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Author: yahyaheh Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121189  
Subject: gold and siver coin sales Date: 12/5/2011 5:07 PM
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is there an amount like with gambling(1200) THAT you can sell without incurring a tax liability? or does all sales with profit be taxed as a gain?
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 114375 of 121189
Subject: Re: gold and siver coin sales Date: 12/5/2011 5:23 PM
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is there an amount like with gambling(1200) THAT you can sell without incurring a tax liability?

Where in the world are you getting your information about the taxation of gambling proceeds? Every penny of winnings is taxable income, not offset by your losses. You can deduct gambling losses, but only up to the amount of your winnings, and only on Schedule A, Itemized Deductions. See Publications 525 and 529.

As for your coins, it's much better. You only have to pay tax on your profit. There is, however, a special "collectibles" rate. See Publication 550.

Phil
Rule Your Retirement Home Fool

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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 114376 of 121189
Subject: Re: gold and siver coin sales Date: 12/5/2011 5:28 PM
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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.

http://www.irs.gov/taxtopics/tc419.html

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

AJ

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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 114377 of 121189
Subject: Re: gold and siver coin sales Date: 12/5/2011 5:33 PM
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Phil: Be gentle. It's his/her first post.

yahyaheh: We don't give grades for grammar, etc., but we do take such things into account when responding sometimes.

And sentences like "or does all sales with profit be taxed as a gain?" makes the more faint-hearted among us cringe.

Not Phil, of course. He's a retired IRS storm trooper. They gave him a jester's hat while he does his penance here.

Otherwise, welcome.

Bill

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