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Yes, selling gold can trigger tax obligations. In many countries, including the U.S., profits from selling gold are considered capital gains and may be subject to taxation. The tax rate can vary based on how long you've held the gold and your overall income. It's advisable to consult a tax professional to understand your specific obligations.
What else can I help you with?
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
Do alaskans have to pay taxes on gold they mine?
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.
Do you pay taxes when selling an asset?
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.
Does the estate pay taxes?
Estates pay taxes on income and may have to pay inheritance taxes.
Do you have to pay taxes when selling a motorcycle?
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.
Do you have to pay taxes on selling your deceased fathers house?
That is the question !
Do you have to pay taxes on selling used items?
Yes, you may have to pay taxes on selling used items, depending on the circumstances and the amount of profit made. It is important to report any income from selling used items on your tax return and consult with a tax professional for guidance on how to properly report and pay taxes on these transactions.
Do gold medal winners pay taxes on their winning?
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
Does selling old furniture count as income and do you have to pay income taxes on it?
yes
What did the Mycenaeans pay their taxes with?
By selling their crops and livestock to the kings.
Do alaskans have to pay taxes on gold they mine?
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.
Do Olympians pay taxes for gold in medals?
No they don't, it is simply a reward.
How did gold miners not pay taxes?
Only landowners had to pay taxes in the 1850s. Most miners did not own land and therefore did not owe any tax.
Do you have to pay taxes when selling a car in Canada?
no no you do not. Mexicans will buy it cheaper and they wont charge tax.
How much do Olympic Metal winners pay in taxes?
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.
Do Olympic gold medal winners pay taxes on their medals?
Here in Britain the answer is no
