Hey, I'm new and I'm just trying to get some information. I was wondering if there's a tax on just owning silver not selling it. I'm in the U.S. thanks!
There kind of is. It's called Opportunity Cost Tax But no there's no tax to own and hold it. Do you mean like a land tax for property kind of thing?
You are suppose to claim to the IRS any gains in value if and when you go to sell your precious metals, haven't heard of anyone doing it, but you are suppose to from my understanding.
Maybe having a lot of silver will make you ineligible for welfare or other means-tested benefits, same as other assets. Not heard of any taxes on owning silver. I think it is treated like any other investment class, like shares. But silver doesn't pay dividends so you don't pay any tax. Or something like that, I am sure we would have heard about it.
I was wondering if i owned 5 ounces of silver would my parents need to declare it on their taxes or pay extra just for owning it.
He's just kidding, implying he has no silver and knows nothing about any silver if the taxman comes looking. It's like saying "sorry, but I lost all my silver in a tragic boating accident."
Not in Australia. If your asset (gold, silver, LEGO, rare cars) does not produce income then you don't have to declare it, nor pay any tax on it. That's why our tax system is called income tax. There is a separate tax call Capital Gains Tax (CGT) that does apply only when you sell the item. Hold it for more than 12 months and you get a lower rate. Also, if you sell the metal at a loss, then you can claim that against other CGT items (e.g. more metal in the future). CGT losses can carry over indefinitely. e.g. Make a loss on some metal this year and you can carry that over and offset it against an investment property you sell in 20 years time.
Shame it doesn't work the other way... Sorry Mr Taxman, yes I know I made a capital gain but I fully intend to make a loss on something or other in 15 years or so so i'm not going to pay any tax now thanks!
wait so if i sold my silver for 100 and i bought it at say 20 will i be paying the capital gains tax of 28% on the 100 i sold for or the 80 i earned? (the tax percentage is worst case scenario in the U.S.)
