Goods for Goods? Taxable event?
June 28, 2011 8:49 PM Subscribe
Capital Gains on Precious Metals exchanged for Goods and Services? I own Platinum, Gold, and Silver physical coins, bars, etc. and know my cost basis for all purchases and have not sold any. Let's say rather than sell them back to a coin dealer or other similar entity, I exchange gold or silver or platinum for a service or good or something other than currency, what are the tax implications?
posted by Rafaelloello to work & money (8 answers total)
What if I trade gold coins for a work of art or a 60's muscle car? Is that a taxable event or just a transfer out of one collectible into another with no realized gain or loss? How about real estate? Can I buy a summer house for $100 cash and "other valuable consideration" as is often inserted into contracts and not have to determine the value to the seller of the "other consideration" or the price appreciation I've realized? No urgency here, just thinking about what happens when you exchange a valuable good for a valuable good without either party transacting considerable cash.