Looking for any information in using gold for purchases in US and any tax issues?
justdano
Posts: 7 ✭
Can I directly buy cars/property with gold/silver now? Are they any states where this is either discouraged or tax free?
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Good luck finding a counter-party.
Knowledge is the enemy of fear
One state (I think it might be Utah) recently passed a law that allows gold & silver to be used as money in transactions. I don't know of any situation in which you would avoid paying state sales taxes. Where did that notion come from? I'd like to research it.
I knew it would happen.
It's considered a trade but requires assignment of dollar value (not face value) to your PMs. Also requires a counterparty willing to accept the trade.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I tried to partially-pay with a gold eagle to a jeweler once. Wouldn't take it. A jeweler!
(It clearly wasn't a question of authenticity; it was a matter of never having been offered gold before)
Here's a warning parable for coin collectors...
Exchange of gold or silver for product is barter or trade.... usually the PM is assigned melt value, unless the trade is coins between knowledgeable individuals of numismatic value. Cheers, RickO
Who run Bartertown?
Interesting !!!
I raised the question of metals being legal to trade for hard assets because as some point the US dollar will loose confidence for more than a day or two. My belief to be sure but the outcome of the Titanic was certain but not 100% predicable in the final ending hours. So shall the dollar and metals in what can be proven for those in the know. Any thoughts?
You can pay with gold and silver. That does not eliminate or preclude any of us from paying sales tax due. You just have to cough up more gold.
It is perfectly legal to trade (barter) without using dollars. The IRS does however, expect one to assign dollar values and report any income received in dollars.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
twosides is bammed ? What did I miss?
I just changed my profile photo, as a sign of solidarity.
FWIW, I remember hearing a story back during the Hunt Brothers bubble of 1979-80 that some coin dealer tried paying his employees in common circ. gold $20's and reporting the face value of the coins as their income. The IRS was not amused.
I had an acquaintance that purchased a new Chevy pick up truck with raw CC dollars. Dealer knew the value. Went smooth, an sales tax was paid.
Had some good times with that old coot, he's since passed.
bob
Had same type of offer from Subaru dealer years ago.
Used car dealers often listen to weird deals.