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They Changed The Rules | Capital Gains Tax (CGT) | Could More Changes Be Coming?

By BackyardBullion, 04/12/22
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They Changed The Rules | Capital Gains Tax (CGT) | Could More Changes Be Coming?

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U.S. Reporting requirements, as if 2021:

  • Capital gains - 28% on collectibles 
  • Silver - Dealer reporting requirements:
    • Anytime someone sells 1,000 ounces of bars and rounds at one time, not including products like Eagles, dealer has to take your SSN and report it to the IRS, and you would receive a 1099-B
    • Junk Silver (Pre-65 coins) - dealer has to report any more than $1,000 in FACE value
    • Reporting does not include coins like  American Eagles, Maples, old Morgan’s, Kruggerrands, Pandas
    • Gains reporting is pretty much on the honor system. 
  • Gold
    • Reporting required on selling bars, Krugerrands, Maples, Mexican 50 Pesos on any of those totaling 25 ounces or more.  You will get a 1099-B.  
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Hi BackYardBullion,

Very interesting video on the changes to CGT. Thanks mate. I though there would be a lot of discussion on this. (Perhaps I have missed relevant content elsewhere on forum)

Here's a link to the .gov.uk page Capital Gains Tax: what you pay it on, rates and allowances: Capital Gains Tax rates - GOV.UK (www.gov.uk)

I found the the guide section on  "If you pay basic rate Income Tax"  quite baffling, but the example seems to show that for some basic rate tax payers, the CGT rate will be 10% (beyond the allowance levels).

Doesn't seem too bad for me, but I still think it is pretty dastardly of the government to slash the rates so.

But also I loathe the idea of having to get involved with HMRC at all (as I fear they will likely hound me in subsequent years)

Kind regards to all,

PenguinUK

 

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