TAXES BABY, TAXES!
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TAXES BABY, TAXES!
So, I've thought about this subject a lot with regard to Gold, even before the latest BelangP Episode on the matter.
If we Hyperinflate, or just get really bad Inflation, then your Cost Basis is going to be off the charts. Can you imagine what the tax implications of the likes of a Venezuela will be on your tax bill???
I'm thinking that maybe one is better off holding the bulk of their Bullion Holdings in their IRA where, since almost nobody holds Gold, they, the PTB, might just overlook the usual Gold Horder, Profiteer type rhetoric for the tiny minority of GOLD Holders in IRA's and allow them to emerge relatively unscathed from a hyperinflationay tax perspective... yes, I know and I still believe in Santa too, only the Billy Bob Thornton version.
I still wish to hold "enough" coins for the pure survival, had to come over on a raft, type scenario.
BTW, FWIW & for the record, I don't think we will hyperinflate (at least as long as we remain the World Reserve Currency).
If we Hyperinflate, or just get really bad Inflation, then your Cost Basis is going to be off the charts. Can you imagine what the tax implications of the likes of a Venezuela will be on your tax bill???
I'm thinking that maybe one is better off holding the bulk of their Bullion Holdings in their IRA where, since almost nobody holds Gold, they, the PTB, might just overlook the usual Gold Horder, Profiteer type rhetoric for the tiny minority of GOLD Holders in IRA's and allow them to emerge relatively unscathed from a hyperinflationay tax perspective... yes, I know and I still believe in Santa too, only the Billy Bob Thornton version.
I still wish to hold "enough" coins for the pure survival, had to come over on a raft, type scenario.
BTW, FWIW & for the record, I don't think we will hyperinflate (at least as long as we remain the World Reserve Currency).
- Mark Leavy
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Re: TAXES BABY, TAXES!
Hold your gold in physical.
When the time comes, you can decide whether it is wise to report capital gains or not. Anything you do that preserves your options is free money.
When the time comes, you can decide whether it is wise to report capital gains or not. Anything you do that preserves your options is free money.
Re: TAXES BABY, TAXES!
If gold goes to a billion and you sell a coin for a billion in cash and report a billion in income to the banana republic government.......thats on you. If the government hyperinflates, you shouldn't think they will honor roth ira promises.
Gold is best owned in physical form, secure from legal and illegal theft, and that means keeping as far away from any legally disclosable accounts as possible.
Of course I kid. Your duty as an American is to pay your fair share and let Joe and Nancy redistribute it for the good of everyone.
Gold is best owned in physical form, secure from legal and illegal theft, and that means keeping as far away from any legally disclosable accounts as possible.
Of course I kid. Your duty as an American is to pay your fair share and let Joe and Nancy redistribute it for the good of everyone.
Re: TAXES BABY, TAXES!
Well if the rules don't apply, then just start up a drug cartel...way more profitable than gold and it creates its own demand. A little street hustle, some automatic weapons in the hands of those not afraid to use them, a couple of decapitations and dismemberments for effect and you're set.SomeDude wrote: ↑Tue Feb 23, 2021 2:08 am If gold goes to a billion and you sell a coin for a billion in cash and report a billion in income to the banana republic government.......thats on you. If the government hyperinflates, you shouldn't think they will honor roth ira promises.
Gold is best owned in physical form, secure from legal and illegal theft, and that means keeping as far away from any legally disclosable accounts as possible.
Of course I kid. Your duty as an American is to pay your fair share and let Joe and Nancy redistribute it for the good of everyone.
Re: TAXES BABY, TAXES!
You could just move to a state that doesn't have sales or capital gains tax on bullion (Utah, Oklahoma, Wyoming). Kansas may be heading that way too. This of course assumes they don't change their laws.
- Mark Leavy
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Re: TAXES BABY, TAXES!
Even with zero state taxes, (South Dakota) the Feds still tax capital gains on bullion.
Re: TAXES BABY, TAXES!
Yes, and in a way disfavorable compared to most financial assets. It's considered a "collectible".Mark Leavy wrote: ↑Wed Feb 24, 2021 9:30 amEven with zero state taxes, (South Dakota) the Feds still tax capital gains on bullion.
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Re: TAXES BABY, TAXES!
Xan, so watch the BelangP YT VLOG and he said something that I found interesting. He said unlike an Equity Share, which is "first in first out" with regard to sales, a Gold Bullion sale can be conducted with you highest Cost Basis Coin, or Bar. So, if you're forced to rebalance this ameliorates the having to fall under the Collectables Tax Regime somewhat.Xan wrote: ↑Wed Feb 24, 2021 9:32 amYes, and in a way disfavorable compared to most financial assets. It's considered a "collectible".Mark Leavy wrote: ↑Wed Feb 24, 2021 9:30 amEven with zero state taxes, (South Dakota) the Feds still tax capital gains on bullion.
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Re: TAXES BABY, TAXES!
Dude, funny you say that. I've often thought that El Chapo Guzman was one of the greatest CEOs of all time. Talk about rags to riches. The Man makes John D. Rockefeller look a bit like a piker.Kbg wrote: ↑Tue Feb 23, 2021 11:11 pmWell if the rules don't apply, then just start up a drug cartel...way more profitable than gold and it creates its own demand. A little street hustle, some automatic weapons in the hands of those not afraid to use them, a couple of decapitations and dismemberments for effect and you're set.SomeDude wrote: ↑Tue Feb 23, 2021 2:08 am If gold goes to a billion and you sell a coin for a billion in cash and report a billion in income to the banana republic government.......thats on you. If the government hyperinflates, you shouldn't think they will honor roth ira promises.
Gold is best owned in physical form, secure from legal and illegal theft, and that means keeping as far away from any legally disclosable accounts as possible.
Of course I kid. Your duty as an American is to pay your fair share and let Joe and Nancy redistribute it for the good of everyone.
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Re: TAXES BABY, TAXES!
Yes, as we transition from only a pseudo Stasi State to the full blown version, one will have decisions to make.Mark Leavy wrote: ↑Mon Feb 22, 2021 8:09 pm Hold your gold in physical.
When the time comes, you can decide whether it is wise to report capital gains or not. Anything you do that preserves your options is free money.
- Mark Leavy
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Re: TAXES BABY, TAXES!
With equity shares you can elect which tax treatment you want. FIFO or itemized transactions.johnnywitt wrote: ↑Wed Feb 24, 2021 11:31 am
Xan, so watch the BelangP YT VLOG and he said something that I found interesting. He said unlike an Equity Share, which is "first in first out" with regard to sales, a Gold Bullion sale can be conducted with you highest Cost Basis Coin, or Bar. So, if you're forced to rebalance this ameliorates the having to fall under the Collectables Tax Regime somewhat.
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Re: TAXES BABY, TAXES!
Thanks for clarifying that Mark. Don't want to spread or propagate bogus info. There's already enough of that out there.Mark Leavy wrote: ↑Wed Feb 24, 2021 11:39 amWith equity shares you can elect which tax treatment you want. FIFO or itemized transactions.johnnywitt wrote: ↑Wed Feb 24, 2021 11:31 am
Xan, so watch the BelangP YT VLOG and he said something that I found interesting. He said unlike an Equity Share, which is "first in first out" with regard to sales, a Gold Bullion sale can be conducted with you highest Cost Basis Coin, or Bar. So, if you're forced to rebalance this ameliorates the having to fall under the Collectables Tax Regime somewhat.
- Harry.Browne
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Re: TAXES BABY, TAXES!
On the first fleeting read, I actually read Texas, Baby, Texas