Hi guys, Just wondering what the tax laws and rates are when you sell silver. I've heard it's 28% in the USA. Does anyone know what the deal is here in Australia and how to declare it in your tax return? JRB - Even though I am team Jacob, I stack silver...
Correct me if I'm wrong, I'm under the assumption if you sell within a year its 20% and if over a year its 10%?
Your accountant will quickly clarify this. Gains will be added to your income. However if you've held the asset for more than 12 months, only half the gain will be added to your income. So the tax you pay on the gain, depends on your income & tax bracket you are in.
People buy and sell silver? as in the metal? I thought this was a site for the appreciation of The Lone Rangers horse. /shows myself the door
Unless you have been purchasing silver for a long time under the radar. Not me Then you buy some at 41 then sell some you bought at 20 or even 10, when it drops to 38 you claim it's the silver you bought at 41. Net Loss
What is the limit? Say I buy a round 50c from my friend and sell it on ebay cause I lost interest and made 50c. Am I not a just a coin collector selling some of his toys like any other hobby? Now if that old coin was a 1kg kook???
Yeah I have to admit, there reaches a point where the value of stuff you're buying and selling is barely worth keeping track of. I certainly wouldn't remember or record the fact that I'd found a couple of old 1966 50c's at a garage sale and bought them, then sold them a few years later...
