Gold and Silver - Capital Gains Tax and IRS Reporting

Gold and Silver are susceptible to capital gains tax and there are times when purchases or sales will be reported to the IRS. I talk about when capital gains tax on precious metals applies and how much it is. I also go over which gold and silver items are reported to the IRS when they are sold in certain quantities. I AM NOT A FINANCIAL ADVISOR OR TAX EXPERT. DO YOUR OWN RESEARCH AND CONTACT A PROFESSIONAL. The IRS 8300 from is filled out and sent to the IRS when you purchase over $10,000 in gold or silver with cash. The IRS 1099-B form is filled out when you sell certain amounts of precious metals in certain quantities. You are required to report profits on sales of precious metals to the IRS and pay the capital gains tax of up to 28% on your own. You are only required to pay the capital gains tax on profits from gold sales or silver sales.

JMBullion Infographic on Gold and Silver Taxes and Reporting:
https://www.jmbullion.com/reportable-bullion-transactions-infographic/

Check out SD Bullion for GREAT DEALS on Silver and Gold!
https://sdbullion.com/dragons

Below are some AWESOME products that I use:

Inexpensive Scale for Weighing Silver and Gold
https://amzn.to/35sgcQW

Black Ring Capsules for most Silver Bullion Coins (38mm)
https://amzn.to/37oARH7

Black Ring Capsules for American Silver Eagles (40mm)
https://amzn.to/2s79Wj3

Gloves for Handling Coins
https://amzn.to/2QGCKJx

Paypal/Email:

silverdragons47@gmail.com

Also check me out on Instagram:

https://www.instagram.com/silverdragons47/

If you want to mail me anything here is my address:

S. Dragons
P.O. Box 304
Gresham, OR 97030

Thanks for watching!!

Disclaimer: Some of the links are affiliate links where ill earn a small commission if you make a purchase at no additional cost to you.

#silver #silverstacking #silverdragons

Topics I cover in this video: taxes on gold and silver, taxes on gold, taxes on silver, taxes on precious metals, silver tax, gold tax, selling gold and silver, capital gains tax on gold, capital gains tax on silver, capital gains tax on precious metals, gold reporting, silver reporting, irs form 8300, irs form 1099-b, gold and silver reporting, investing in gold, investing in silver

Видео Gold and Silver - Capital Gains Tax and IRS Reporting канала Silver Dragons