Do you boys pay taxes on gold?

Just wondering if there is any sneaky people who hide from the taxman

And should you pay taxes, if you are looking to resell gold?

 

If crypto probably not.

If zelle, venmo, cashapp, apple pay and or anything tied to your bank ye IRS gonna see these $50-200 buy and sells daily, there gonna wanna know the scoop on that, either thats drug dealing, small business somethings happening in the bank and theyll flag for more info sooner or later.

I have heard ppl avoiding paying up, while using blackh@t style stuff with other peoples info, really scummy tho... and 5-10 years if you get caught.

But for big gold resellers in like the US they use a Excel sheet for each transaction, and do monthly book keeping of losses/profit
they just apply for a LLC and they also use electrcity and rent(office space aka) for tax write offs at the end of the year.

 

also not tax advice ^ just educating on how 3 different types of sellers may go about their business.

 

Thanks. I am definitely going to pay taxes, just wondering if I could get away trading for a month or so before I register. Going to before I start, just in case. So people went to jail for this stuff? That's harsh

 

Of course, with runescape, maybe. tax evading happens all the time, especially over sea's. so yeah if you get caught "stealing" (not paying taxes) on thousands of dollars.

Your either gonna have to pay up + fees and interest or yeah jail. probably 150 years ago they did public executions on thieves, so personally if caught not paying thousands or millions few years is pretty light compared to that lol.

 

Good thing there are no longer executions for stealing, because there would be a lot of deaths, due to sythe.