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.