Gold...sell or hold ?????

[sprchng]

Silver is currently trading at just under 32 but the lowest going rate on the retail sites is around 38 for an ASE and junk silver in full bags around 34. That of course does not count sales tax if you purchase in a State that has it (you increase that cost by 8% in this one) thanks to the Wayfair Act and you generate a paper trail. One thing I learned recently , and it needs verification , is that if you can jigger your adjusted gross income below 42,000 there is no capital gains tax , a provision that disappears with the Trump tax laws next year. Spot is not.

 

[fwcrawford]

The idea of selling enough gold profit to be offset by the expense of metal detector/coils purchased this year intrigued me, so I researched this topic and found conflicting information, so I dug deeper and this is what turned up:


The link above

https://www.irs.gov/pub/irs-news/fs-07-18.pdf

references an IRS document issued in April 2007.

The following is from the current nolo web site:

"The Tax Cuts and Jobs Act of 2017 eliminates the Itemized Deduction for Hobby Expenses, this is effective from 2018-2025. Before 2018, Hobby Expenses could be deducted up to Hobby Profits if itemizing deductions.

Unfortunately, for people who earn income from hobbies, the TCJA completely eliminated the itemized deduction for hobby expenses, along with all other miscellaneous itemized deductions. The prohibition on deducting these expenses goes into effect for 2018 and continues through 2025.

So, taxpayers can't deduct any expenses they earn from hobbies during these years. But they still have to report and pay tax on any income they earn from a hobby. The deduction is scheduled to return in 2026.

Example. Charlie paints part-time as a hobby. He earned $3,000 from selling paintings in 2024 and has $2,000 in expenses. He must report and pay tax on his $3,000 in hobby income, but he may not deduct any of his hobby expenses, even if he itemizes his personal deductions."

Charles

Another good reason to just keep looking for quarters!!

 

[Mark kus]

I do not believe this nation will see that for some time. Enough of the citizens do not want the government noses knowing what they spend and where they spend it. It is none of their business. All they want out of it is more control over your lives.

especially the dealers and cartels lol
Mark

 

[Bud-sc]

In 20+ years of beach detecting, I never sold any gold. Always said it was for my retirement days. Those day are here but I still dont really need the money.
Other investments worked out well.. Thank you **ple !!! I always said Id sell when it hit and could hold 2K. Now its at 2400 !!! Im thinking I should wait a bit longer.

So what ya think. Maybe sell off some, now ???

HH
Donna(NJ)

Keep it ...but always keep one thing in mind .....1933.... who's to say it want happen again...if we go to digital currency it's definitely a yes....keep that in mind...

 

[possum _ MO]

Gold is dollar insurance. As the dollar loses value, or possibly collapses, the gold price goes up. Now we have the BRICS nations setting up trading methods bypassing the dollar which is the worlds reserve currency. But our Bankers and politicians are no longer trusted in the world. At some point our dollar will become a nothing burger. The price of gold will keep rising as the dollar falls. Silver is another good investment. Back in 1964 when I was a kid, a gallon of gas cost about 25c, or a silver quarter. Now gas costs 3.25 . A silver quarter is now worth about $6. So silver has preserved your buying power . Got it? HH

 

[Nauti]

Over here in the uk there are an increasing number of adverts on the radio asking people for their scrap gold and silver...........I've never heard so many before which tells me that gold is becoming a more desirable commodity.Someone knows something so any gold I now have I am holding onto.

 

[synthnut]

Maybe, but I feel it is already happening in many cases… most young people now do not even carry cash anymore…. They prefer plastic..
But I do agree with you in the fact that many do not want it known how they spend their money…. However, many expose their lives on social media!!!

A buddy of mine calls today’s youth mushrooms!……When I asked him why, he said…..”They’re fed a bunch of sh….. and kept in the dark “….We as young people fought against war, and many other social issues ….Some lost their lives !…. (I’m showing my age )Today the kids are killing each other! licenses and credit cards are chipped now…..Big Brother is watching !

 

[sube]

Over here in the uk there are an increasing number of adverts on the radio asking people for their scrap gold and silver...........I've never heard so many before which tells me that gold is becoming a more desirable commodity.Someone knows something so any gold I now have I am holding onto.

Same thing in 1980 and 2010 and 11 what came next just saying well this time be different don't know . sube