The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: gold and siver coin sales||Date: 12/5/2011 5:28 PM|
|Author: aj485||Number: 114376 of 125216|
is there an amount like with gambling(1200) THAT you can sell without incurring a tax liability?
You are misunderstanding the rules about gambling wins. You may or may not get a Form W-2G, depending on the size of your win. However, even though you don't get a Form W2-G, you still incur a tax liability.
A payer is required to issue you a Form W-2G (PDF) if you receive certain gambling winnings or if you have any gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported on your Form 1040, including winnings that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.
or does all sales with profit be taxed as a gain?
Yes. See IRS Pub 550 http://www.irs.gov/pub/irs-pdf/p550.pdf
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