What happens if you win Gold Bullion?
Gold Bullion Prizes and Contact Information
The winner takes either the physical gold, or puts that gold into an Ainslie Storage Account for ease of trade, or sells the gold to us and takes the cash.
Gold and silver jewelry, like bullion, is also considered a collectible. So if you sell your bullion jewelry for a profit, it is subject to the same maximum 28% capital gains rate for precious metals and must be reported on your income tax return.
Gold bullion is held as an investment, as the price of gold will almost certainly rise over time. So, when you sell gold bars or gold coins, you're selling close to the market price, as the buyer can expect to profit just by holding on to the gold for a length of time.
Bring the metal into one of our offices, along with your photo ID (drivers license or passport) and bank account details (BSB and Account Numbers). ABC Bullion will lock in a price in the office based on the live prices at the time of the sale.
Today, there are no specific limits on how much gold a person can own in the U.S. Whether it's bullion, coins, or jewelry, you can buy, own, and possess as much gold as you like.
Although there is no federal law that explicitly states that the government can call in your gold, during extreme crises the government has the means to seize it whether it comes in the form of an Executive Order or a law.
While there is no limit on how much gold you can purchase without reporting it, any sales must be reported to the IRS. Additionally, you should be aware of other taxes and limits, such as the state sales tax and the $10,000 reporting requirement for cash transactions.
Because gold coins are considered assets, any profit you earn from selling them is taxed by the IRS, according to the Apmex website. The amount of taxes you owe depends on numerous factors, including how long you hold the coins before selling, how big your profit is and your tax filing status.
This is called the capital gains tax. And since gold is an investment asset, when you sell your gold and make a profit it is taxed as capital gains. Though, depending on how you held your gold, you will either have to pay taxes at the ordinary capital gains rate or at a general rate of 28%.
Can you sell gold bullion to a bank?
With scant few exceptions, you can't sell gold to a bank. And if you did, it might not be your best option. But don't lament. Plenty of places buy gold at market price.
Let's debunk some misconceptions about precious metals reporting; it's not the gold or silver you're buying or selling that the government wants reported, but rather the cash transactions exceeding $10,000. If you pay in paper money, and it's over this threshold, that's when the IRS requires a Form 8300.
22-karat gold is 91% pure gold and 24-karat is 99.9%. Whereas karat refers to the purity of gold, bullion refers to gold that people buy and sell for investment purposes. Because of this, bullion gold doesn't have to be 24 karats. For example, the American Gold Eagle coin, a popular form of bullion, is 22-karat gold.
Additionally, the convenience of selling gold bars online has been a great thing for modern gold stackers. While you might have to pay to have your gold shipped to a dealer like Hero Bullion, selling gold is quite a bit easier when you don't have to drive out of your way to take some profit from your investment.
Gold bars also known as Gold bullion which is at least 99.5% pure and because of its purity this makes it the most valuable and easiest type of Gold to sell. Gold bars are normally produced by accredited refiners and mints.
Some banks in the U.S. sell gold bars and coins (as well as silver coins). This can be a good option for investors who prefer the public accountability of a federally regulated institution. However, your options may be limited compared to what you'll find at an online retailer.
There is no legal limit on how much gold a person can own. Gold is a valuable asset and a popular form of investment, and individuals are free to buy and own as much gold as they can afford.
The stated reason for the order was that hard times had caused "hoarding" of gold, stalling economic growth and worsening the depression as the US was then using the gold standard for its currency.
Someone who makes a valuable discovery — whether gold coins, meteorites or even cash — generally owes tax on that haul, which is known as “found” property. The tax is twofold: a levy upon acquisition and, if eventually sold, on the profit.
As collectibles, rare coins do not fall within the provisions permitting confiscation. No federal law or Treasury department regulation supports these contentions. The myth that specific types of gold coins are “not confiscateable” stems from the Executive Order that President Roosevelt issued in 1933 calling in gold.
Is bullion gold taxable?
Neither the sales tax nor the use tax applies to sales of "monetized bullion," nonmonetized gold or silver bullion, and numismatic coins provided the following conditions are met: (A) The sale is in bulk amount.
You can take almost anything of value to a pawn shop and sell it for cash, or even lend money against your valuables using them as security. You can even sell your gold bullion to a pawn shop!
Gold Coins: Assuming an average premium of 5% to 10% over the spot price, you can purchase around 4.5 to 4.7 troy ounces of gold coins with your $10,000. Gold Bars: With lower premiums, possibly around 2% to 5%, your $10,000 could buy you closer to 4.8 to 4.9 troy ounces of gold in bar form.
Often, promoters will claim that the coins they offer are not subject to “reporting.” Such statements imply the government requires gold transactions be reported. However, no government regulations require the reporting of the purchases of any precious metals, per se.
You can buy gold and silver tax-free from Bullion Exchanges online if you are ordering from Alaska, Delaware, New Hampshire, Montana, and Oregon.
