taxes on gold sales

[Zippyjuan]

For stocks, they use what is called "first in, first out" and assume that if you have bought stocks at different times that when you sell, they consider the ones sold to be the ones you have held the longest. If you want to, you can specify to your broker that you want to sell stocks purchased on a particular date. If you sell the most recent, then you can lose the long term captial gain discount. That could apply to commodities too.

 

[Corydoras]

What sort of markup are you finding on gold? That was one thing that has kept me from buying more. I did buy some gold back in the 1970's when it went crazy and I ended up paying about $750 an ounce which was not seen again until just recently. I thought markup was around 15%? That would mean it has to go up by 30% to break even- without including taxes. Is that what you have found? The dealer takes his markup on both the buying and selling end. I heard that numismatic coins and bullion can have different margins as far as dealer markup on the transaction. Just wondering if it is worth it again or not.

My local coin shop sells one-ounce Krugerrands at $15 over spot. That's fifteen dollars, not percent.

 

[Zippyjuan]

That is excellent. That for the full one ounce coin? They go as small as 1/10 oz. A krugerrand was one of the coins I bought way back when.

 

[Corydoras]

That is excellent. That for the full one ounce coin? They go as small as 1/10 oz. A krugerrand was one of the coins I bought way back when.

Yes, for the full ounce, but I don't know what they charge for the smaller coins. I imagine they are reasonable. They are the leading coin dealer in my town, and you have to hang around 30-45 minutes on a weekend just to get someone to see you because there's such a crowd, so they can make money on volume.

Anyway, you just have to look for bargains both locally and online, and make sure you count in shipping.