04-23-2024, 09:56 AM
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#9
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,819
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Quote:
Originally Posted by P.Rosa
"Unlike cash or even gift cards, Costco classifies gold bars as collectibles, which may or may not retain their value over time.
For that matter, the Internal Revenue Service also considers gold bars as a collectible too, and demands as much as a 28% cut of any profits on gold held for more than one year.
The bars themselves might be fun to hold and look at, but between the possible interest, taxes, shipping, and other expenses — not to mention the hassle of finding a buyer — trading gold just might not be worth the trouble, even at Costco prices."
https://www.msn.com/en-us/money/mark...4f5882c0&ei=29 |
the tax part is true. US minted coins do not require a 1099, all others do
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