| By Grant Wasylik, analyst, Palm Beach Daily Most people don’t know this… But there’s a way to turn losses on your gold holdings into immediate tax savings – without losing possession of your precious metals. It involves a loophole under Section 1091 of the IRS code. It’s known as the “wash-sale rule.” A wash sale is when an investor sells a security at a loss to claim a tax write-off… only to repurchase the same (or nearly identical) security within 30 days of the sale. Now, the IRS prohibits such sales. However, its rules don’t cover “precious metals.” This means they’re not subject to a holding period for tax-swap sales. So if you’re sitting on losses on gold bars, numismatic coins, or silver, you’ll want to take advantage of this loophole before the end of the year. And I’ll show you how. But first… | Recommended Link | | Retirement “reset” coming on 12/11/19  On Wednesday, December 11th, 2019, retirement will essentially “reset” for thousands of people, overnight.
Make sure you’re there when it happens… and see how it could help you make $200,000 next year. | | | -- | “Wash” Your Gold or Silver I wanted to find out why conducting a wash sale now would be good for precious metals owners. So I spoke to some of the top precious metals dealers in the country. Rich Checkan is president and chief operating officer of Asset Strategies International. It’s one of the most reputable precious metals dealers in the country. Here’s what he told me: Now is a particularly good time to consider this strategy. Gold is about midway between its 10-year high and low. And over the last decade, silver is nearly 10 times closer to its low. Why is that important? It’s simple. The lower the price when you execute a tax swap, the bigger the tax advantage, and the smaller the cost to capture it. And if you act quickly, you should be able to put this to work this tax year. | Recommended Link | | America’s Top Options Expert For the past 36 years, millionaire trader Jeff Clark’s options strategies have helped everyday people have the chance to retire wealthy. Which is why Jeff’s now offering his complete Blueprint, and a year of his guidance, for just $19. That’s right… for a limited time it’s all yours for less than twenty bucks. Because Jeff knows that every $1 you use on his strategies could turn into a windfall in a short amount of time. | | | -- | Here’s an example of how it works… Let’s say you bought an MS-64 $20 Saint-Gaudens gold coin for $2,200 per ounce in 2010. Today, those coins are worth about $1,581. Under the wash-sale loophole, you could sell your coins at the current market price… and then immediately repurchase them for the same price. In this hypothetical transaction, you’d realize a taxable loss of $691 per coin – which will lower your 2019 tax bill. But you’d still be able to keep your coins. Now, there’s a transaction fee on the sale (1–4% on numismatics and 1–2% on bullion), and the shipping costs. So you’ll want to make sure these costs are less than what you’ll write off in taxes. Plus, if you don’t use up all your losses this year, you can roll them forward into future tax years. And if you don’t have an offsetting gain, you can still take up to a $3,000 loss in the current year. | Recommended Link | | Trump’s Gift to Seniors? President Trump has just given a new gift to seniors, that’ll let them live like kings. It's being called “Trump’s Technology.” And he’s set aside December 10th to help roll it out across America. At a recent conference, he said: “No matter where you are, you will have access very quickly to [this technology], and it’s going to be a different life.” But behind this gift to seniors is the true purpose of this technology being spread across the fruited plain. That purpose is to prepare America for her biggest challenge yet! E.B. Tucker, Casey Research’s chief analyst, reveals what that challenge is – and why this tech roll-out could give you a $125,000 windfall… if you’re in before December 10th, 2019. | | | -- | How to Execute a Tax Swap Remember, this information is for general tax purposes only. We strongly encourage you to consult your accountant or tax adviser before making a tax swap. If you do, here are the steps you should take: Talk to your tax adviser: Tell them what you’re contemplating. Could you use some losses to offset gains on a one-for-one basis? There’s a chance your CPA may not even know this avenue exists. Contact a gold dealer: We recommend Asset Strategies International or David Hall Rare Coins. Both can help you decide if a precious metals tax swap makes sense. Remember to do your due diligence. (Note: PBRG doesn’t receive any compensation for recommending these dealers.) Know your situation: Before you reach out, you’ll need to know the types of precious metals you own, the quantity, the price you paid, your tax bracket, etc. And if you’re ready to make the swap after talking to your tax consultant and a dealer, here’s a preview of what comes next… You’ll have to physically mail your coins to a dealer. Dealers can “fix” the price. This means they can immediately arrange a buy-and-sell order on the same day. If coin values spike in transit, you can have the dealer mail them back to you. No harm, no foul. This tax loophole allows you to benefit from falling precious metals’ prices (in the past or in the future). And you’ll still be able to keep the exact same metals you started with… just with a new cost basis. Be sure to act before the end of the year if you want to use any losses for 2019. Regards, 
Grant Wasylik
Analyst, Palm Beach Daily P.S. Which precious metals are you considering using this strategy for? And if you do make a tax swap, let us know how it goes right here. MAILBAG From Bryan T.: Teeka, this is a great article on cannabis! I’ve heard from many people in the investment community that marijuana is just another “weed,” and that anyone can grow it. Your response really puts things into perspective. Thank you for all the hard work and great advice you provide. From Steve B.: Teeka, you made good points in your essay on legal cannabis and how we pay for many things we can do or make ourselves… But you left out one of the biggest and most obvious items we pay for now: water! I suspect it’s probably in the millions. I enjoy your perspective, as always. From David G.: New subscriber here. I want to say thank you to Teeka. I’m enjoying your investing newsletter services very much. I haven’t made any money – yet. But I like your logic in your presentations. And I’m willing to wait and let the game come to me.
Like what you’re reading? Send us your thoughts by clicking here. IN CASE YOU MISSED IT… A controversial topic. This may tick you off… Some people just don’t like the idea of charity. They think it’s all about “handouts.” Others object to how most charities are run. But to Market Wizard and billion-dollar hedge fund manager Larry Benedict, it’s a big part of his life and way of thinking. He told our team, “I’ve done so well in my life… that it seems irresponsible… just wrong not to give back.” That’s why, on Wednesday, December 11th, Larry is putting his reputation… and a pile of cash on the line. He will place a live trade… with the goal of generating $70,000 or more… in a day… If he wins, the money will go to a local charity, Boca Helping Hands. If he loses, there will be thousands of fewer meals in the South Florida area. You’ll see the results – win or lose. 
| 
No comments:
Post a Comment