--cut-- Again, it's based on the market value of gold at the time that payment was made. You should keep good records. If you paid someone $700 in gold in 2002, then you must file form 1099-MISC by January 31, 2003. I believe gold/silver sales are excluded from 1099-b (barter) reporting. --cut--
For what it's worth, my tax software says metals and some other things are classified as a collectible with a note. "* 28% gain or loss includes ALL collectibles gains and losses and up to 50% of the eligible gain on qualified small business stock." Schedule D Of course this is the maximum for "collectibles". Joe www.loavesandfishessoupkitchen.com --- You are currently subscribed to e-gold-list as: [email protected] To unsubscribe send a blank email to [EMAIL PROTECTED] Use e-gold's Secure Randomized Keyboard (SRK) when accessing your e-gold account(s) via the web and shopping cart interfaces to help thwart keystroke loggers and common viruses.
