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Buying/selling property with Gold

[memphis]

Web wheeler
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I’m just day dreaming but the flying with $10,000 worth of gold coins post a few weeks ago got me thinking... but from a capital gains point of view...

Say a $100 face value gold coin has a market value of $1000. If I bought a $100k property with 100 gold coins, legally did I only purchase that property for $10,000? Could the same go for selling? I mean if it’s legal tender it’s legal tender right?
 
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Thefishguy77 said:
Sure? They will make sure you get taxed appropriately if thats what your wondering.
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I guess what I’m asking is... if I sold my property for “$10,000” which is really 100k worth of gold... is that $10k what I’m taxed on? If the market value of gold was to double overnight... I shouldn’t have to pay 2x the tax based on market value of gold?
 
What was the original post? I missed it. I'd be most worried about getting stopped by TSA/LEO and them claiming you are a smuggler and confiscating.
 
If you had good stock of legal tender numismatic coins, and not bullion. Good question I'll never have to worry about :laughing: But a fun thought experiment. Depends on how you and the buyer/seller want to structure it. I mean if you're paying with better than cash, you aren't filing any documents with the gov't anyway. Write the sale price, if required at title company as, "$1 and other valuable considerations" as you do when gifted a physical object. Or you write it for what you had in it after depreciation if you're a seller, as to avoid capital gains. The buyer has to want to property forever, as his purchase price is his basis. That increases his potential future cap gain unless he finds another unicorn buyer with coins and bullion. When dealing with people that hoard gold and want to buy/sell with gold, both of you likely don't want the .gov knowing what you buy or sell for, so you can make the BOS and title reflect whatever the hell you want it to say.
 
[memphis said:
;n309577]

I guess what I’m asking is... if I sold my property for “$10,000” which is really 100k worth of gold... is that $10k what I’m taxed on? If the market value of gold was to double overnight... I shouldn’t have to pay 2x the tax based on market value of gold?
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Also, what are you "taxed on" Did you get it for free and anything you sell it for over that is profit and thus a gain?

Civil asset forfeiture is the other correct answer
 
Blacksheep10 said:
If you had good stock of legal tender numismatic coins, and not bullion. Good question I'll never have to worry about :laughing: But a fun thought experiment. Depends on how you and the buyer/seller want to structure it. I mean if you're paying with better than cash, you aren't filing any documents with the gov't anyway. Write the sale price, if required at title company as, "$1 and other valuable considerations" as you do when gifted a physical object. Or you write it for what you had in it after depreciation if you're a seller, as to avoid capital gains. The buyer has to want to property forever, as his purchase price is his basis. That increases his potential future cap gain unless he finds another unicorn buyer with coins and bullion. When dealing with people that hoard gold and want to buy/sell with gold, both of you likely don't want the .gov knowing what you buy or sell for, so you can make the BOS and title reflect whatever the hell you want it to say.
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I could see it being a two way deal on the original purchase as well. If the seller has to pay capital gains... maybe they would take less gold because you would be saving them money... capital gains here are taxed 50% of the gain from your purchase price (buy for $1000, sell for $2000, you are taxed on the $1000 profit).

Maybe pay half cash and half gold based on market value? The gold face value purchase price would be 1/10th of market price on paper thus lower taxes for the seller.

You nailed it though, if I went to sell I would be dinged with huge capital gains unless another unicorn buyer came along.
 
Obviously it would be something both parties would agree on so slip him a bag of gold coins and buy it for whatever purchase price you to decide on.
 
Also different states vary

some have written laws so that you don't pay taxes on appreciating in precious metals, ut, az, tx, IIRC
 
Johann said:
What was the original post? I missed it. I'd be most worried about getting stopped by TSA/LEO and them claiming you are a smuggler and confiscating.
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Leo: what are you some kind of pirate?

[Memphis]: I was but that was a long time ago...


I'm going to agree with 2bb's post.
 
[memphis said:
;n309577]

I guess what I’m asking is... if I sold my property for “$10,000” which is really 100k worth of gold... is that $10k what I’m taxed on? If the market value of gold was to double overnight... I shouldn’t have to pay 2x the tax based on market value of gold?
Click to expand...

You also shouldnt have to pay sales tax on a used item the government has already collected that tax on yet here we are.

Honestly if you can buy a house for gold cool. But your still going to get taxed on what the house appraises for. And if we talking about post massive economic collapse then if the government is still in power they are going to go after last red cent they think they can steal.
 
In doing some research on this question, I found out several interesting things I didn't know.

1. When gold was made illegal in 33', it was by executive order. When it was made legal again, it was also by EO. A couple years later congress made it illegal for the president to do this again by EO. (Except in cases of war)

2. Rules concerning reporting gold transactions do not apply if the gold is a legal tender except in one case. (See #3)

3. There is a thing called gold commodity contract. One contract is 25 ounces of gold in three specific forms. (Krougerrands, Mapleleafs and Mexican gold coins) This was an old law that is still on the books. A commodity contract is also 25 ounces of "none tender" bullion.

4. Aparently, all other "legal tender" gold can be moved across borders without reporting unless the face value is above $10,000 or above.

None of these exempt you from reporting income when you buy and sell anything. Of course if you bought land for $10,000 dollars and sold it for 10,000 face value gold, you might be able to argue there was no income, YET. I think you would lose, but interesting nevertheless.
 
The individual has the unlimited right to contract.

Keep in mind you have the right to make and have private contacts.

A trust written correctly could assist you in insulaing yourself from things of record.


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Sayith justice
 
PAE said:
The individual has the unlimited right to contract.

Keep in mind you have the right to make and have private contacts.

A trust written correctly could assist you in insulaing yourself from things of record.




Sayith justice
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Lets see here... misspellings, multiple different highlighter colors with no apparent reason, looks, swims, and quacks like sovereign citizen BS,

Oh yea thats totally legit:laughing:
 
You wouldnt know legit if it bit you square on the ass!!


Derp said:
Lets see here... misspellings, multiple different highlighter colors with no apparent reason, looks, swims, and quacks like sovereign citizen BS,

Oh yea thats totally legit:laughing:
Click to expand...
 
Are you talking like how you tell the DMV you bought the car for $500 when you go in to transfer the title in your name and pay the tax?

I imagine if you bought a place in the same manner, private sale with no agents or loans, you could pull some fuckery.
 
Why would you transfer an automobile into your name ?

Personally thats the last thing I would do.

Its not fuckery because its not the way government would prefer you to do it.
 
If you wanted to buy my property with coins that had a face value of $100, youd be giving me coins based on face value, not "what they are worth".
 
PAE said:
You wouldnt know legit if it bit you square on the ass!!
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That's usually what crazy people think of noncrazy people, so thanks I appreciate that.
 
Ebs said:
Are you talking like how you tell the DMV you bought the car for $500 when you go in to transfer the title in your name and pay the tax?

I imagine if you bought a place in the same manner, private sale with no agents or loans, you could pull some fuckery.
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They are going to tax you on the appraised value. Its the government the laws apply to us lonely serfs not the important people behind the walls:mad3:
 
PAE said:
Why would you transfer an automobile into your name ?

Personally thats the last thing I would do.

Its not fuckery because its not the way government would prefer you to do it.
Click to expand...


Can someone translate this for me?

Is this guy saying he never transfers vehicles into his name after purchase?
 
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