Gold and Silver - Capital Gains Tax and IRS Reporting

Gold and Silver are susceptible to capital gains tax and there are times when purchases or sales will be reported to the IRS. I talk about when capital gains tax on precious metals applies and how much it is. I also go over which gold and silver items are reported to the IRS when they are sold in certain quantities. I AM NOT A FINANCIAL ADVISOR OR TAX EXPERT. DO YOUR OWN RESEARCH AND CONTACT A PROFESSIONAL. The IRS 8300 from is filled out and sent to the IRS when you purchase over $10,000 in gold or silver with cash. The IRS 1099-B form is filled out when you sell certain amounts of precious metals in certain quantities. You are required to report profits on sales of precious metals to the IRS and pay the capital gains tax of up to 28% on your own. You are only required to pay the capital gains tax on profits from gold sales or silver sales.

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#silver #silverstacking #silverdragons

Topics I cover in this video: taxes on gold and silver, taxes on gold, taxes on silver, taxes on precious metals, silver tax, gold tax, selling gold and silver, capital gains tax on gold, capital gains tax on silver, capital gains tax on precious metals, gold reporting, silver reporting, irs form 8300, irs form 1099-b, gold and silver reporting, investing in gold, investing in silver

[SilverDragons]

This video is information on tax laws regarding gold and silver as well as mandatory IRS reporting. I AM NOT A TAX EXPERT OR FINANCIAL ADVISOR. I also do not like the fact that the capital gains tax exists and I hope that it can be removed or at least lowered in the future. 🔥🐉

[johnm]

So basically don't make any huge purchases and don't make any huge sales. Also don't tell the IRS when you do sell because it's not any of their damn business.

[crazyjojp]

Why would I tell the criminals anything?

[silverstasher]

I pay taxes when I buy my silver and gold so i think they already got there share

[teembo]

'they' dont deserve any share.

[gamesticks]

Are you crazy or something ?? Telling uncle sam that you are selling something they know nothing about !!

[coltle]

"To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical." Thomas Jefferson

[ronnies]

I lost all my gold and silver in a boating accident it somewhere in the pacific ocean

[proslice]

And the trick is to never do sales or purchases over 10, 000 dollars and use multiple outlets and dealers. Private cash sales are not subject to taxes unless for some strange reason an individual has a crisis of conscience. The IRS only comes into play if an individual is trading precious metals as a broker or as a gainful means of employment for profit.
As a side note, you are not required to pay taxes on the sale of your home of personal belongings such as cars, boats or aircraft as long as the profit does not exceed 250K single owner or 550K joint owners.

[olegpetelevitch]

I worked for 30yrs to give it away ? They haven, t taxed me enough ! And put the age of retirement up to 65-70 ? WTF !

[Luckyboyee]

What happens if I lost all my gold, silver and guns in a boat accident?

[paulhare]

I lost all my gold and silver in the same boating accident where I lost my guns. Seriously though, this is about the silliest topic I've seen explained.

[Ricardo-bfzj]

I will never report anything related to my PM to the IRS. Got taxed from my check, got taxed in April, got taxed on the PM purchase, so no.

[keenanxipher]

I would have reported my taxes but i lose it all in a unfortunate boating accident

[benjamingregersen]

Capital Gains taxes are the worst taxes. They shouldn't exist.

[timothyloyd]

Great info. Thanks glad I don't sell. Because I wouldn't tell them. 10% good enough for God, but my government want 28% everything

[biguncle]

American silver eagles are 1099b exempt, the premium on them is the built in tax!

[swjackson]

The fact that there's no "papertrail" when buying silver is a good reason to invest in silver bullion.

[robertcanup]

Of course the cost of the item INCLUDES any premiums. If you sold it back the same day you would have lost those premium, so you would have incurred a loss on the sale.

[pythonhighadder]

All this type of info should be being kept in ledgers (personal, precious metals, silver, gold) where one can log basic info:
item, source, buy price, premium, sell price, profit.