983

Жыл бұрын

It will happen. Don't be surprised if confiscation happens, too, all in the name of "the common good"..

only in some states. not in Utah.

Don't change it. Just dint buy them and beat the loop holes 🕳 💯.

Silver nicely trending downward to its eventual low of $14’s, fall of 2022.

@adriaanvanwyk3694

Жыл бұрын

Great, then we can buy even more...

@utpharmboy2006

Жыл бұрын

thats what I'm thinking I've heard anywhere between 12-15

@mathiaskanuck6759

Жыл бұрын

You think? That's kind of alarming... But it will be good for buyers

@BrilloHead

2 ай бұрын

I bought silver at 30 and 35. With premiums of course.

Great content as always!

Yep, don't buy, or sell above $9,999.

@noblelies

Жыл бұрын

I have a feeling that as the price rises, they will mess with this reporting threshold.

@RantzBizGroup

Жыл бұрын

@@noblelies agreed!!!

@Keifsanderson

Жыл бұрын

@@noblelies I don't know. As the price rises, they'll be rolling up more people as they cross the 10k threshold. Inflation is certainly hurting us in this regard.

We are living in the greatest time ever

Government will require reporting on any 1oz of any PM. That’s the goal. That’s a lot of forms. 😂😂😂

You can get 1000oz bars that are undersized example 989 troy ounces as well as oversized. In fact most silver bars are undersized some significantly from Comex. Not reportable but I will report all that we’re not lost in that terrible boating accident. 😂😂😂. 🦍❤️🥈

Use it as collateral to get whatever currency you need

Absolutely love this channel! Thank you for all of your helpful information.

I wouldn’t be surprised when IRS gonna change to lower the counts of precious metals until super hyperinflation come along …

You can get comex bar under 1000oz

So I have to pay taxes on silver that I lost money on? I don’t have records of what , Where , when or how much.

@BrilloHead

2 ай бұрын

They're going in that direction.

@BrilloHead

2 ай бұрын

They're going in that direction. It's called unrealized capital gains. I see it as a way for government to steal even more of our wealth. As if paying income taxes to the government wasn't enough already.

@DrSchor

Ай бұрын

too bad for you. without records, you cant claim a loss when you sell. you pay now, and file for a refund later. then the refund gets denied, cause you dont have records

@BrilloHead

Ай бұрын

@@DrSchor There's nothing to keep record of other than a receipt. Beyond that, I intend to hold onto my gold and silver for a very long time. No intention to sell them until far, far into the future.

What gold and silver? I lost it all in a fishing boat accident along with all my weapons and ammo. And ex, Terrible, terrible luck...

Lol. I have 1 100 oz silver bar. My biggest gold piece is 1 ounce eagle... I could sell my entire stack and I'd have to break it up in 2 sales...

@DrSchor

Ай бұрын

i dont get the joke. why is that funny

What happens when the cash is digital they'll know everything you did like they were looking through your eyes

@danaballer8066

Жыл бұрын

All be bartering my silver bro. Grantee neither parties says a fuckin word

They want total control .. cbdc is coming. I stack copper bars and try to sell them to metal yards, and the require i fill in forms . Yes, even for copper!

@DrSchor

Ай бұрын

interesting. what made you think copper would be exempted

If there are changes to their policy’s ? The changes will certainly not be in favor of stackers , that’s for sure ! The absolute worst case scenario is if they confiscate ! and I don’t think that will happen this time around . What is probable is the fact that UNITED STATES is bankrupt and they most likely will tax the client that is transferring their PM’s to cash or most likely by then to CBDC’s , I turn if that is the case they will get their money or confiscate it !

@BrilloHead

2 ай бұрын

Over my dead body if they even try to confiscate my PM.

The premium on 1 oz silver vs a kilo is 50% more. Don’t be so paranoid so as to only get silver by the oz.

@BrilloHead

2 ай бұрын

Problem is kilo will be harder to sell than oz. The bigger the bar, the harder it is to find buyers willing to pay for it. So there are advantages to buying oz of silver and gold. Plus, it's more divisible than kilo bars and therefore more liquid

I’ll watch the rest of this after I hit the lottery.

Now I see why the billionaire allegedly only wanted to buy sovereign silver eagles.

I’ve not even heard of being held to these rules/laws.

@DrSchor

Ай бұрын

you have now

Yes, they will be changing the rules as long as it benefits them and intrudes on us. The IRS is obscene.

@homerj806

2 жыл бұрын

Since when the IRS is not obscene. As long the federal government needs money to pay for "government contracts" their oligarch criminals, sorry I mean campaign contributors, nothing will change.

I won 10 eagles from SD last year. Smaller prize at the time but awesome! Its real

@BrilloHead

2 ай бұрын

I bet they were silver eagles

What is the bar is 997.10 oz bar?

@katieandkevinsears7724

2 жыл бұрын

Or under .995 pure?

Geez they need to relax. Forget that

So what happens if I don't listen to their rules?

@bocefusmurica4340

2 жыл бұрын

or

@johnlove3505

2 жыл бұрын

There's a reason the IRS just hired thousands of new agents that have to "be willing to use deadly force".

@BrilloHead

2 ай бұрын

Yeah you do not want to get on the bad side of the IRS. They mean business.

Stack constitutional and avoid the BS