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Msg  210065 of 211112  at  9/22/2019 5:11:53 PM  by

couplover


 In response to msg 210058 by  kardnul
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Re: Capital gains on PM bullion

 2014 rules may not apply now?
 
The safest route is to place all info on correct forms and allow IRS tell you what you owe.  ST cap gains will be at nominal rate as of this moment. LT can (depending on product and situation) be taxed like other income but not at LT Cap Gains rate (the lower rate). 
 
There is also "exchange in kind" rules apply and have minimum amounts that need to be breached.
 
Sadly cap losses can not be used to offset these unless derived from the sale of other bullion for a loss.  Cap losses incurred on stocks can not be applied. Not as of 2017. AFAIK.
 
There are also times when a person could claim gains as "hobby income" but be ready to prove it if asked.
 
One thing to know is no dealer / buyer will ask for anything or ask you to fill in any paperwork below threshold amounts. It is then simply between you, your conscience and your god.  


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Msg # Subject Author Recs Date Posted
210068 Re: Capital gains on PM bullion fundamental 0 9/22/2019 10:23:00 PM


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