FAQ About Buying Selling And The Law
- Is gold, silver, platinum
or palladium taxable?
Republic Trading does not collect any tax when your order is
shipped outside of Florida . You should consult your tax advisor
for specific taxation advice in your jurisdiction. State taxes
may be applicable.
Is there sales tax on gold?
Some states have a sales tax on gold coins and bullion. if you
spend less than $1000.00
.
Are gold bullion coins legal tender?
Yes, most of them are. This nominal face value allows them
to travel across national borders without the taxation or fees
imposed by many countries on bullion itself
Do bullion coins come with a certificate of authenticity?
Yes, a maker's mark and statement of weight and fineness
is stamped directly onto gold bullion, whether coins or ingots.
The bullion itself, in effect, bears its own 'certificate' from
whichever Mint or refiner produced it. Fortunately, gold is an
element with a unique specific gravity, and other attributes
which make it very easy to test for authenticity. The ancient
Egyptians pioneered the 'acid test' for gold, and any jeweler,
pawnbroker, or high school chemistry teacher can demonstrate
the basics of gold.
.
Are there counterfeit gold coins?
Yes, over the centuries, crude copies of gold coins have
been made. But because of gold's unique density (only platinum
is as heavy), these copies are not very convincing. Once you've
held a real gold coin in your hand, and you feel the heft and
density of it, you're not likely to be fooled later by a non-gold
copy.Of course, we recommend that you know your supplier when
buying gold, just as you would with anything of real value.
Was gold illegal to own at one time?
Yes, in this country, from 1933 to 1974 it was illegal for
U.S. citizens to own gold in the form of gold bullion, without
a special license. On January 1, 1975, these restrictions were
lifted and gold can now be freely held in the U. S. without any
licensing or restrictions of any kind.
When were gold restrictions lifted?
December 31, 1974 ended the era of private U.S. gold ownership
restrictions which had begun in 1933. As of January 1, 1975,
U.S. citizens were again free to own gold in any form, including
bullion, and in any amount that they can afford, without restrictions
or any federal 'reporting' of those holdings.
Can I put gold bullion in my IRA?
Yes, you can. It involves having a qualified third party
such as a bank actually hold the coins in a separate IRA account
in your name. We can help you set that up, if you'd like.
There are a few qualified depositories who will do IRA storage
of physical metals for you. We can sell you the gold that you
choose, and ship it directly to the depository where you have
established an account. There are yearly storage fees involved,
and an initial fee to set up the account.
Is there any limit on how much gold I can own?
No, there are no restrictions on private gold ownership in
the United States. You are limited only by your budget and common
sense.
Aren't transactions of $10,000 or more reported to the government?
Only if they involve actual currency, i.e., a suitcase full
of $100 bills, or cash instruments such as multiple cashiers
checks which are smaller than $10,000 each but total over $10,000.
There is no report, or registration, or any such paperwork on
transactions involving single checks or bankwires of whatever
size. Currency regulations involving amounts of over $10,000
were designed to thwart money launderers and drug dealers. This
is a common area of misunderstanding, but the bottom line is
that there is no report made on ordinary transactions of any
size, paid with a personal check.
If I sell gold to you, is that reported?
Certain forms of gold which traded as commodity contracts
in 1982 fall under the Broker Reporting Act of 1982. Specifically
named are South African Krugerrands, Canadian Maple Leafs, and
Mexican gold Onzas in quantities of 25 ounces ( one 'contract')
or more. Sales of these items in contract quantities require
a 1099B IRS information form, reporting the sale of a regulated
commodity contract
.
Do I have to report my gold coin purchases to the Government?
No, there is no branch of federal, state, or local government
that is interested in how much gold you might own. The U.S. Mint,
a division of the Treasury Department, strikes the gold Eagle
bullion coins, and supports their sale with national advertising,
sales brochures, gift boxes, and so on, but in the fifteen years
that we've sold their product, they have never asked us to keep
track of who is buying it. (see above)
Do I have to pay taxes if I sell my gold bullion coins for
a profit?
Yes
If you hold gold as an investment, and later sell it at a
profit, you will have either a long-term or short-term taxable
gain,
PLEASE
NOTE:
The IRS has revised
its cash reporting form. The new form is similar to the old form
except for the addition of the designation as "FinCEN Form
8300". As part of federal anti-terrorism initiatives, the
Financial Crimes Enforcement Network (FinCEN), in addition to
the IRS, is notified of cash payments of over $10,000 in a single
transaction. The revised form satisfies dealer cash reporting
requirements under the recent USA Patriot Act.
US Treasury Info
Currency
& Coins
View the latest Currency & Coins press releases and access
information about the production and distribution of paper currency
and coins, anti-counterfeiting programs and resources, and currency
and coin related gifts you can purchase online.
Enforcement
View the latest Enforcement press releases and access information
about the war on terrorist financing, programs against money
laundering, counterfeiting, and narcotics trafficking.
Taxes
View the latest Tax press releases and access information about
online tax filing, tax wage reporting, and tax crime. Also access
important IRS tax forms.
- How do I buy gold
from Republic Trading?
Call our 800 number! We offer gold and other precious metals
at the lowest possible prices direct to you from the largest
US Wholesalers,when buying we lock in the current price and give
you a confirmation number.Selling gold to us is much the same.
We will 'lock in' your net price over the phone on the day you
are ready to ship gold to us.
Do you add a commission fee to your posted prices?
No. The prices you see are the prices you pay, there is a $10.00
shipping charge on all orders
Do you have quantity discounts?
Yes. Our prices have already been calculated for high volume
wholesale orders.
What form of payment does Republic Trading accept?
Personal check or bank-wire.
Do you have a holding period on personal checks?
Yes. Personal checks are held for 10 business
days - two weeks regardless of when they clear prior
to shipping.
What about bank-wires?
Orders are shipped within 24 hours
Do you have a minimum order?
No
How do I sell to Republic Trading?
Selling your items to us is easy, call our trading desk and lock
in current buy back prices
What products do you buy?
We are active market makers in all forms of gold and silver
When will I receive my payment?
When we receive your package we will send payment within 24 hours
Do you buy gold back at the same price you sell it?
No, there is a 'spread,' or difference between our buying and
selling prices which enables us to stay in business. The gold
bullion business is a very competitive one, and the profit margin,
or spread, is a very small one compared almost any other inventory
business. Our purpose is to provide the narrowest spread possible
for the gold-buying public.
Do you charge a receiving fee?
No, when you sell your items to us there are no hidden charges.
The prices quoted are the prices we will pay.
Will you buy back my gold if the price goes way up?
Absolutely. When gold goes up, that just means that demand
has increased and it takes more paper currency to purchase gold
than it did previously. When that happens, we will buy gold at
the higher prices, because our customers will be willing to pay
us higher prices. At its heart, the gold market is a very simple
one. The price of gold is constantly re-adjusted, in terms of
how many U.S. dollars it takes to buy an ounce of gold. This
price is determined by the whole world's faith in the dollar,
and gold is the constant element that the dollar is measured
against. Every day, gold is traded for dollars, and vice versa.
We ask, 'what is the price of gold?' as if gold actually changed.
But gold stays the same, it's just the number of dollars required
to purchase gold that changes.
- How is my order shipped?
Republic Trading orders are shipped Registered/Insured U.S. Mail,
The parcel's registration number will be given prior to shipping
and can be used to track the parcel using the US
Mail tracking web-site This number is also used by the United
States Postal Service to trace a package if it hasn't been received
within 30 days from the date shipped.
How long will it take to get my package?
Delivery can be expected,based on method of payment, within 5
to 15 business days of payment of good funds.
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