Tax question

Originally Posted by Copper Head

You know when a individual buys more then $1000 worth of silver no tax has to be paid on silver purchase . Regardles

From IRS info

Like-Kind Exchanges Under IRC Code Section 1031

1031 does not apply to exchanges of:

Inventory or stock in trade

Stocks, bonds, or notes

Other securities or debt

Partnership interests



Certificates of trust


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Now if you had land - built a dwelling - of Stainless steel - Copper - Brass - sell it .
Could you then buy silver to build a silver storage shed on new land . That be a nice shed to store some Gold .

This depends where you are at. Last September a law was passed here in Texas (or nationwide, I do not remember which) that basically states the $1000 rule is not longer in effect. You can go to a coin shop now and buy one silver dime if you wanted to (about $1.60) and you would NOT have to pay taxes. I have gone in several times this year to buy a roll of silver quarters, and have not paid any sales tax.

Originally Posted by wayne1956

This depends where you are at. Last September a law was passed here in Texas (or nationwide, I do not remember which) that basically states the $1000 rule is not longer in effect. You can go to a coin shop now and buy one silver dime if you wanted to (about $1.60) and you would NOT have to pay taxes. I have gone in several times this year to buy a roll of silver quarters, and have not paid any sales tax.

The $1000 rule was based on generic silver coins , bars . Non currency silver