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Question: My uncle wants to cash in his gold coins

 
Anonymous Coward
User ID: 21522435
United States
08/12/2012 11:23 AM
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Re: Question: My uncle wants to cash in his gold coins
More and different details on reporting requirements here
[link to www.usagold.com]
Anonymous Coward
User ID: 2926765
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08/12/2012 11:31 AM
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Re: Question: My uncle wants to cash in his gold coins
I'm hearing more and more talk of confiscation. Marc Faber is the latest to say that it will be confiscated by Obama. Not that anyone will turn their's in but you won't be able to legally sell it at a coin store.

I just got my rental contract for the next year on my apartment. I was somewhat stunned. They're only increasing the rent by $10 a month...
humbird (OP)

User ID: 20695712
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08/12/2012 11:41 AM
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Re: Question: My uncle wants to cash in his gold coins
 Quoting: Anonymous Coward 21522435


At this link you'll see that some coins are exempt from 1099 reporting requirements.
 Quoting: Anonymous Coward 21522435



that is very useful, thanks! Awesome to know that american gold buffalos and eagles are exempt from 1099 reporting. good deal.
Aside from the small band of Forteans scattered around the world, nobody seems to notice all aspects of this phantasmagoria.(John A. Keel)
Anonymous Coward
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08/12/2012 11:43 AM
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Re: Question: My uncle wants to cash in his gold coins
He didn't buy those gold coins. Along the way he got help from his teachers in school and he used the roads to get to the coin shop.
humbird (OP)

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08/12/2012 11:46 AM
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Re: Question: My uncle wants to cash in his gold coins
He didn't buy those gold coins. Along the way he got help from his teachers in school and he used the roads to get to the coin shop.
 Quoting: Anonymous Coward 10868788


lolsign
Aside from the small band of Forteans scattered around the world, nobody seems to notice all aspects of this phantasmagoria.(John A. Keel)
humbird (OP)

User ID: 20695712
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08/12/2012 01:02 PM
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Re: Question: My uncle wants to cash in his gold coins
someone has e-mailed me offering to sell their house to my uncle in exchange for gold coins.

I can't reply to e-mail, but I can tell you here that it is one spcific home in Florida which my uncle wants.
Aside from the small band of Forteans scattered around the world, nobody seems to notice all aspects of this phantasmagoria.(John A. Keel)
Anonymous Coward
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08/12/2012 01:04 PM
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Re: Question: My uncle wants to cash in his gold coins
My uncle has 100k worth of gold coins. So there!
Anonymous Coward
User ID: 21721411
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08/12/2012 01:04 PM
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Re: Question: My uncle wants to cash in his gold coins
I've only bought - never sold but when you buy more than 10k worth, it triggers a IRS form. The same may be true with selling. The taxes are at full tax rate too - not capital gains like other investments.
 Quoting: TexasGirl


No they're not, I've traded in metals for years. Metals are like any other commodity, you only pay on the gain or deduct on the loss. It most assuridly DOES FALL UNDER CAPITAL GAINS!!!

The only time you have to pay taxes as regular income is if you are a DEALER!!!
 Quoting: Saddletramp



Thanks for the info, I'll look into it. My CPA is the person who told me this.
Anonymous Coward
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08/12/2012 01:08 PM
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Re: Question: My uncle wants to cash in his gold coins
I've only bought - never sold but when you buy more than 10k worth, it triggers a IRS form. The same may be true with selling. The taxes are at full tax rate too - not capital gains like other investments.
 Quoting: TexasGirl


No they're not, I've traded in metals for years. Metals are like any other commodity, you only pay on the gain or deduct on the loss. It most assuridly DOES FALL UNDER CAPITAL GAINS!!!

The only time you have to pay taxes as regular income is if you are a DEALER!!!
 Quoting: Saddletramp



Thanks for the info, I'll look into it. My CPA is the person who told me this.
 Quoting: TexasGirl


Looks like my CPA was correct:

[link to beginnersinvest.about.com]

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