Getting rid of some Gold, How to?

[bonaparte]

Well it is time for me to buy some real estate, which means to afford it I need to cash in some gold. Problem is I don't want to cash it in until I already have a good deal in the works.

What have others done to liquidate their gold quickly without a paper trail. I would be letting go of 9 one oz maples.

Also can I post a sale on this board, or is that a no-no?

Thanks.

[Ironfield]

Bonaparte regarding the issue of selling the coins read the follow guidelines posted by JohnQPublic

Exchange Guidelines

1. Only personal items, no ebay or retail outlet on this thread.
2. Describe the item offered- manufacturer, material, quantity, brand name, etc.
3. Provide a non-stock photograph of the actual item(s) for sale. If making a request, no photograph is required.
4. Intended for PMs, coins, and other items of interest to this board. No guns or gun receivers, assisted opening knives, alcohol or tobacco products please. Obviously, nothing illegal.
5. Complete sales through private messaging and email. Buyer, please report on result of sale. Keep in mind that buyer reports are not guarantees, and can also be faked.
6. Gold-Silver.US and Conceptula LLC take no responsibility for the results of trades or sales on this board. This board is only provided as a courtesy to the members. Do your own due diligence.

The site owner and mods have the option to end & delete any listing that might be of questionable legality - without warning.

then head on over to the following Member Trading forum. (http://gold-silver.us/forum/member-trading) Best of luck with the sales and purchasing that real estate.

-Ironfield

[Heimdhal]

find local coin hsows. they are always cash and carry, no paper trail. Might be worth it to travel a bit if one is immeditaly close by.

Theres also the buy and sell section here

Also, apmex, but they probably wont give you as much.

Bullion Direct has the Nucleo Exchange, which is another great and secure way to go for over the internet and you'll get over spot for sure.

[gunDriller]

Well it is time for me to buy some real estate, which means to afford it I need to cash in some gold. Problem is I don't want to cash it in until I already have a good deal in the works.

What have others done to liquidate their gold quickly without a paper trail. I would be letting go of 9 one oz maples.

Also can I post a sale on this board, or is that a no-no?

Thanks.



your profile doesn't say what state you're in.

that would be helpful.

as far as where to post, you have a good chance of selling it here i would think.

or it might work out as 3 separate transactions, or something.

does that mean a real estate agent will actually let you bring cash - instead of a check - to a closing meeting for a real estate deal ? i didn't know that. i suppose the real estate agent would go along with the buyer & seller.

[Mouse]

DHS now has you fill out a zillion forms when you buy real-estate. It is all tracked. If it's only nine ounces I would coin show and then slowly take care of it over time.

[gunDriller]

DHS now has you fill out a zillion forms when you buy real-estate. It is all tracked. If it's only nine ounces I would coin show and then slowly take care of it over time.


can't you do a cash + check deal & report the check amount but not the cash ?

so that property tax is assessed on the the check amount but not the cash ?

can the cash amount then be treated as a consulting fee by the seller ?

just trying to think like a creative accountant 8)

i think it would be fun to help good people beat the Israeli Revenue Service

BUT i hate paperwork.

[Skirnir]

The IRS reporting requirement is triggered at $10K; selling them three at a time would be a wise move.

[gunDriller]

The IRS reporting requirement is triggered at $10K; selling them three at a time would be a wise move.


i appreciate the info but ... these IRS mother fuckers keep moving the goal posts & changing the laws to financially strangle the population !

thereby giving birth to a whole generation of Joe Stack's.

i'm not a big IRS fan. 8)

maybe i could get a job there. work my way in ... then when they are going after a GS-US'er or similar patriotic American, drop all the case records into the paper shredder and say, "oops !"

or ... get a job in the IRS computer department and ... re-format 100,000 hard drives. ;D oops !

"Boss, i can't find those records. can i investigate Nancy Pelosi now instead .... PLEEEAAASE ?"

[Gangsta99]

The IRS reporting requirement is triggered at $10K; selling them three at a time would be a wise move.



And now you just broke another law because you are trying to get around the $10K trigger. This BS law is known as structuring and I believe will get ya in bigger trouble than just selling everything together and not reporting it.

:)

Love .gov don't you.

The problem here is when you do get the cash in hand and pay whoever towards the real estate, are they gonna go and do something that will trigger questions on where they got the money leading a paper trail back to you no matter how hard you tried to not create a paper trail yourself?

[gunDriller]

The IRS reporting requirement is triggered at $10K; selling them three at a time would be a wise move.



And now you just broke another law because you are trying to get around the $10K trigger. This BS law is known as structuring and I believe will get ya in bigger trouble than just selling everything together and not reporting it.

:)

Love .gov don't you.

The problem here is when you do get the cash in hand and pay whoever towards the real estate, are they gonna go and do something that will trigger questions on where they got the money leading a paper trail back to you no matter how hard you tried to not create a paper trail yourself?


good points.

i think there is considerable merit in going slowly. sell 3 ounces one month - 3 ounces the next month ... and so on.

then your claim that you are just taking it "a step at a time" is completely valid and the IRS can get stuffed.

[madfranks]

Just don't do anything that anybody working in any government agency might perceive as being against the law, it's as easy as that! ;D

[Skirnir]

3 oz. gold at this point is about $3,6K. I would not worry about any structuring nonsense; if that is a big thing, just sell all nine separately.

[Mouse]

you could structure below market RE purchase if your seller wants bullion. You would have to have trust in your seller and vice-versa. If the seller was sitting on a big gain and less than five years, or if it was business property, for instance there might be some reason for them to want that. Or if they are a gold bug. You are getting into very dangerous territory and really shouldn't be discussing this here.

Sell your stuff slowly and deliberately and don't play any unnecessary games.

Another idea I have toyed with is to have your parents "gift" you a sum and claim it on their reporting. You can figure out how this works on your own. Excellent play if your parents are looking to get some physical exposure.

[bonaparte]

Thanks for the replies. No nothing fancy here. Just need to cash the gold out, put the money in the bank, and wait a couple months so it looks like the money has been there a while (the loan department at the bank will want to see I have had cash in the benk above a certain amount for a while, they don't understand "I just sold this gold and so that is where my funds came from")

Maybe I'll post it here once I know I'm going to do a deal. But most likely I'm going to try to do the deal so I don't have to cash in my gold at all.

And yes you can bring cash to a closing table. Just show up with money and tell them this is what you have to offer, do you want to close this deal?

Doh, I just thought about it. I can just take out a home equity line of credit for the amount of 9 ounces of gold and secure my own loan with my own gold. In 4 months when I have the money I can pay of my own loan to myself.