Taxes

Do i pay taxes on my profits while gold is on deposit?

Comments

  • GoldStandardCanadianGoldStandardCanadian Posts: 148 Bronze ✭✭✭
    You only pay taxes when you make a profit after you cash out. That's what's called a capital gain, which is taxable.

    If you're avoiding taxes, you could buy and sell at a dealer, without paperwork (treating as a commodity, just like redeeming copper/aluminum at bottle depots) though imho gold dealers are increasingly becoming less anonymous. This is especially true if you buy a large quantity of gold (10k+), your name will be filed with others as suspicious people, next to drug dealers / money laundering suspects, etc. for the simple deed of being financially literate. The movie Idiocracy comes to my mind.

    With Goldmoney there is limited ways around the tax situation, just use your statements to determine the price difference after you load your prepaid card or cash out. If you cash out by redeeming the metal itself and then bring the metal to be redeemed at a dealer for cash, that may be an advantage around tax, for now, while dealers don't do tax paperwork at the point of sale/transaction, right now they'll give fiat paper promises, as a true barter exchange. Or just keep the cold hard gold in your possession a little longer.

Sign In or Register to comment.