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Gold/Mining/Energy : Precious and Base Metal Investing
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To: Taikun who wrote (31780)10/25/2004 7:38:54 PM
From: Claude Cormier  Read Replies (2) of 39344
 
< opened my GoldMoney account. The server was very busy. :)))

Of course, thousands per minute are opening accounts <g>

<Every time you purchase GoldMoney grams is it an investment <in gold and every time you sell GoldMoney grams to purchase <something is it a liquidation of gold? <

I do not view it like that. It considerer it as an exchange of currency. But your interpretation is probably how the IRS will interpret it as well.

<I am asking since gold is a collectible, the maximum capital gains rate is 28%.>

I have no idea about US tax laws. I do not sell my Goldmoney so I do not have gains to report. Goldmoney does not report anything. If I sell one day, I think they will be capital gains... unless we are on a gold standard <g> I certainly intend to evaluate all legal issues at that time...

Gold is not a collectible as far as Goldmoney is concerned. It is a currency. That is why I intend to hold on it.

<In addition, Americans are required to report all sales of <bullion in 1oz sizes or more, particularly non-American Eagle <bullion (I am sure GoldMoney holds a variety) to the IRS.

Goldmoney gold is of only one kind: 400 oz LBMA bars. No coins.

< If so, are you required to report to the IRS?>

In theory yes. I guess. You should declare capital gains. Goldmoney does not report to the IRS as they are not under US jurisdiction. So it is your responsibility to do these declarations and pay taxes if you want.

Question. Does the IRS allows you to claim losses for the decline of the USD?
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