consequences of shipwrecks on dealer purchased bullion

Discussion in 'Silver' started by silvstack, Sep 25, 2012.

  1. silvstack

    silvstack Member

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    i can't account for what i lost in the wreck. besides that, i might have gained or lost another $20 from in-person sales with strangers, but i don't know. but considering there are capital gains taxes on bullion, will i ever be called upon to account for that?

    and besides that, once i did trade in some rounds i considered undesireable for others, not a profit or loss, but i lack records and can't even account for what happened to those undesireable rounds. will i ever be called upon to account for that?

    and now, again, for other reasons, i'm in a position where i might have to reconfigure whatever remains of my stack, and i'm wondering about tax consequences of dealing with a dealer in the first place, considering that someone somewhere has a record that bullion went down some rabbit hole that is me.

    also besides all that, can i write off a shipwreck?
     
  2. rbaggio

    rbaggio Active Member Silver Stacker

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    Sorry to hear of your shipwreck. I hope everyone survived with their health. You should you probably inform the Maritime Safety Authority too.
     
  3. lucky luke

    lucky luke Well-Known Member Silver Stacker

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    In my sparetime, I am a reserve member of the MSA. By all means please feel free to send me the GPS co-ordinates of your wreck. For safety reasons of course. I can then inspect the site to be sure everything is "in order". ;)
     
  4. warrenworthingtoniii

    warrenworthingtoniii New Member

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    Wow this sucks. Hope you had some kind of insurance for this.
     
  5. Levant

    Levant New Member

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    The first rule of boating club is that you're not allowed to talk about boating club.
    The second rule of boating club is that you're not allowed to talk about boating club.

    You're breaking the first two rules!
     

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