Selling silver for profit

[Zodoga]

I'm trying to figure out the best place to buy from.

Some sites have silver cheaper, but you pay shipping.

Other sites have silver a little more expensive, but you don't pay shipping.

When it comes time to sell would it be better to have paid for the silver and no shipping?

Reason I ask is for taxes. Can I count the shipping in with how much I paid for it when doing taxes later on? I know with the silver itself it's just how much you paid and how much of a profit from it that really matters.

I figure it's better to ask now then later on.

[Neuro]

I'm trying to figure out the best place to buy from.

Some sites have silver cheaper, but you pay shipping.

Other sites have silver a little more expensive, but you don't pay shipping.

When it comes time to sell would it be better to have paid for the silver and no shipping?

Reason I ask is for taxes. Can I count the shipping in with how much I paid for it when doing taxes later on? I know with the silver itself it's just how much you paid and how much of a profit from it that really matters.

I figure it's better to ask now then later on.
Buy the cheapest you can including shipping, from someone who isn't going to rip you off. I am sure you can include the shipping costs in your purchase for your taxes, as it is part of purchase price.

[Zodoga]

Buy the cheapest you can including shipping, from someone who isn't going to rip you off. I am sure you can include the shipping costs in your purchase for your taxes, as it is part of purchase price.

I'll keep it on the spreadsheet then. Thank you.

[Hitch]

Yes, a spreadsheet is good advise.

As members of a precious metals investing community, it's our responsibility to report any capital gains profits on pm's to the proper authorities for tax reasons. Failure to do so would be unlawful, and anyone suggesting such, should be reprimanded.

For example, I buy PM's in cash from my local guy. I also sell PM's to him and receive cash. It's up to me to report the difference. Unfortunately, I'm a very bad investor, having bought at the high price several years ago, and sold at the low. It's all in the spreadsheet to show how unfortunate I've been.

[cheka.]

op - which dealers are you buying from, and why?

[Neuro]

Yes, a spreadsheet is good advise.

As members of a precious metals investing community, it's our responsibility to report any capital gains profits on pm's to the proper authorities for tax reasons. Failure to do so would be unlawful, and anyone suggesting such, should be reprimanded.

For example, I buy PM's in cash from my local guy. I also sell PM's to him and receive cash. It's up to me to report the difference. Unfortunately, I'm a very bad investor, having bought at the high price several years ago, and sold at the low. It's all in the spreadsheet to show how unfortunate I've been.

You're lucky! I keep having these boating accidents. I guess I should record that as a loss when I file my tax returns? But it feels wrong to let government pay for my mistakes, and acts of God...

[Cebu_4_2]

Profits?

[TroyOz]

Yes, a spreadsheet is good advise.

As members of a precious metals investing community, it's our responsibility to report any capital gains profits on pm's to the proper authorities for tax reasons. Failure to do so would be unlawful, and anyone suggesting such, should be reprimanded.

For example, I buy PM's in cash from my local guy. I also sell PM's to him and receive cash. It's up to me to report the difference. Unfortunately, I'm a very bad investor, having bought at the high price several years ago, and sold at the low. It's all in the spreadsheet to show how unfortunate I've been.

Speadsheet will do you no good with gov, you need an actual receipt or bank transaction. Zero basis for you - pay up!

[Zodoga]

op - which dealers are you buying from, and why?

One of the major websites.

Stacking 10 oz bars over a long period of time (maybe 50-70 years). Hoping in the long run I will be profitable.

Trying to get everything set up correctly now so I don't have to go back and set it up if something happens.


Profits?

Probably didn't word it the best way. If you make a profit I should of said.


Speadsheet will do you no good with gov, you need an actual receipt or bank transaction. Zero basis for you - pay up!

I'm keeping the receipts as well.

[steyr_m]

I'm trying to figure out the best place to buy from.

Some sites have silver cheaper, but you pay shipping.

Other sites have silver a little more expensive, but you don't pay shipping.

When it comes time to sell would it be better to have paid for the silver and no shipping?

Reason I ask is for taxes. Can I count the shipping in with how much I paid for it when doing taxes later on? I know with the silver itself it's just how much you paid and how much of a profit from it that really matters.

I figure it's better to ask now then later on.

I dunno, I go to a Coin Store 10 minutes away that also sells bullion.

[Neuro]

One of the major websites.

Stacking 10 oz bars over a long period of time (maybe 50-70 years). Hoping in the long run I will be profitable.

Trying to get everything set up correctly now so I don't have to go back and set it up if something happens.



Probably didn't word it the best way. If you make a profit I should of said.



I'm keeping the receipts as well.

Why the fuck do you worry about taxes now? Especially if you have no intention of cashing out until 50-70 years later... you are around 30 now? That means you'll be somewhere between 80-100. Most likely you'll be dead, if not, most likely the USD you purchased your PM's in will be gone, replaced with something else, if not the value of those receipts would be negligible vs the price you sell the gold and silver for.

In fact most likely you'll live in a post-apocalyptic world where the least of your worries is the IRS.

You stated in an earlier thread that you are a disabled vet. What is your disability, and where did you serve?

[Zodoga]

Why the fuck do you worry about taxes now? Especially if you have no intention of cashing out until 50-70 years later... you are around 30 now? That means you'll be somewhere between 80-100. Most likely you'll be dead, if not, most likely the USD you purchased your PM's in will be gone, replaced with something else, if not the value of those receipts would be negligible vs the price you sell the gold and silver for.

In fact most likely you'll live in a post-apocalyptic world where the least of your worries is the IRS.

You stated in an earlier thread that you are a disabled vet. What is your disability, and where did you serve?

I'm in my 20s (70-90). I figure I'll live to at least 70.

PTSD - Mississippi and Georgia.

I may sell before depending on certain aspects, but I may also keep it for my entire life.

I don't want to have to worry about going back and dealing with it later.

Military taught me to always address issues up front rather than worry about them later on. That aspect continues to be with me after I'm out. Always address it from the start. Don't wait around until it's too late. My personal philosophy not trying to push it on you.

[Neuro]

How did you get post traumatic stress disorder in Georgia and Mississippi? If you don't mind me asking...

[Zodoga]

How did you get post traumatic stress disorder in Georgia and Mississippi? If you don't mind me asking...

Oh you mean combat wise. I don't share that with anyone online. I generally keep that to the VA or places I trust. I was just saying I wasn't chinese or whatever. I'm just a normal guy.

[Neuro]

Oh you mean combat wise. I don't share that with anyone online. I generally keep that to the VA or places I trust. I was just saying I wasn't chinese or whatever. I'm just a normal guy.

Fine no worries. I would guess Afghanistan if you are in your twenties as there hasn't been much of American fighting in Iraq the last ten years. I suppose Libya and Syria (undercover) are possible as well.

What is your opinion of Hillary Clinton?

I am sorry about your PTSD though, does it impact your daily life a lot?

[Zodoga]

Fine no worries. I would guess Afghanistan if you are in your twenties as there hasn't been much of American fighting in Iraq the last ten years. I suppose Libya and Syria (undercover) are possible as well.

What is your opinion of Hillary Clinton?

I am sorry about your PTSD though, does it impact your daily life a lot?

I don't know how much is true about it all over the past 30 years. I know about Bengazi and the server wiping. I figure she's probably one of the dirtiest if not the dirtiest in politics. I'm pretty young though so I don't know everything about Clinton. I didn't really start paying attention to politics until after I got out of the military, but that's when it started getting really heated and probably due to me being young as well.

PTSD - I get flashbacks. PTSD is kind of a gamble at times with what you get. Some days are just fine and everything is normal then other days I can get locked in flashbacks just wondering or was scared at times. I get kind of trapped in those moments. As time goes on it gets better and I can break them. I did spend a lot of time replaying things.

Before I started intensive talk therapy mixed with other things. I used to have a fear of falling to sleep. The worse aspect of it all was falling to sleep. Now it's more annoying if it disrupts my sleep.

I wouldn't feel sorry about it. I volunteered for it. No one forced me to join.

[goldnugget]

What about ebay? You can make great buys if you observe auctions. I make a great deal every other week and I don't put too much attention on it. Plus, you are safe thanks to paypal.

[Zodoga]

What about ebay? You can make great buys if you observe auctions. I make a great deal every other week and I don't put too much attention on it. Plus, you are safe thanks to paypal.

I buy off the main sites for now.

[Neuro]

I don't know how much is true about it all over the past 30 years. I know about Bengazi and the server wiping. I figure she's probably one of the dirtiest if not the dirtiest in politics. I'm pretty young though so I don't know everything about Clinton. I didn't really start paying attention to politics until after I got out of the military, but that's when it started getting really heated and probably due to me being young as well.

PTSD - I get flashbacks. PTSD is kind of a gamble at times with what you get. Some days are just fine and everything is normal then other days I can get locked in flashbacks just wondering or was scared at times. I get kind of trapped in those moments. As time goes on it gets better and I can break them. I did spend a lot of time replaying things.

Before I started intensive talk therapy mixed with other things. I used to have a fear of falling to sleep. The worse aspect of it all was falling to sleep. Now it's more annoying if it disrupts my sleep.

I wouldn't feel sorry about it. I volunteered for it. No one forced me to join.

Sure, what is your plans for the future? I would think you are too young to be retired, even though you probably are entitled to it on medical grounds.

Probably it would be good for your PTSD if you could get a work of some kind, or go and study something. It's not good just sit around waiting for silver price to rise, for a young man your age, even if it is a good idea to get a bunch of it now. Get on with life, get a wife and family.

Another thing I would recommend you to look into as a potential treatment of your PTSD, is an Ayahuasca ceremony, it could help reset your mind, and ground you. Unfortunately VA will not provide it for you...

And you got the right idea about Hillary... She is wicked incarnate.

[Zodoga]

Sure, what is your plans for the future? I would think you are too young to be retired, even though you probably are entitled to it on medical grounds.

Probably it would be good for your PTSD if you could get a work of some kind, or go and study something. It's not good just sit around waiting for silver price to rise, for a young man your age, even if it is a good idea to get a bunch of it now. Get on with life, get a wife and family.

Another thing I would recommend you to look into as a potential treatment of your PTSD, is an Ayahuasca ceremony, it could help reset your mind, and ground you. Unfortunately VA will not provide it for you...

And you got the right idea about Hillary... She is wicked incarnate.

I'm hoping to continue to get better. The treatment I've been receiving has been helping greatly.

Choice program is really good for the most part. They grew it and added more funds to it which allows veterans to seek assistance outside the VA. I only receive certain medical care from the VA and that would be something like getting glasses. Getting private care through the choice program is so much better for the most part.

Right now I'm doing small time work. Building a website for someone and trying to go back to school. Probably continue to do small time work until school starts in 2018.

Silver for the most part is a great hobby right now. I love reading up on it and watching videos. It's good to keep the mind active.

[Hitch]

Hi Zodoga, welcome to the forum. Sounds like you've got a good plan for an exciting future. One thought, I just figured I'd throw your way, is a career where you are physically active doing exciting things might help with your PTSD. Being physically challenged means less time sitting at a desk.

Here in CA, local 3 operating engineers union is in desperate need of people. I'm told if you have a hard hat, they put you to work tomorrow. The job is a great career, retire after 30 years full benefits, a salary well over $100K a year. I know a lot of local 3 guys, and they are good people. You build things and repair things, and it's a good feeling being a part of something so productive.

While you might not be in CA, this type of work you may find rewarding. I only mention it, because everyone pushes white collar degree jobs and the market is flooded with young people with degrees, but often no jobs due to oversupply. Meanwhile, blue collar work needs people.

[monty]

Hi Zodoga, welcome to the forum. Sounds like you've got a good plan for an exciting future. One thought, I just figured I'd throw your way, is a career where you are physically active doing exciting things might help with your PTSD. Being physically challenged means less time sitting at a desk.

Here in CA, local 3 operating engineers union is in desperate need of people. I'm told if you have a hard hat, they put you to work tomorrow. The job is a great career, retire after 30 years full benefits, a salary well over $100K a year. I know a lot of local 3 guys, and they are good people. You build things and repair things, and it's a good feeling being a part of something so productive.

While you might not be in CA, this type of work you may find rewarding. I only mention it, because everyone pushes white collar degree jobs and the market is flooded with young people with degrees, but often no jobs due to oversupply. Meanwhile, blue collar work needs people.

Hitch, you might add the Operating Engineers do have good apprenticeship traing programs.

[Hitch]

Hitch, you might add the Operating Engineers do have good apprenticeship traing programs.

Thanks monty, their apprenticeship program teaches new members how to weld, operate equipment such as loaders, bobcats, and even cranes. Crane operators makes some very good money. The whole time the new member is being paid and working. It's a very good program. Typically OE folks stay working their whole career, and retire very comfortably.

For the record, I'm not in this union, but I do work closely with them. From talking to them, they need people. The union hall seems to be empty for the time being (everyone's working). Either that, or everyone's going into massive debt to chase college degrees because that's what the media says you should do.

[Silver Rocket Bitches!]

Is there a guide somewhere for this?

If I buy 100ozt of silver at $20/oz and sell it for a loss at $15/oz I realize no capital gains, do I still pay taxes on the sale? What if someone gifts me some silver and I sell it, how are taxes calculated? If I paid cash for some silver from someone and sell it later to a bullion shop, how do I report profit without receipt?

In a perfect world I'll pass my Ag to my children when I pass away but the time may come when I need to liquidate for unseen reasons.

[goldnugget]

I do share one of my little secrets. Check if near you is a small refinery located. I do buy silver rounds for spot +2% from my local gold and silver refinery. They are happy to avoid melting and I'm happy to get silver for a great price. The business where I go sends me an email when they get new nice stuff in. I go there approx every other week. Give it a try.

[TroyOz]

Here in CA, local 3 operating engineers union is in desperate need of people. I'm told if you have a hard hat, they put you to work tomorrow.

Wow, that's hard to believe. When I was an Operating Engineer (Local 450 - crane operator) there were 100's of people trying to get in, and it took years or connections to get an Oilers job. Most of the work in Texas went non-union after Reagan.Union jobs are hard to come by these days.

[Zodoga]

Hi Zodoga, welcome to the forum. Sounds like you've got a good plan for an exciting future. One thought, I just figured I'd throw your way, is a career where you are physically active doing exciting things might help with your PTSD. Being physically challenged means less time sitting at a desk.

Here in CA, local 3 operating engineers union is in desperate need of people. I'm told if you have a hard hat, they put you to work tomorrow. The job is a great career, retire after 30 years full benefits, a salary well over $100K a year. I know a lot of local 3 guys, and they are good people. You build things and repair things, and it's a good feeling being a part of something so productive.

While you might not be in CA, this type of work you may find rewarding. I only mention it, because everyone pushes white collar degree jobs and the market is flooded with young people with degrees, but often no jobs due to oversupply. Meanwhile, blue collar work needs people.

I was going to college to be an electrician (2 year program). I started the program a while back and I didn't fail out or anything. I started a new treatment program though which I had to kind of do as a full time job in the beginning. I had to really focus on my mental health during that time. It gave great results and I'm glad it worked out (all the time I wasted with the VA). After a while of doing it I don't need to put so much time into it now. I just moved and have been super busy with my treatment and moving. Things are starting to die down though now. I'm planning on returning to start working towards my degree again here in the next year. Most likely fall of 2018. I feel I should be at a really good point by then and ready to continue.


Is there a guide somewhere for this?

If I buy 100ozt of silver at $20/oz and sell it for a loss at $15/oz I realize no capital gains, do I still pay taxes on the sale? What if someone gifts me some silver and I sell it, how are taxes calculated? If I paid cash for some silver from someone and sell it later to a bullion shop, how do I report profit without receipt?

In a perfect world I'll pass my Ag to my children when I pass away but the time may come when I need to liquidate for unseen reasons.

1. Your first part you pay taxes on originally purchasing it. If you have losses I don't see why you would pay taxes. You'd count it as a loss in your taxes (I believe). I'm not 100% sure here.

2. There are ways of doing gifts. It depends on the relationship of the family member I believe. This probably has to do with a certain amount as well. I've seen that you can receive $10,000 as a gift tax free. I'm not 100% sure how this all works. I wouldn't personally worry about this unless it was over a $1,000 or so.

3. I have no clue on the third part. I'm wondering on this as well.

I can't really help you to much. Might be better to start your own thread and ask. I don't know how many people will see it on the 3rd page here.

[Hitch]

Wow, that's hard to believe. When I was an Operating Engineer (Local 450 - crane operator) there were 100's of people trying to get in, and it took years or connections to get an Oilers job. Most of the work in Texas went non-union after Reagan.Union jobs are hard to come by these days.

Out here in CA we have local 3, Operating Engineers. It is a very hard union to get into, but what happened earlier this year we had the Orville damn failure. That depleted the union hall. I got put on a local 3 job at the time, even though I'm a different union, to fill a spot because the super requested me and they couldn't get a local 3 guy. Then, later this year, on another job a local 3 guy got fired and they couldn't find a replacement from the hall. They had nobody. They asked us if we had anyone we'd recommend, they could start the next day. It took 2 weeks to replace the lost worker, and the new guy drove 1500 miles to take the job. Nobody local.

You might not like to hear this....but local 3 is even starting new guys at full rate. Usually it took 3 years to get full pay, you had to get through the apprenticeship program and get bumped up. Now, out here, guys are walking in day 1 with full rate. It's wild, but a great time to get into the Operating Engineers out in California, at least.

Anytime I hear some moron complaining about the lack of jobs, I tell them to go, now, to the union hall or forever shut up about it.

[monty]

Wow, that's hard to believe. When I was an Operating Engineer (Local 450 - crane operator) there were 100's of people trying to get in, and it took years or connections to get an Oilers job. Most of the work in Texas went non-union after Reagan.Union jobs are hard to come by these days.

In 1970 when I wanted to join Local 12 the waiting list was miles long also.

[TroyOz]

In 1970 when I wanted to join Local 12 the waiting list was miles long also.

In 1974, when I applied at the hall, the Business Agent told me (as he pointed to a stack of papers 3 feet tall) that was how many were in front of me. I kinda sighed and he said, but, I never see them again after they made their application. I took that as a signal and started showing up in the hall early in the morning to have a coffee with the BA before I had to be at my job. It turned out to be a good move - after a couple of months, I got a call to come to hall and pick up slip for a job at a refinery construction site.

I was working as a framer building hotels rooms at $2.10 an hour (minimum was $1.65). The oiler job paid $5.55 an hour plus heath insurance and retirement contributions. I was giddy. Within 2 years I was running the crane myself (pile driver at a tank farm site) and making $9.10 an hour. That was good money in 76'.

After most of the work went to Brown and Root and other non-union companies in the industrial construction sector, I went a different direction. For a tradesman, nothing is better than Union.

[monty]

In 1974, when I applied at the hall, the Business Agent told me (as he pointed to a stack of papers 3 feet tall) that was how many were in front of me. I kinda sighed and he said, but, I never see them again after they made their application. I took that as a signal and started showing up in the hall early in the morning to have a coffee with the BA before I had to be at my job. It turned out to be a good move - after a couple of months, I got a call to come to hall and pick up slip for a job at a refinery construction site.

I was working as a framer building hotels rooms at $2.10 an hour (minimum was $1.65). The oiler job paid $5.55 an hour plus heath insurance and retirement contributions. I was giddy. Within 2 years I was running the crane myself (pile driver at a tank farm site) and making $9.10 an hour. That was good money in 76'.

After most of the work went to Brown and Root and other non-union companies in the industrial construction sector, I went a different direction. For a tradesman, nothing is better than Union.

I put my name on the list, there was a strike in Las Vegas. Somehow I got called to report to Nevada Test Site as a tunnel mechanic/welder for the miners. I went to work in November, was off work for 6 weeks when one test vented and scattered radiation around our mancamp and work area. I quit the following August because I didn’t like being confined living in the mancamp and eating the garbage the fed us in the chow hall. I don’t remember what my hourly wage was, but my gross wages from January to August were $14,000, big money for 1971. I took a withdrawal and went to work in a Kenworth truck dealership.