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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: sibe who wrote (12674)	8/11/1998 11:56:00 PM
From: IngotWeTrust	Respond to of 13949

All those dealers told U correctly. Buying is NOT a taxable event, BUT Selling your gold later IS! Those same dealers who are offering to do it under the table will be caught soon enough. You see, the beautiful states of Oregon, Idaho, Washington and Utah, were targeted about 10 yrs ago by the Feds as they swooped down to enforce Commodities laws more narrowly than had been previous applied. Brought in a lot of tax revenues and shut down about 80% of the long-time under the table dealers you describe. A great stink ensued, but the jist of it was: those dealers who didn't keep records and dealt under the table are mostly outta business in these 4 states, and still fighting legal appeals and tax fraud cases out here. Secondly, since I am a buyer of raw gold from other prospectors as well as a FINDER of precious metals myself, as well as a SELLER of precious metals to others, I AM subject to taxes. I have no problem paying them. Since we aren't dealing with a "minted" item here, (raw gold vs. coinage/bars/ingots) the gov't would be hard pressed to determine where those rocks came from let alone what you paid for them and who sold them to you. Since one of us, ME, is honest in the chain of custody regarding gold from the earth to the ultimate consumer, I have to keep MY nose clean. Therefore, I choose to NOT run the risk of ruining my reputation or forfeiting MY profits by trying to get cute! This makes the buy and sell a private treaty between two individuals, and not anything the government can require me to report. All that being said, now let's move to the $10,000 part of what you were told. Those same, dear dealers only told you a 1/2 truth there as well. You see, dear sibe, reality is $5,000 cash per 24 hours is reportable by the banks. Just ask! This is the threshold currently being enforced. It is not the first time the govt has one regulation on the books and is ENFORCED a second out in "real life." It has always been my opinion and is still my opinion now, that those who choose to do cash business with these "marginal coin dealers" will find that those folks are running the risk of getting shut down, while they have your money in their hands and you don't have your gold yet. Why take the risk when you don't have to? Fun? Sense of danger? Your transactions can be confidential and legit, and far away from prying eyes... just because a retail dealer is playing with the edges doesn't mean his place isn't under survelliance, that he's moving genuine goods instead of counterfeit or stolen, or hadn't you thought about that? Ole keeping me and my buyers skirts' clean 49r So, let me ask you this...