Question. Is there tax on buying precious metals with crypto?

#1

Someone told me you can avoid getting taxed by buying gold or silver with crypto but I’m a bit skeptical. I couldn’t find any info regarding this. :face_with_raised_eyebrow:

Mr. @Peter_Rehm . May I get some enlightenment?

1 Like
#2

I am not an account or tax person but this to me would fall into the same category as going from BTC to say ETH just replace ETH with said precious metal. Taxes would be calculated the same.
Very basic breakdown
Buy 1 BTC $100 BTC price = $100/BTC
BTC goes up in price to $2300
Buy 1oz of Gold for 1BTC Price of gold $2300/oz
$2200 of taxable gains.

The best way my accountant explained it to me is every time you want to transfer to a different asset think of it in terms of cashing out to cash and then buying the new asset.

But you really need to talk to a personal accountant that can go through your assets and situation to determine the best routes.

2 Likes
#3

That’s what I was thinking too.

I probably should hire one now. I never had a personal accountant. :sweat_smile:

1 Like
#4

Yeh i decided to get one once I got into crypto which later with being married and buying a house has helped a bit just for more of a piece of mind that it is done correctly.

2 Likes
#6

You can in the UK, you can buy as many 1 ounce gold coins as you want an pay no tax on it…if you buy gold bullion its tax free upto 11k I think it was…:grinning:

3 Likes
#7

I agree with your explanation

4 Likes
#8

About all I can say is that someone/ some time in the past/ from a country other than the USA detailed how they did it. I thought it was pretty slimy and I’ll not get into a discussion of how it was done because it is illegal to dodge your taxes. But it was done.

2 Likes
#9

@Peter_Rehm Was that me by any chance?, have some balls and name names, I am from ouside of the USA, I sold BTC at $18900 for Gold, yeah lots of gold & it was all totally legal. So maybe it wasnt me because you make refference to this being “pretty slimy” and what I did was totally legal in my country althouh I do remeber @Nekko being a knob and trying to make out I had commited a crime against the state until some people from the UK quoted our capital gains laws and shut him up… let me know if it was me please…

2 Likes
#10

Glad you at least know you are a punk by including it in your name. Says a lot about your character. No one actually shut me up because I wasn’t debating UK law and quite frankly do not give a shit about the UK.

So in the end no one actually shut me up it was more that people like yourself may have gotten a clue that I was only referencing and talking about US law and the conversation ended.

Go drink some tea and stop being a knob yourself.

3 Likes
#11

Love it, it was me who started the thread, so you were just sticking your nose in where it didnt belong, you then decided that I was talking about the USA and based your comments on your own misconseption which I found quite ammusing, until it was pointed out that I am UK & a Punk & proud of it…

1 Like
#12

Interesting. I’m in US though. Hahaha

Thank You. Much appreciated. :smile:

2 Likes
#13

No problem, happy to help when I can, although some on here seem to want to shoot you down if you get out at the top, not sure why that is, may be they can explan.:+1:

3 Likes
#14

@Kane I should try and dig out that thread and see if its the same one @Peter_Rehm is discribing as pretty slimy, when Peter has confirmed it was me he was taking about I will do it and repost it, maybe have a vote on just how slimy legally turning btc into Gold is .

Over to you @Peter_Rehm

1 Like
#15

Well this just escalated…

3 Likes
#16

It did, personally I dont take kindly to people making snide comments about me, so I am just waiting for confirmation fom Peter, if it wasnt me he was talking about then happy to let it go, if it was me I will take umbridge with the man, but I dont recall anyone else on here doing a post about selling BTC into Gold do you! in or around December 2017

2 Likes
#17

Brits with a former colonial empire across the globe are aware there is more than country in the world.

Some individuals believe there is only one country of note.

Always important to be clear on jurisdiction when discussing crypto and taxation.

3 Likes