CPAs - Join our Network!

Home Offices Monthly Newsletter Financial Planning Tax Services Search

Welcome to the MDTAXES Message Board

The MDTAXES Network is an affiliation of CPAs that specialize in the tax planning and preparation for young health care professionals. Please leave your questions or comments for our CPAs, who visit the message board regularly, or review the answers, suggestions and ideas posted in response to your colleagues' questions.

Please check out our other Message Boards available at www.FindAGoodCPA.com.

Please note: We are NOT affiliated with the Maryland Tax Department. If you're looking for information about Maryland income taxes, go to www.marylandtaxes.com.

Original MDTAXES Forum

Start a New Topic

Author

Comment

s

Mar 17, 2008 - 9:43PM

Buying Gold

Hi,

I am a physician working in Salem. I have a question regarding buying gold. I bought Candadian Maple leaf Gold coins worth of around $4,100 from USA Gold Centennial Process Inc located in Colorado and they said that they don't collect any sales tax and any type of tax issue arising from this transaction is buyers responsibility. I did not sell those coins so there is no real capital gain from them. I did not get any other form from them. Should I need to report it to IRS and pay any type of taxes for buying gold coins? I heard that there is no need to report it to IRS, I only need to show the amount of capital gains I get If at all I sell the gold coins, Is this true. Please advise me.

Thank you
Satya.

Zip Code: 01970