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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (31786)	10/25/2004 7:56:22 PM
From: Lhn5	Read Replies (1) \| Respond to of 39344

<<Question. Does the IRS allows you to claim losses for the decline of the USD?>> OUch!!! No, just the opposite, the less they are worth the more you can get and you get taxed on the increased number of dollars you get!!

To: Claude Cormier who wrote (31786)	10/25/2004 8:18:53 PM
From: Taikun	Read Replies (2) \| Respond to of 39344

Claude, <I do not sell my Goldmoney so I do not have gains to report.> So GoldMoney is fine until you want to use it? When you use it you are in effect liquidating the gold which is backing the transaction and exchanging gold for paper currency. The ease of use of GoldMoney is what makes it attractive. The paper trail and CG implications detract from that. <Gold is not a collectible as far as Goldmoney is concerned. It is a currency. That is why I intend to hold on it.> I agree, but what matters is what the classification by the IRS would be. If GoldMoney is $1500 and using triggers 28% CG tax then something without a paper trail might... <Goldmoney gold is of only one kind: 400 oz LBMA bars. No coins.> This is definitely IRS-reportable. It is neither Eagles, nor US-minted, nor less than 1oz in size. <Goldmoney does not report to the IRS as they are not under US jurisdiction> Well, we need to be mindful of the Jersey-US SEC MOU. <Does the IRS allows you to claim losses for the decline of the USD?> Somehow the $3000 personal deduction for CG loss fails to excite me. I still think GoldMoney is one part of a plan. David