Page 3 of 4 FirstFirst 1234 LastLast
Results 21 to 30 of 35

Thread: How to sell large amounts of bullion

  1. #21

    Default

    Quote Originally Posted by Bobmhey View Post
    Send it to the big guys. Ask them to give you tax forms. Just pay the vig. Trust me. Not worth the aggravation of being shady. They will know the tax and advise you before closing the deal. So if your metal is worth 30K and the feds want 4500 then send you a check or 25.5, then you give it all to an accountant to reduce the burden through your normal writeoffs. Don't be crazy and try the phuck them. Some dumb ass would probably try to make 30 to 60 cash transactions over a period of time from small shops, etc. That is probably why some pawn shops offer ****ay deals because they probably beat the spread. Some of these guys do all the cloak and dagger then brag at some party while there is a spouse of an agent around. Next thing you know you lose everything. Just pay them their money.
    True structuring $9,999 dollar transactions can get a guy audited to say the least. I wouldn't know what to do with 30k worth of silver, it's a great problem to have I suppose.

  2. #22

    Default

    Quote Originally Posted by CookieMonster View Post
    This is just a hypothetical question and not something I am doing. Lets say at some point I would want to sell a 30K chunk of bullion. I am pretty sure the local guys can't handle the transaction. Do you send it in somewhere, take a check for payment. Just been thinking. Buy silver with cash, take possession for safety, but then comes a whole another set of problems when wanting to sell. Sure I can maybe sell 2-3K and get cash locally, but what if I want to sell a big chunk. Seems after all the steps taken to be safe, I might be at the mercy of mailing it in and hoping to get paid, or hoping a check clears. What are the best and safest alternatives?
    You may actually be surprised with the smaller local guys. There are two or three main dealers in my town. I live in a smaller city, total metro area is less than 150k i think or something like that.

    The smaller one i deal with, i have at before sold him 30k in one pop, and he didn't have a problem with it, wrote me a check. Said it was one of his bigger purchases, but he managed it.

    They have accounts and credit accounts set up for that type of stuff i believe. I would just talk to some and see what they say. You probably won't find someone just to give you cash on the spot for 30k worth. Usually the local dealers will give out a check. If they are reputable it will clear. That or you can take it to where they bank and get cash from them after you drop off the silver and get the check.

  3. #23

    Default

    Quote Originally Posted by Chrisadamley View Post
    You may actually be surprised with the smaller local guys. There are two or three main dealers in my town. I live in a smaller city, total metro area is less than 150k i think or something like that.

    The smaller one i deal with, i have at before sold him 30k in one pop, and he didn't have a problem with it, wrote me a check. Said it was one of his bigger purchases, but he managed it.

    They have accounts and credit accounts set up for that type of stuff i believe. I would just talk to some and see what they say. You probably won't find someone just to give you cash on the spot for 30k worth. Usually the local dealers will give out a check. If they are reputable it will clear. That or you can take it to where they bank and get cash from them after you drop off the silver and get the check.
    Cash...it depends on the guy. I would rather have cash.

  4. #24

    Default

    Quote Originally Posted by CookieMonster View Post
    This is just a hypothetical question and not something I am doing. Lets say at some point I would want to sell a 30K chunk of bullion. I am pretty sure the local guys can't handle the transaction. Do you send it in somewhere, take a check for payment. Just been thinking. Buy silver with cash, take possession for safety, but then comes a whole another set of problems when wanting to sell. Sure I can maybe sell 2-3K and get cash locally, but what if I want to sell a big chunk. Seems after all the steps taken to be safe, I might be at the mercy of mailing it in and hoping to get paid, or hoping a check clears. What are the best and safest alternatives?
    You sell the bullion and keep all paper work. At tax time you report the gain as a gain from sale of collectible which is taxed at 35%. It's pretty simple and straight forward. Make sure to keep paper work of all purchases and sales. If you don't have a record of purchases your cost basis will be considered 0 and will be taxed 35% on full amount of sale!

  5. #25
    Join Date
    Feb 2012
    Posts
    2,575

    Wink

    Heck one shop always gives me a receipt, the other one doesn't. The bay and other sites have online records. I am sure a computer wiz and a maid would get me all my receipts in no time.

  6. #26

    Default

    Quote Originally Posted by gold89 View Post
    You sell the bullion and keep all paper work. At tax time you report the gain as a gain from sale of collectible which is taxed at 35%. It's pretty simple and straight forward. Make sure to keep paper work of all purchases and sales. If you don't have a record of purchases your cost basis will be considered 0 and will be taxed 35% on full amount of sale!
    Well, since PMs have taken a dump, most people will be recording losses on their taxes...

    See, another benefit of owning PMs...a tax deduction.

  7. #27

    Default

    Cant see any reason to sell $30k in silver today.
    I would not hesitate to sell $30k in gold tomorrow,
    and use the proceeds to buy more silver.
    (75:1 GSR is pretty sweet!)

  8. #28

    Default

    its worth learning about ctr and sar's. while my lcs guys check would be good, i wouldn't sell more than about 7-8k at a shot and not close in time to each other or for the same amounts.
    what you say and think matters, but its what you do that counts
    improve always

  9. #29
    Join Date
    May 2014
    Posts
    1,853

    Default

    Quote Originally Posted by Atlas Shrugged View Post
    Well, since PMs have taken a dump, most people will be recording losses on their taxes...See, another benefit of owning PMs...a tax deduction.
    One must have a tax liability before taking the tax deduction... Yet another reason not to have a tax liability.

  10. #30

    Default

    Quote Originally Posted by CookieMonster View Post
    This is just a hypothetical question and not something I am doing. Lets say at some point I would want to sell a 30K chunk of bullion. I am pretty sure the local guys can't handle the transaction. Do you send it in somewhere, take a check for payment. Just been thinking. Buy silver with cash, take possession for safety, but then comes a whole another set of problems when wanting to sell. Sure I can maybe sell 2-3K and get cash locally, but what if I want to sell a big chunk. Seems after all the steps taken to be safe, I might be at the mercy of mailing it in and hoping to get paid, or hoping a check clears. What are the best and safest alternatives?
    I for one would not sell through the mail, too risky and too much out of my control. Should the day come where I am desperate for cash I would take $150 worth of silver to the local LCS. Should I need $750 cash I'd make 5 trips to the LCS, one each day. Most likely there would be no paper work involved. Four years ago I sold nearly 5 ozs of Gold Eagles at the LCS and had to fill out paper work including giving my drivers license number-- very traceable! So for me I'd sell a little each day.

    More importantly I never started stacking with the intent of selling it for fiat, such as with stocks or CDs. For me it's for purchasing when fiat becomes hyper-inflated and worth far less. Other than the Gold Eagles, I've never even sold one ounce of silver since beginning to stack.
    Perhaps I will be allowed a kingdom within his empire.

Page 3 of 4 FirstFirst 1234 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •