ChumpChange
ChumpChange
Joined: Jun 15, 2018
  • Threads: 101
  • Posts: 4485
September 22nd, 2023 at 8:39:01 AM permalink
I just saw Gold Bars in the news under some kind of ABSCAM charge against a sitting U.S. Senator and they said the 3 gold bars are worth $150K. It looks like a 1 kg gold bar is worth 5/8ths of $100K or around $62.5K so three of them would be around $187.5K, closer to $200K. Anybody buy gold bars with their gambling winnings? I figure the IRS would want to know when the gold is sold, so whoever sells it to you has to report it.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6668
Thanks for this post from:
RogerKint
September 22nd, 2023 at 9:56:16 AM permalink
I have dozens of these



there is no requirement to register or report gold bullion upon purchase or sale, unless I suppose the buyer hands you over > 10K cash or you use over >10K cash at a time to buy them.

I keep a small number at home, most in a safety deposit box.

I believe the requirement that US citizens obtain any kind of special license to own gold bullion ended fifty years ago.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
Ace2
Ace2
Joined: Oct 2, 2017
  • Threads: 32
  • Posts: 2672
September 22nd, 2023 at 10:56:27 AM permalink
Thatís the ugliest gold boullion coin IMO.

I have Roos and Krugs. The Roos are beautiful 99.9% gold. Krugs are just classic
Itís all about making that GTA
Dieter
Administrator
Dieter
Joined: Jul 23, 2014
  • Threads: 16
  • Posts: 5044
September 22nd, 2023 at 11:34:52 AM permalink
Quote: MDawg

I have dozens of these



there is no requirement to register or report gold bullion upon purchase or sale, unless I suppose the buyer hands you over > 10K cash or you use over >10K cash at a time to buy them.

I keep a small number at home, most in a safety deposit box.

I believe the requirement that US citizens obtain any kind of special license to own gold bullion ended fifty years ago.
link to original post



I think the only requirement is to report the profit if you sell it for more than face value, but I haven't checked lately.
May the cards fall in your favor.
MrV
MrV
Joined: Feb 13, 2010
  • Threads: 358
  • Posts: 7989
September 22nd, 2023 at 11:35:25 AM permalink
No gold bars for me, but I do have a rather extensive collection of engravings showing the visage of famous Americans and related images.

"What, me worry?"
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 237
  • Posts: 15987
September 22nd, 2023 at 5:07:10 PM permalink
My Aunt gave me a $20 Liberty for my Confirmation and told me I'd never be broke as long as I had it. I still own it, and have picked up some gold coins over the years. I like the $5 Indians, and the modern one-ounce coins. I've had a couple of 100-ounce silver bars but never owned any gold bars. I still own over fifty Silver Strikes.
The difference between fiction and reality is that fiction is supposed to make sense.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6668
September 22nd, 2023 at 5:42:07 PM permalink
Yes I've heard that sort of thing, such as from my grandmother. "Keep this in your wallet and you'll always have money." I assume your aunt meant it in the same way as my grandmother, as a sort of money begets money, good luck or good energy flow thing. Although I suppose it would be true literally too.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/

  • Jump to: