Buying gold and silver.

[Ruttin]

At what point do you guys start to sell your gold and silver and take advantage of the massive gains? Or do you hang on to it forever and pass it on to you kids/grand kids.

Forever

 

[Sum1]

Not sure this is entirely correct. Who the heck knows what my cost basis is/was if I paid in cash? I find it hard to believe how a person can be TAXED when the GOVT doesn't even know what a person paid for said commodity.

Are talking about being taxed on gold you sell?

 

[Skeeter]

I have 6 1oz gold coins I got from work 14 years ago. How Can I be taxed when I sell them when I have no idea what was paid for them??

 

[Maddog]

I have 6 1oz gold coins I got from work 14 years ago. How Can I be taxed when I sell them when I have no idea what was paid for them??

That is a good question.

 

[Pheasant 54]

You have to pay capital gains on it , if you don't know what you paid they will probably use the selling price for gold 14 years ago as your start point .My guess anyway

 

[Obi-Wan]

Not sure this is entirely correct. Who the heck knows what my cost basis is/was if I paid in cash? I find it hard to believe how a person can be TAXED when the GOVT doesn't even know what a person paid for said commodity.

When it comes to owing taxes to the Gov the proof is entirely in your wheel house

 

[3Roosters]

When it comes to owing taxes to the Gov the proof is entirely in your wheel house

If inheriting, am I wrong to assume my son will get a stepped up cost basis at my death?

 

[Obi-Wan]

If inheriting, am I wrong to assume my son will get a stepped up cost basis at my death?

I believe that would only apply to capital gains tax not property tax. Capital gains tax will be based on appraised value at time of inheritance and at the sale of inherited property. If he sells the inherited property for the appraised value at time of inheritance or less he will not have any capital gains tax. The property tax will be on value assessed by the county.

Anybody correct me if I am wrong on this.

EDIT - I thought I was answering on the property tax thread so ignore the mention of property tax.

 

[Maddog]