When the calendar changes to March it means I have to get serious about getting my taxes done.
How about you?
April 16 is not that far away.
My travel schedule early in the year keeps me from even thinking about do this beforehand.
Of course, the downside is Uncle Sam gets to keep any refund I might be owed that much longer.
Anybody who happened to time the sale of their silver or silver coins at last year’s April peak near $50 a troy ounce will discover that Uncle Sam is not very easy on this kind of profit.
The 28 percent tax rate that applies is almost double the gentler 15 percent rate that can apply to capital gains from stocks.
Collectors have been discriminated against in this way since 1981.
Does that seem unfair?
If it doesn’t you might think more kindly of the Industry Council for Tangible Assets, our numismatic lobbying organization.
They have many concerns from state sales taxes to complying with the complicated money laundering rules, but the taxation on gains from the sale of coins in bullion is also a matter on their radar.
When you see the ICTA table at coin shows, stop by and make a donation.
ICTA is an organization worthy of your support.