This video touches on situations where your American Silver Eagles and American Gold Eagles WILL be taxed if they are placed in an IRA account. Your IRA approved Gold and Silver Bullion is also included as Taxable. IRA approved Bullion is such as “ISO 9001:2000 Certified”, The International Standard. Their manufacturing system conforms to the ISO 9001:2000 standards. Meeting this standard will qualify for an IRA approved bullion. Also this video touches on possibilities of having to fill out a Form 8300 for the IRS for cash transactions over the amount of $10000 which you may be subject to for holding large bars of 100oz if silver gets offer $100.00 in spot price.
Go fractional. 1/2 or 1/4 if it goes that much.
dave777, if they can find it.
Check out > Bob Chapman 2035 Banks … important message…
One knows to hide their horde when the government tries to take it.
probably 75 dollar silver at most and thats even overboard
Why I say this is that the US dollar will be replaced in 2010 and thereafter it will be repriced
that’s not to say the value will not climb
valuing it above 75 $ an oz for silver in usd does not make sense
the new currency which will probably have a 3:1 ratio exchange for the old dollar.
those in gold bars may have them confiscated as well .keep in mind that the US govt has not told the people how bad it is.
Hi binky, well said with 500 characters or less.
:>)
We all know that what ever happens , the governments around the world wont let this go.(when price goes up)
All bullion ,coins and grubby finds in the dirt wont go un-noticed or un taxed.
Its just the way it is. Faceless bureaucracy . The type of guys you want to get medieval on their ass with a pair of pliars and a blow torch after they are done raping you.
I’m glad to have helped you collision.
Thanks! =^[.]^=
thanks mike, you stopped me from buying 100 oz bars and i found someone to trade the ones i already have…*****
Ray….I’ll check into that for you without question. But to avoid that entirely you can make small sales which would exempt you. In the terms of taxation I think the dealer would avoid transactions that would create paper work. Especially the Form 8300. I’m leaving town right now to pick up some Merc rolls. If I can get back in time I’ll try to get a final word on this. If not today…expect it for sure tomorrow, I certainly won’t leave this question hanging.
Mike
The 1099B is a form the merchant you sell to is required, under certain circumstances, to file with the IRS to report HIS end of the transaction, thus the information I quoted on that other vid. I’ve heard about it from a number of sources, including Mike Maloney, but the details are still a bit hazy about what constitutes a threshold for reporting. US Eagle coins, among other things, are exempt from such reporting by a party buying from you. Google “1099 bullion” for more. =^[.]^=
Ok read my response to BR that I just posted about an hour ago. It should be on top. Tell me if this is what you’re looking for.
…With all your experience, your input is very valuable; I hadn’t even thought about the big bars becoming a problem over a certain spot price level! And, of course, Uncle Sam can change the rules on us without notice. =^[.]^-
I agree about the IRA, but I think we may be talking about two different things, between this and the other video we started our discussion on. I am mainly concerned with the filing of a 1099B when selling physical bullion to a dealer (I’d never put my PMs, or my wife, at counterparty risk!)…
BR my thinking is that the 1099 would be a responsibility of your own to report. Now you will notice that a dealer will write you a receipt for what you buy. Don’t think he throws his away. But as long as he doesn’t have your TAX ID or SS# ( I ) wouldn’t worry about it. I don’t think you’d report the earnings on that old used lawn mower you sold for $75.00 this past summer would you? :>)
Man that’s ignorance isn’t it? I even hate to say that I sold my gold back in 07 for $683.00. Even though I bought it at $360.00! You see…we learn from our own mistakes. I get inbox messages ALL the time asking is it time to sell. Watch….they’ll make the same mistake I previously made. If we all knew the right times to buy and sell….we would ALL be rich!
Thank you eileenmarie…….and I’m certainly happy that maybe they have helped you :>)
Now there’s certainly more negatives about the IRA. Here’s just a few:
1. If the Government wanted to they could confiscate it.
2. It’s not in your possession for safe keeping.
3. Penalty for withdrawal before established date.
Reasons of HUMOR!
1. Would you let someone else keep your wallet for you?
2. Would you let someone else keep your wife for you?
Have a good day Ray :>)
So if you like the ASE’s and the AGE’s, then always make sure (for an IRA) that you have chosen to buy the smallest in weights so that upon withdrawal you can withdraw an amount that can provide you the least in taxation. For and IRA I’d recommend ONLY the 1oz ASE and the 1/10oz and the highest of a 1/4oz AGE. My self if I were to contribute to an IRA, it would ONLY hold 1oz ASE”s.
LOL….yes it is Ray. And I’m glad that you accepted my post earlier without a challenge. For those that are willing to listen will always gain in knowledge. Now you understand why it’s nice to have large weights but COULD possibly be a problem for us someday. It’s nice to have a Humvee, but weight until you have to drive cross country and pay the gas bill :>)
Thanks
good info keep it up
Very useful information, Mike! Is this what you were talking about (on HOW TO SELL SILVER COINS AND BULLION)? I’d be very glad to chat with you about what you’ve learned in this area. PM me if you’d still like to talk. Thanks for the heads-up! =^[.]^=
THanks Mike, I Always appreciate your tips and recommendations and referrals. I have used some and have been very happy about it! In fact the very fact that you recommend some thing…causes me to trust it! Blessings.