Twenty years ago my wife and I bought some gold coins (not 'vintage', but current-production stuff) just as an investment, and thought it would be cool to have each of our kids get a 1 ounce gold coin with their birth-year on it.
Since the health-insurance companies are only making life profitable for those physicians who kick back huge amounts of money to them by doing shoddy patient-care, we've got to the point where we'd like to 'cash-in' several of those coins (sorry, kids).
BUT I heard you have to pay some capital-gains tax or something, and we don't even know what we paid for them originally (actually a couple were gifts).
If this is true, we'd be selling something and paying a PENALTY for the fact that it has grown in value somewhat. The penalty may exceed the increase in the price of gold.
I'm guessing this is just one more example of "soak the rich" and anyone with a gold coin or two to sell must be rich and evil and therefore to be taxed to death...???
What is the real deal with buying/selling the occasional gold coin...???
Since the health-insurance companies are only making life profitable for those physicians who kick back huge amounts of money to them by doing shoddy patient-care, we've got to the point where we'd like to 'cash-in' several of those coins (sorry, kids).
BUT I heard you have to pay some capital-gains tax or something, and we don't even know what we paid for them originally (actually a couple were gifts).
If this is true, we'd be selling something and paying a PENALTY for the fact that it has grown in value somewhat. The penalty may exceed the increase in the price of gold.
I'm guessing this is just one more example of "soak the rich" and anyone with a gold coin or two to sell must be rich and evil and therefore to be taxed to death...???
What is the real deal with buying/selling the occasional gold coin...???