gold and income taxes
derryb
Posts: 36,823 ✭✭✭✭✭
Edited title to clariy discussion is about income tax and not about sales tax.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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Bigly
The whole worlds off its rocker, buy Gold™.
Does Ebay not collect sales tax when a bullion order exceeds the thresh hold?
they dont for connecticut, just saying
note: i dont think they do over $1,000
thread is about income tax on profit.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
As derryb indicated, this thread is about income tax on profit & not state sales taxes collected by ebay
Wait a second.... At least explain where you edited the post. It was originally linked to a different webpage at the same source that discussed sales taxes first. Posts 3 and 4 were only keying in on where the original link took them.
even the quoted article has a few paragraphs on sales tax.
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Yes it does. But in original link, the income tax was way at the bottom. OP should've IMO alerted readers to the change in linked material.
link is unchanged. Added "income tax" to the title to clarify.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Does not change the fact that the thread is about income tax. lol
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
So the original title was "Gold and"? Or was it "Gold and Sales Tax". Had me confused enough to think the link was changed. But that is why posts 3 and 4 started down the path of sales tax. The original subject was indeed "Gold and Sales Tax". Sorry for the interruption... Back to the topic...
You're right. But it seems like the quoted article is fair game for discussion. Sales tax is part of your cost basis, so it could be considered on topic anyway. lol
The article does a pretty good job of outlining federal tax considerations of selling gold held as an investment. Bottom line is net profits are taxable and may qualify for a special 28% rate.
What is the tax on gold or silver ETFs?
Knowledge is the enemy of fear
Gold/silver etf long term capital gain rate is 28% same as physical