That is the question !
yes
When you sell the gold, that is income- and you will pay Federal Income Tax on that income, just like you pay on wages you earn.
Yes you do if you owe any capital gains tax on the sale of the asset after your income tax return is completed correctly and IF you owe any taxes on gain.
Estates pay taxes on income and may have to pay inheritance taxes.
You don't have to pay taxes when selling a motorcycle, but the buyer has to pay taxes when he goes to the title agency. Some people say the vehicle is a gift so they can avoid paying tax.
That is the question !
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
yes
By selling their crops and livestock to the kings.
When you sell the gold, that is income- and you will pay Federal Income Tax on that income, just like you pay on wages you earn.
No they don't, it is simply a reward.
Only landowners had to pay taxes in the 1850s. Most miners did not own land and therefore did not owe any tax.
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
The prize taxes for a gold medal honorarium of $25,000 is pegged by ATR at $,8750. Combined with the tax on the medal itself, a gold medalist will have to pay the IRS $8,986. A silver medalist must pay $5,385 on the medal and the $15,000 honorarium and a bronze medal winner must pay $3,502 on the medal and the $10,000 honorarium.
Here in Britain the answer is no
If it is income, yes, you will pay taxes on it. Depending on the laws of your state, county or city, you may have to pay a sales tax to the state, county or city.