I need to buy some gold!
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- mathjak107
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Re: I need to buy some gold!
Wasn’t Perth mint the etf that was sold and no longer will redeem for gold for delivery ?
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Re: I need to buy some gold!
I don't have an account with them, but it appears to me that Bullionvault offers allocated fractional ownership of a 400oz serialized bar of gold bullion. That is a bit different from SWP Cayman where you own the coins stored in a segregated container with your name on it. For example, if I look at my SWP account on line, it lists the coins in my box (xx Eagles, yy Marlins, etc.) You can access your box in person and add or subtract to its contents. To me that sounds like a safety deposit box.
But as a prior victim of the IRS, I am the first to admit that the IRS can say it is anything they like. If you are audited, the auditor can unilaterally decide to charge you whatever he wants in the way of an "excise tax" and you have no choice other than to pay them or pay an exorbitant attorney fee to appeal the decision. Either way you lose.
I'm not convinced that the best defense is to declare everything even if you don't have to.
But as a prior victim of the IRS, I am the first to admit that the IRS can say it is anything they like. If you are audited, the auditor can unilaterally decide to charge you whatever he wants in the way of an "excise tax" and you have no choice other than to pay them or pay an exorbitant attorney fee to appeal the decision. Either way you lose.
I'm not convinced that the best defense is to declare everything even if you don't have to.
- Mark Leavy
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Re: I need to buy some gold!
I'm pretty sure you're right Sophie. I always assume that if I have to argue my case with the IRS, I've already lost.sophie wrote: ↑Sat Mar 27, 2021 11:17 am Don't think that would get you off the hook, Mark.
From what I've read, allocated storage of physical gold in a safe deposit box or wine vault or whatever, is not subject to reporting requirements. But, unallocated accounts like the Perth Mint are. It helps of course that the IRS is not at all clear on this point which means they can interpret it however they want. You on the other hand don't have that luxury.
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I have explored overseas (non account) storage, but so far, everything is still in the US.
- I Shrugged
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Re: I need to buy some gold!
Perth Mint created an ETF like that, yes.mathjak107 wrote: ↑Sat Mar 27, 2021 11:33 am Wasn’t Perth mint the etf that was sold and no longer will redeem for gold for delivery ?
- I Shrugged
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Re: I need to buy some gold!
dopplerdave wrote: ↑Sat Mar 27, 2021 1:00 pm
I'm not convinced that the best defense is to declare everything even if you don't have to.
I want to make sure you meant that the way you typed it.
Or did you mean that the best defense IS to declare everything even if you don't have to?
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Re: I need to buy some gold!
I meant why volunteer any more information than you have to?
- I Shrugged
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Re: I need to buy some gold!
OK thanks. Just making sure I got your drift. Yeah, there are two schools of thought for sure. So far I have not had to deal with the question.dopplerdave wrote: ↑Sat Mar 27, 2021 7:25 pm I meant why volunteer any more information than you have to?