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gold and income taxes

derrybderryb Posts: 36,022 ✭✭✭✭✭
edited December 13, 2022 12:07PM in Precious Metals

informative

Edited title to clariy discussion is about income tax and not about sales tax.

The decline from democracy to tyranny is both a natural and inevitable one.

Comments

  • blitzdudeblitzdude Posts: 5,293 ✭✭✭✭✭

    The whole worlds off its rocker, buy Gold™.

  • Glen2022Glen2022 Posts: 834 ✭✭✭✭

    Does Ebay not collect sales tax when a bullion order exceeds the thresh hold?

  • johnny9434johnny9434 Posts: 27,324 ✭✭✭✭✭
    edited December 13, 2022 9:52AM

    they dont for connecticut, just saying

    note: i dont think they do over $1,000

  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    thread is about income tax on profit.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • OPAOPA Posts: 17,103 ✭✭✭✭✭

    As derryb indicated, this thread is about income tax on profit & not state sales taxes collected by ebay

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • RobMRobM Posts: 527 ✭✭✭
    edited December 13, 2022 11:33AM

    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.

  • SlipKidSlipKid Posts: 49 ✭✭✭

    @RobM said:
    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.

  • RobMRobM Posts: 527 ✭✭✭

    @SlipKid said:

    >

    even the quoted article has a few paragraphs on sales tax.

    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.

  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    @RobM said:
    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.

    link is unchanged. Added "income tax" to the title to clarify.

    The decline from democracy to tyranny is both a natural and inevitable one.

  • derrybderryb Posts: 36,022 ✭✭✭✭✭

    @SlipKid said:

    @RobM said:
    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.

    Does not change the fact that the thread is about income tax. lol

    The decline from democracy to tyranny is both a natural and inevitable one.

  • RobMRobM Posts: 527 ✭✭✭
    edited December 13, 2022 12:09PM

    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...

  • SlipKidSlipKid Posts: 49 ✭✭✭

    @derryb said:

    @SlipKid said:

    @RobM said:
    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.

    Does not change the fact that the thread is about income tax. lol

    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

  • tyler267tyler267 Posts: 1,232 ✭✭✭✭

    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.

  • cohodkcohodk Posts: 18,496 ✭✭✭✭✭

    What is the tax on gold or silver ETFs?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • tyler267tyler267 Posts: 1,232 ✭✭✭✭

    Gold/silver etf long term capital gain rate is 28% same as physical

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