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towie

35,149 Posts.

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01/08/20

18:25

Post #: 46239449
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Originally posted by pete11 ↑

hi guys with gold prices rising everyday now i have a little tax question, not that im thinking of selling anytime soon though.

Say you own 5 ounces of gold that you bought at $1500 = $7500

and gold actually goes to $5,000/oz and you sell and you get $25,000, LEGALLY you have to declare that $17,500 profit as capital gains right?

what happens if you DONT? will you definately get caught by the authorities? especially if the bullion dealer wires the money to your bank account which is now evidence of you getting money.

Is there any way out of this? could one simply say ones grandfather gave them the 5 ounces of gold and it was a gift that one is now selling?

is there any other way? cheers.

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Hi As I see it If it was a gift then when you sell it you would have to pay on the value sold at your current tax rate. I would seek the advice from the Tax Office Cheers Towie DYOR Why not just HOLD IT Towie
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