You do need to declare barter income (there are some exemptions) unless you want to evade taxes which I highly suggest you don’t do even though the IRS is the largest theft ring in this country :)
Car would need to be registered, so you do need to declare change of ownership. Not a big deal, you could just ‘sell’ it for $1 at the DMV. Guns more complicated but you get the idea.
As long as both parties don’t go on and declare a gain or loss on your tax return, it’s good.
Remember, it’s about taxes. If you’re a big enough target for the IRS, they will come after you gold or bitcoin or cows.
So the question is where did you buy your gold from? THAT is traceable. Unless you traded something of worth to get gold that was smelted privately etc.
This is no different than Bitcoin (peer to peer trade, mined yourself, through a decentralized exchange aka Dex, etc). As long as you create your own crypto wallet (free) and don’t be foolish enough to link your personal info you’re good
The people in Nigeria are doing this now, they are using Bitcoin as a medium of exchange peer to peer (like gold) …. The Nigerian naira has hyper inflated AND the gov banned bitcoin. Hell Erdogan of Turkey asked his citizens to sell their gold back to the CB!
I’d like to learn more on how you think it’s not the case with metals (or any other asset) …
Who knows maybe I’ll learn something ;)
These are good examples of bartering.
You do need to declare barter income (there are some exemptions) unless you want to evade taxes which I highly suggest you don’t do even though the IRS is the largest theft ring in this country :)
Car would need to be registered, so you do need to declare change of ownership. Not a big deal, you could just ‘sell’ it for $1 at the DMV. Guns more complicated but you get the idea.
As long as both parties don’t go on and declare a gain or loss on your tax return, it’s good.
Remember, it’s about taxes. If you’re a big enough target for the IRS, they will come after you gold or bitcoin or cows.
So the question is where did you buy your gold from? THAT is traceable. Unless you traded something of worth to get gold that was smelted privately etc.
This is no different than Bitcoin (peer to peer trade, mined yourself, through a decentralized exchange aka Dex, etc). As long as you create your own crypto wallet (free) and don’t be foolish enough to link your personal info you’re good
The people in Nigeria are doing this now, they are using Bitcoin as a medium of exchange peer to peer (like gold) …. The Nigerian naira has hyper inflated AND the gov banned bitcoin. Hell Erdogan of Turkey asked his citizens to sell their gold back to the CB!