I like this idea, but need a cpa's comments. It seems to me that incorporating thy self (and the wife and kids), and make payments in $100 plats is worthy of investigation. Hmmm. Also worthy of a good cpa's time.
Sorry for my miscalculation I don't collect these Platinum coins/bullion. My bad -- reworking the numbers 1oz of platinum = $100 legal tender = $700 per ounce. For a salary of $250,000 that would be = 358 oz of platinum = $35,800 in "legal tender" platinum coins.
Tax = $8750 roughly. I would love to pay that on $250,000 of income.
Again, any CPAs or tax attorneys here?
Mitch -- why waste time with $20 gold when you can do the same with $100 platinum?
I think you would have problems with pretending that you are accepting $1,000 for $7,000 worth of coins. The fact they have $100 as a face value does not matter. What matters is that the fair market value of the item provided in payment is $7,000. You could try this anyway and spend a bunch of money on lawyers and be a virtual certainty to lose.
Also, you are not dealing with an arms length transaction when you are talking about paying yourself. Just MHO from someone who is NOT a lawyer but has been around the block a little.
Retired United States Mint guy, now working on an Everyman Type Set.
Comments
Tax = $8750 roughly. I would love to pay that on $250,000 of income.
Again, any CPAs or tax attorneys here?
Mitch -- why waste time with $20 gold when you can do the same with $100 platinum?
Michael
Wouldn't that be funny if the popularity of these platinum coins was eventually tied to tax shelters in the future -
Chances of that happening IMHO - "slim and none"
Wondercoin
Also, you are not dealing with an arms length transaction when you are talking about paying yourself. Just MHO from someone who is NOT a lawyer but has been around the block a little.
I understood it that there was no Federal tax on bullion? In most States there is no tax on bullion sales of $1000 or more. Am I wrong about these?
Larry
Dabigkahuna
That's if you dont do a cash tansaction.