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Thread: Taxes on Selling Bullion

  1. #1
    akak Guest

    Default Taxes on Selling Bullion

    I am nowhere near considering selling any silver (or gold) right now, but I am still very unclear on where we stand in terms of capital gains taxes on any such sales, and was wondering if anyone here knows much about this subject.

    Here and there, in forums and in PM-related articles, I have repeatedly read of hints or suggestions that American Eagle coins, both gold and silver, may be subject to more lenient, or none, capital gains taxes over any other forms of coin or bullion. However, I have been frustatingly unable to find a definitive treatment of this topic anywhere.

    Considering that the IRS totally screws the PM seller with "collectibles" taxes of 28% otherwise, I would think this might be a significant incentive to buy the US bullion coins if true.

  2. #2
    Join Date
    Mar 2009
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    910

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    As far as I know, as long as you have held them for at least one year, you will be able to receive the Long Term Capital Gains Rate. Depending on your individual tax rate, you will receive either 0% or 15% rates on the gain. For those less that one year, you will pay at your normal tax rate.

    *This statement does not represent an official opinion of the US Treasury or the IRS. If you so desire, you may call the free 800 number for the IRS and contact them directly.
    Hi Ho Silver ... Away

  3. #3
    akak Guest

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    Quote Originally Posted by TheLoneRanger View Post
    As far as I know, as long as you have held them for at least one year, you will be able to receive the Long Term Capital Gains Rate. Depending on your individual tax rate, you will receive either 0% or 15% rates on the gain. For those less that one year, you will pay at your normal tax rate.

    *This statement does not represent an official opinion of the US Treasury or the IRS. If you so desire, you may call the free 800 number for the IRS and contact them directly.

    I was under the impression that gold or silver are taxed at the short-term and "collectibles" rate of 28%, regardless of how long one held them. I am not 100% sure about this, though.

  4. #4
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    Mar 2009
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    Well .. that is from my best tax advisor.. and the guy is good.. he just happened to be handy this afternoon... if you have any questions just call the IRS free 800 number and confirm.. my guy says he doesn't know about collectables but he is going to check that out for me.
    Hi Ho Silver ... Away

  5. #5
    Join Date
    Jun 2009
    Location
    Long Beach, Ca.
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    Quote Originally Posted by TheLoneRanger View Post
    Well .. that is from my best tax advisor.. and the guy is good.. he just happened to be handy this afternoon... if you have any questions just call the IRS free 800 number and confirm.. my guy says he doesn't know about collectables but he is going to check that out for me.
    Thanks again for the info!

  6. #6
    Join Date
    Nov 2009
    Posts
    16

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    hello,

    this article may shed some light on this subject.

    http://www.commodityonline.com/news/...23065-3-1.html

  7. #7
    Join Date
    Mar 2008
    Posts
    136

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    Quote Originally Posted by TheLoneRanger View Post
    As far as I know, as long as you have held them for at least one year, you will be able to receive the Long Term Capital Gains Rate. Depending on your individual tax rate, you will receive either 0% or 15% rates on the gain. For those less that one year, you will pay at your normal tax rate.

    *This statement does not represent an official opinion of the US Treasury or the IRS. If you so desire, you may call the free 800 number for the IRS and contact them directly.
    This is just my take, but depending what your plans are for the funds I would try and avoid the tax man. I know when I sell Canada Revenue won't see a cent. The bulk of my silver was purchased with no paper trail and I have a good source for selling with no paper trail. Of course you need to be smart with the proceeds. I wouldn't go buy anything like a house Someone may start to ask questions.

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