Taxes

Jrox22Jrox22 Posts: 2 Tin ✭
I was wondering anyone could help in regards to tax information regarding gold money, can't seem to find a straight answer. If you I have no capital gains at the end of the year and my account has never exceeded $10,000 at anytime do I have to file at the end of the year. Thank you

Comments

  • UvasUvas Posts: 645 Silver ✭✭✭✭
    It all depends where you live. Best to consult a tax professional, as Goldmoney will not give any tax advice.
  • GMONEY1GMONEY1 Posts: 245 Bronze ✭✭✭
    @Jrox22 I agree with @Uvas , but I think a key question is "did you sell an asset (i.e. any gold)"? If you did, there is likely a capital gain or a capital loss (depending on how you account for the selling of your assets-- usually FIFO or LIFO). If you just bought and accumulated, then that is a bit easier, but if you have a Goldmoney MasterCard ...and you loaded it during 2016, that basically means that you sold some gold.
    Sorry this isn't a straight answer (because I'm not giving advice) ...
  • Jrox22Jrox22 Posts: 2 Tin ✭
    I purchased the gold using my credit card and redeemed via bank wire transfer. I live in New York State. Thx for the replies.
  • AnacapAnacap Posts: 86 Copper ✭✭
    Depens on when and what amounts of gold you buy and sell. So, it's trully a headache.
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