Hi IndusLadies Thank you for reading my email. I m a newbie in investing and I m interested in buying Gold Coins/Bars and holding it with me for a considerable number of years. 1. I wanted someone to explain Tax implications pertaining to this. How is it calculated , what forms are used. 2. I have been told that there are two forms of buying gold coins itself - bullion bars and investment coins - the former being reported in taxes and the latter will not be - Could some one confirm if that is true and which has a better return. 3. I read that many of our members here buy online via Kitco , AJPM , Monex. Since Kitco is based in Canada, Is there an American equivalent with Shops in Dallas, TX. Can anyone recommend any other shops. 4. I also read in one of posts in 2007 that buying Gold bars are subjected to Sales Tax in banks but not in jewelry shops - Could some one confirm the truth in that. 5. Ideally I would prefer buying ETF's but I again unaware of taxes, trading charges etc which would eat up on the profit rate. 6. Has anyone done business with USGoldBureau: Buy Gold Coins | Buying Gold Bullion | Gold Bars | Silver Coins | USGB Would really appreciate it if anyone would address some of my concerns if not all. Thank you very much.:coffee
Am not sure if you found answers to your queries but i do know that coins bought from banks needs tax to be paid extra. Better to buy bars from gold shops. Recently i was planning to buy 24ct and did some calculations based on my research from both banks and gold shops.It turned out that for every 10gms the bank was charging around 3K extra.So based on this we should invest our gold efficiently
Gold ETFs can also be considered as paper gold is safer. You need not have to worry about its storage! Gold coins are expensive than gold bars due to its taxation. If you can, please do understand your country's currency strength while investing gold for long number of years...as it is inversely related to your country's currency strength...All the Best
