Tax implications with buying and then selling physical gold? - how can i have physical gold in my i.r.a.
Hello,
I do not quite understand how / when you pay taxes, I hope someone can help me.
I live in California. Let's say I buy physical gold (coins, American Eagle) and the seller does not save tax free.
1. I think I have to pay taxes on out) how and when to pay in tex (my taxes?
2. If they sell, and if there is an increase in my total, I received from the amount paid to acquire, I have to pay taxes on? when and how?
3. When selling, if I receive an amount exceeding U.S. $ 10,000, the filing of another tax I have to do it myself? Please tell me if I do it, it is part of the application?
very Franklappear, and taking into account all these taxes, buying physical gold is not very attractive, but I'm certainly no expert on this, maybe I missed an important source of information.
Detailed answers appreciated
thankyou
Friday, February 19, 2010
How Can I Have Physical Gold In My I.r.a. Tax Implications With Buying And Then Selling Physical Gold?
1 comment:
1. If the United States legally sold by the Mint, which is part of the federal government, then there is no tax if you buy it. If you sell a private mint, including one called "America" or "United States", then you can collect sales tax, and if they do, then you can use should pay taxes when filing your tax California California.
2. If you have more gold if you want to sell, you must declare the amount it will cost, the amount for the sale, and the level of benefits in Annex D of the federal government, which frequently used? Cattle and bond funds. They pay federal taxes on income, and California. Other rules apply when you sell gold, because someone will steal it. See footnote 4
3. If a large amount of cAsh must be documented, no further formalities, who is not drug money laundering, etc.
4. If gold is stolen, you can deduct in a position to federal Schedule A as a victim of theft and loss.
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