Tax implications with buying and then selling physical gold? - buy to let tax implications
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) store and the seller does not charge tax.
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?
Honestly, does not seem in view of all these taxes, buying physical gold very attractive, but I'm certainly no expert on this, maybe I missed an important source of information.
Detailed answers appreciated
thankyou
Buy To Let Tax Implications Tax Implications With Buying And Then Selling Physical Gold?
2 comments:
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 sum of money involved, no extra paperwork to prove that they are 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.
1. I think I have to pay taxes on out) how and when to pay in tex (my taxes?
You will pay income tax if you sell more gold than they bought it. You can also deduct a loss if you have bought them cheaper than they sell. Their sale is in Appendix D. If you gold for one year or less, your gain taxed at ordinary rates. If you keep the gold for over a year your profit be taxed at a maximum of 28%, as gold as a collector's item.
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?
Answered in part 1.
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?
Apart from the state and federal tax returns, has no other source material, regardless of the amount of profit. If you are monitoringDE, you have to justify their sources of income.
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