SElling silver bars

[mokemom]

What is the name of your state (only U.S. law)? Arizona
I have some silver bars that I'd like to sell to a refinery. Is this something I have to report?

 

[davew128]

Either as sales of a commodity or a collectible. You should hire a professional.

 

[Knowitall321]

What is the name of your state (only U.S. law)? Arizona
I have some silver bars that I'd like to sell to a refinery. Is this something I have to report?

I would hold onto them; the price of silver is going up.

 

[Zigner]

I would hold onto them; the price of silver is going up.

Thanks for not answering the actual question asked

 

[FlyingRon]

It almost certainly needs to be reported somehow. How and when did you come into possession of these bars.

 

[mokemom]

The silver was reclaimed from xrays. melted into bars. finances are such that their sale is necessary.

 

[tranquility]

I'd call it a capital gain.

Thinking about it edit:
Although, if there was a substantial amount of effort involved by you to create the bars, and they were created this year, you might have a business.

 

[davew128]

I'd call it a capital gain.

As would I with the caveat that its considered a collectible and taxed at 28%.

 

[mokemom]

Thank you.

 

[FlyingRon]

As would I with the caveat that its considered a collectible and taxed at 28%.

In what way is it a collectable? It didn't start out as a coin or other metal art oblect. It was silver reclaimed from film. The big question is whether it's a capital gain or just ordianry income.

 

[xylene]

Ask your bullion buyer for advice.

They will be very familiar with how to proceed, and if not can refer you to a suitable accountant.

 

[davew128]

In what way is it a collectable? It didn't start out as a coin or other metal art oblect. It was silver reclaimed from film. The big question is whether it's a capital gain or just ordianry income.

Precious metals are considered collectibles under tax law whether they are jewelry, bullion, paper, etc.

And FYI, collectibles are considered capital assets, just taxed at a higher rate than you're accustomed to.

 

[tranquility]

I agree with dave128 and am embarrassed I didn't mention it in my first post.

 

[FlyingRon]

Precious metals are considered collectibles under tax law whether they are jewelry, bullion, paper, etc.

And FYI, collectibles are considered capital assets, just taxed at a higher rate than you're accustomed to.

Xray films are not bullion or coins (or any other metal meeting the definition of collectible). Once it's refined, yes.

It's like I buy a bunch of grapes and turn it in to wine. Wine is a collectible. Grapes are not.

 

[Zigner]

Xray films are not bullion or coins (or any other metal meeting the definition of collectible). Once it's refined, yes.

It's like I buy a bunch of grapes and turn it in to wine. Wine is a collectible. Grapes are not.

Fine - but we're not TALKING about xray films