tag:blogger.com,1999:blog-7362663422037727028.post8878726850142924328..comments2024-03-25T14:09:25.720-05:00Comments on The Old Jarhead: 2011: the Last Year to Sell Precious MetalsUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7362663422037727028.post-28503718744360612332011-01-17T08:03:13.714-06:002011-01-17T08:03:13.714-06:00Brian:
That might work, provided enough dealers a...Brian:<br /><br />That might work, provided enough dealers are used. Once again, in 2011, no one has a problem, only in 2012 and beyond. I urge you to hire a qualified tax advisor/specialist to give you safe, legal advice before the end of the year. You may not be able to read TOJ from a jail cell, and I value every reader.<br /><br />Next year, in order to avoid being 1099ed, my understanding is your transactions must total below $600 per dealer "for the year," not simply "per transaction.” Few cities and not too many regions have enough dealers to be able to move any noticeable quantity without crossing that $600 threshold (even a single half-ounce coin is more than that, these days). Private sales to family, friends, lodge or club brothers or co-religionists might move some, but you should do it this year when you aren't breaking any laws. <br /><br />Uncle Sam is surprisingly good at finding people who structure transactions to avoid reporting requirements. Even if you’ve never jaywalked in your life, they’ll turn you upside down and inside out trying to figure out what illegal things you are hiding. If they don’t find any, they’ll invent some merely to justify the time wasted in chasing you. Do not scoff at the tax laws; the eternal revenue service will follow you beyond the grave to get whatever they think you owe. <br /><br />The best answer is to contact your Congress people and try to get the provision voided before it takes effect. If Congress is kind enough to do away with this section, then there is no problem in future years, either. <br /><br />Incidentally, without a lot of pressure from "ordinary voters," Congress is unlikely to repeal this. None of our politicians want to look soft on the "rich." If you have gold, you must be rich, by definition. “Rich” is a relative term; no one ever defines himself as rich; other people (who see themselves as “poorer” than the chosen victim) define what “rich” means. That’s why societies built on a foundation of jealousy (you’ve always heard them called “socialist societies”) never work as planned, because there is always someone poorer than you are.<br /><br />The fact that most gold is held by ordinary folks in the form of jewelry or in small coin collections (that have often taken decades to grow) never seems to occur to our would-be civil masters, oops, I meant servants. Grandpa’s High School or College Class ring may well be worth more than $600; likewise, Grandma’s wedding ring set. <br /><br />I hope this helps. <br /> Ron P.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7362663422037727028.post-59687332610419194412011-01-16T19:04:48.407-06:002011-01-16T19:04:48.407-06:00I've been buying PM. A lot of it. In sub 600 d...I've been buying PM. A lot of it. In sub 600 dollar amounts. 10 gram units of gold. No more than 5 ounce silver coins. I will sell them off singly and screw the IRS 600 buck reporting rule. I was just discussing this very ruse the other day.Brianhttps://www.blogger.com/profile/11009623520148094685noreply@blogger.comtag:blogger.com,1999:blog-7362663422037727028.post-78127486669678843002011-01-15T19:08:40.241-06:002011-01-15T19:08:40.241-06:00Thanks for the enlightenment on that. Should be in...Thanks for the enlightenment on that. Should be interesting to see people's reactions to it.Michael O'Neillhttps://www.blogger.com/profile/01646763539111291152noreply@blogger.com