Monex & APMEX purchase = tax question

jessewvu

I purchased a 100oz silver ingot back in August of this year from MONEX Credit Company. I got a Tax Year 2007 summary in the mail but everything is 0.00. Am I supposed to claim my silver ingot on my taxes or something?

I also purchased an american buffalo gold coin from APMEX in august but they haven't sent me anything. Do I need to claim any capital gains on the bullion value of these items since I purchased them as bullion?

Thanks for any assistance.

sinin1

no profit or loss has occurred until item is sold

paper profits/losses change by the minute and are rather meaningless

mrearlygold

Monex "credit" ?

jessewvu

<< <i>Monex "credit" ? >>



That is what the paper says.

Monex Credit Compnay
4910 Birch Street
Newport Beach, CA 92660
949-752-1400

I went to http://www.monex.com/ and called the 1-800 number. I talked to an account rep and then they patched me through to someone on the stock exchange to buy the ingot. I mailed them a check and they mailed me the ingot.

sinin1, thanks for the info. That is what I thought but I just wanted to make sure.

StampAlarm

You don't have to report anything until you sell it. Except for maybe donation or gifting...don't really know on that.

I take my original invoice for buying bullion and make a copy of the check for selling
on the back. And that's my record which I use for taxes.



Jerry

cullenbryant

is this somehow connected to the patriot act

oreville

jessewvu:

My take on this as a CPA is that Monex is sending statements to everyone of their customers as all brokerage firms increasingly do and indicating if there were any sales, div, int, etc.

By sending to all customers it is easier than to pull out those who had no income to report.

The extra postage it costs is less than the manpower to figure out who NOT to send the statements to.

Think of it this way. It is nice having a 1099 statement that confirms that you had NO sales.