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Gold...bling bling.

 
Old 11-05-2010, 05:05 PM
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Originally Posted by SlowTeg,Nov 5 2010, 10:17 AM
My understanding with the healthcare bill (or was it another recent one) was that any sales/purchases by dealers would require them to issue you AND the IRS a 1099. So, if you sell $100k worth of gold that gets reported to the IRS, good luck telling them you bought it for $100k and you didn't make a dime off it. As with any investments, they expect you to report your cost basis (with proof), or they're going to set your cost basis at $0.

Maybe I'm wrong about the new reporting, but just a heads up because that was my understanding of the newly passed law.

Oh ya, well if you're living in an apt, I definitely wouldn't keep a lump of gold around either..
First off, there are PLENTY of places you can sell bullion for straight cash. No one is going to know squat. Second, if you sell to an accredited dealer, just sell smaller chunks at a time. With gold, the 1099s come out when you sell 1kilo+.

It's like a casino. Say you sit down with a $1000 at the blackjack table and turn it into 100K. Casinos hand out 1099s when you cash in more than 10K in chips in a single round. So as you can imagine, grab a room for the night, and cash in 9000 at a time, and you are all set.

Thats the beauty of gold....it's untouchable.

P.S. Everything you said is technically correct. However, why drive straight on a highway when you take take a mountain road?
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Old 11-05-2010, 05:12 PM
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Of course, you're talking about all of this in the abstract. You would never engage in any behavior that could be construed as tax evasion, right?
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Old 11-05-2010, 05:48 PM
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and this is coming from the guy who doesn't trust government... perhaps it's government who shouldn't trust you...

in other news, a local strip club owner was just arrested after federal agents seized $12mln in unreported cash kept in bags in a warehouse across the street from one of his establishments...
http://www.chicagobreakingnews.com/2010/11...violations.html
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Old 11-06-2010, 06:37 AM
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Originally Posted by magician,Nov 5 2010, 08:12 PM
Of course, you're talking about all of this in the abstract. You would never engage in any behavior that could be construed as tax evasion, right?
Of course! Nevermind the fact that printing of money and income taxes are illegal. We the people must do as we are told, regardless what the government does....pay your taxes everyone!
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Old 11-06-2010, 06:40 AM
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Originally Posted by philbert,Nov 5 2010, 08:48 PM
and this is coming from the guy who doesn't trust government... perhaps it's government who shouldn't trust you...

in other news, a local strip club owner was just arrested after federal agents seized $12mln in unreported cash kept in bags in a warehouse across the street from one of his establishments...
http://www.chicagobreakingnews.com/2010/11...violations.html
Reading comprehension....your first sentence makes
No sense. I've been paying taxes, lots and lots of taxes for a
very long time. I have never evaded anything and have been raped time after time by the government. Not gonna happen again. Enjoy being broke.
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Old 11-06-2010, 07:48 AM
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Originally Posted by NFRs2000NYC,Nov 6 2010, 06:37 AM
. . . the . . . printing of money and income taxes are illegal.
They're not.

That's a specious argument that's been tried and found wanting multiple times.

Sorry.
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Old 11-06-2010, 08:27 AM
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Originally Posted by NFRs2000NYC,Nov 5 2010, 05:05 PM
First off, there are PLENTY of places you can sell bullion for straight cash. No one is going to know squat. Second, if you sell to an accredited dealer, just sell smaller chunks at a time. With gold, the 1099s come out when you sell 1kilo+.
Understood, and trust me, I 100% understand where you're coming from. Why should we as citizens have to pay capital gains just to keep the current "value" of our money? We shouldn't. The 25% or is it 35% tax rate on gold is ridiculous. Like I said, I can certainly understand anyone's perspective who's going this route. I guess I shouldn't be surprised about folks not issuing 1099's/etc, as markets will always exist out of site from the government. Anytime you restrict something, you're just encouraging a black market for it.
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Old 11-06-2010, 08:48 AM
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NFR you make quite an argument. You really have me thinking!
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Old 11-06-2010, 12:07 PM
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Its not an arguement even. Anyone with any common sense should understand that the goverment or A government canNOT just print money as they please. Obama just spend TWO BILLION dollars on his trip to Mumbai. TWO billion. Now, normally this type of idiocy would require him to take from the pool of taxpayer money, however, that pool no longer exists. So, he printed it.

Hell, I lived through it. My grandmother and family escaped from the concentration camps because she bribed someone with a piece of gold. When things are REAL bad, that's the only thing that's worth money, not some paper that SOMEONE says is worth something.

Again, I lived through it in Russia. A ruble was 1 - 4 with the dollar, then one day, after the collapse, 10000 rubles bought you a tank of gas. Americans think that "this can never happen here." I assure you, it CAN and it WILL.
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Old 11-06-2010, 12:13 PM
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Take a look at this photo. This is Weimar Republic in Germany in the late 20s.



Money became worthless. People were burning money to stay warm. Don't think what I am saying is unheard of. Unfortunately for everyone, it's happened before....many times.
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