Quote:
Originally Posted by oneclickplus
Ummm, according to the US constitution, gold and silver are the ONLY legal money. Money itself can not be subject to a capital gain. There is no capital gain when spending that gold for anything including fiat paper currency. Valuing gold in fiat currency or land or food or goats does not constitute any gain. It is fraudulent for the USG to value everything in fiat dollars in order to confiscate / tax any perceived gain. Gold and silver (constitutionally) are not subject to any capital gains.
Try reversing your thinking. Gold is not $3300 / ounce. Rather:
a fiat dollar is worth 1/3300 of an ounce of gold (today)
a loaf of bread is 1/660 of an ounce of gold
a new car is worth 10 ounces of gold
Eventually, a fiat dollar will be worth nothing but a loaf of bread will still be 1/660 of an ounce of gold or other adjusted value (supply / demand). Same with cars, furniture, ovens, cattle, etc.
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Sounds good, but the IRS doesn't agree.
From AI and Smartasset:
"The IRS taxes capital gains on gold the same way it does any other investment assets. But if you have bought physical gold, you'll likely owe a higher tax rate of 28% as a collectible. Mar 28, 2025."
From Bankrate:
"Capital gains on physical gold are taxed as collectibles and can be higher than the standard long-term capital gains tax rate. The maximum capital gains tax rate on collectibles, including physical gold, is 28%. This means that if you hold gold for more than a year and sell it for a profit, you may owe 28% of that profit in taxes, according to Bankrate."