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Ellis Wyatt
02-13-2011, 11:46 AM
Got a little problem:

Just Did my taxes and I owe the State 4K, Now I could come up with this by April 15th, non-independence day, but it could be rather tight if something in life was to go wrong, like a medical thingy, or car thingy or disruption of work.

I just started in the pool a few weeks back and have only 70oz's and I am on the winning side. i would be taking out less than the $2500 range so the $15 dollar fee is covered. this way I can keep uncle sucker off my back and I could get back into purchasing again by mid march or so.

If you were me, would you sell off the pool, in hopes that the price won't move too much by mid march or keep it in and just come up with the money by april 15th and hope that no calamity of car thingy or medical thingy or work thingy pops up?

just llokin for some thoughts on this. I know which way i am leaning but i will hold that back....still on the fence but with a lil lean to my posture

ifionlyhadsomegold
02-13-2011, 11:51 AM
the only time to sell physical is when you need it. the pool carries less weight.

HighInBC
02-13-2011, 11:53 AM
the only time to sell physical is when you need it. the pool carries less weight.

The pool is physical, you just don't have it in your posession. The big difference is with the pool you have a garunteed buyer, for a $15 fee. It is an investment in silver and I would hesitiate to sell it as much as I would a maple in my hand.

I personally play my money close to the edge, I end up very cash poor sometimes. If it ever gets too bad I know I can sell some silver or gold, have not had to yet. If it was me I would accept being very short on cash for a while knowing that in a tough situation I could sell my metal.

Other people will want to stay more liquid. It is really up to you.

I don't expect silver to drop so much that your pool holdings will not be enough in the future, but it could happen.

ifionlyhadsomegold
02-13-2011, 11:58 AM
the only physical i know is the physical i can lay my hand on.

;)

govikesgo
02-13-2011, 12:08 PM
Although you say you only started a few weeks back, you say you are on the plus side. If you sell that silver to pay your debt you will have tax implications for next year. If you have a source to pay the funds other than silver sales then use that. if one of your "thingies" come up, then you have the silver to sell. If not, no harm no foul.

Cloud Puncher
02-13-2011, 12:56 PM
I think you would regret selling your pool account; just my sentiments though

RoadLizard
02-13-2011, 02:32 PM
The pool is physical, you just don't have it in your posession. The big difference is with the pool you have a garunteed buyer, for a $15 fee. It is an investment in silver and I would hesitiate to sell it as much as I would a maple in my hand.

I personally play my money close to the edge, I end up very cash poor sometimes. If it ever gets too bad I know I can sell some silver or gold, have not had to yet. If it was me I would accept being very short on cash for a while knowing that in a tough situation I could sell my metal.

Other people will want to stay more liquid. It is really up to you.

I don't expect silver to drop so much that your pool holdings will not be enough in the future, but it could happen.

I respectfully disagree only with the comment that pool is physical. ONLY physical that you hold in your hand can be physical. Its absolute, black & white.

To the OP - You have to do what ya gotta do. Thats life. Although, I wonder how you ended up owing that much in taxes? YUK!

Ellis Wyatt
02-13-2011, 02:49 PM
I respectfully disagree only with the comment that pool is physical. ONLY physical that you hold in your hand can be physical. Its absolute, black & white.

To the OP - You have to do what ya gotta do. Thats life. Although, I wonder how you ended up owing that much in taxes? YUK!

you'd be surprised at what is income in the eyes of the confiscators. but they have the police force and the guns so i will pay it.

all i can say is don't sell too many things at a loss in physical cash, because physical no longer matter...only preceived value counts to the confiscators

spankthatbass
02-13-2011, 02:55 PM
I would not be looking to an internet forum for financial advice.

droopy
02-13-2011, 02:55 PM
Got a little problem:

Just Did my taxes and I owe the State 4K, Now I could come up with this by April 15th, non-independence day, but it could be rather tight if something in life was to go wrong, like a medical thingy, or car thingy or disruption of work.

I just started in the pool a few weeks back and have only 70oz's and I am on the winning side. i would be taking out less than the $2500 range so the $15 dollar fee is covered. this way I can keep uncle sucker off my back and I could get back into purchasing again by mid march or so.

If you were me, would you sell off the pool, in hopes that the price won't move too much by mid march or keep it in and just come up with the money by april 15th and hope that no calamity of car thingy or medical thingy or work thingy pops up?

just llokin for some thoughts on this. I know which way i am leaning but i will hold that back....still on the fence but with a lil lean to my posture

If I were you I wouldn't be in such a hurry to pay. If you can pay by April 15th. That's when it's due. Pay it on April 15th. :D

Ellis Wyatt
02-13-2011, 03:04 PM
If I were you I wouldn't be in such a hurry to pay. If you can pay by April 15th. That's when it's due. Pay it on April 15th. :D

yep thats the idea...it just cuts into my silver aquiring abilities til after april 15th....that hurts just a lil. either it goes too the moon by then and makes my measly 70oz's worth something or it stays put goin sideways and all is good for me. it will be what it will be. oh well gotta roll with it

RoadLizard
02-13-2011, 04:08 PM
you'd be surprised at what is income in the eyes of the confiscators. but they have the police force and the guns so i will pay it.

all i can say is don't sell too many things at a loss in physical cash, because physical no longer matter...only preceived value counts to the confiscators

Oh I know - thats why I treat PM sales the same way Id treat poker winnings, craigslist stuff, or a bake sale - my business only. ;) :D

KingOfSilver
02-13-2011, 05:13 PM
Got a little problem:

Just Did my taxes and I owe the State 4K, Now I could come up with this by April 15th, non-independence day, but it could be rather tight if something in life was to go wrong, like a medical thingy, or car thingy or disruption of work.

I just started in the pool a few weeks back and have only 70oz's and I am on the winning side. i would be taking out less than the $2500 range so the $15 dollar fee is covered. this way I can keep uncle sucker off my back and I could get back into purchasing again by mid march or so.

If you were me, would you sell off the pool, in hopes that the price won't move too much by mid march or keep it in and just come up with the money by april 15th and hope that no calamity of car thingy or medical thingy or work thingy pops up?

just llokin for some thoughts on this. I know which way i am leaning but i will hold that back....still on the fence but with a lil lean to my postureI would pay in april,Silver wont move that much by then still be around 31-27

AGphillic
02-13-2011, 05:14 PM
Yessir. By definition physical is devoid of counterparty risk. Pool has some level of counterparty risk. If you don't hold it you don't own it.

the only physical i know is the physical i can lay my hand on.

;)

coindog
02-13-2011, 05:24 PM
by your statement you don't need to sell unless something unexpected comes up. so wait till it does or doesn't. don't worry about what hasn't happened and may not come up.

HighInBC
02-13-2011, 05:27 PM
I respectfully disagree only with the comment that pool is physical. ONLY physical that you hold in your hand can be physical. Its absolute, black & white.

Well what you consider physical to mean does not match up with the definition of physical. They have real actual physical bars backing the pool, that mean that it is physical. It is black and white, either it exists as actual silver or it does not, and it does.

Perhaps you mean "local" or "on hand" instead of physical?

HighInBC
02-13-2011, 05:51 PM
Yessir. By definition physical is devoid of counterparty risk. Pool has some level of counterparty risk. If you don't hold it you don't own it.

Which dictionary has this definition? Mine says "having substance or material existence". Lots of physical things have counterparty risk.

Physical means real metal, not some abstract concept of metal on paper. It does not mean that it is in your hand, and it does not mean there is no counterparty risk. Those are other things.

flhtquick
02-13-2011, 08:44 PM
pay on the last day as to get mixed up in the rush.

goldfinger32
02-13-2011, 08:49 PM
just file for an extension.

ingots
02-13-2011, 08:51 PM
if you gotta sell sell.......... just keep your physical...

also i would take taxes into account when investing.... i mean if you invested and the taxes are being paid mostly from profits WOOHOOO god job.......


just dont lose money:eek:

Chukar Hunter
02-13-2011, 08:56 PM
I think a person should have 4-6 months of cash to take care of issues like this prior to investing in PMs.

blitzdude
02-13-2011, 08:59 PM
Got a little problem:

Just Did my taxes and I owe the State 4K,

Leave that $$$ sucking state and go to Texas, no state tax.

govikesgo
02-13-2011, 09:03 PM
just file for an extension.

Geesh, when you file for an extension you still have to pay by the 15th! Yeah, maybe the best advice is NOT listening to anyone on these boards. In fact, probably shouldn't ask any tax questions at all.

Chrisadamley
02-13-2011, 11:41 PM
Leave that $$$ sucking state and go to Texas, no state tax.

I assumed he owes the United stats 4k taxes.....

what stat do you owe so much money? is this besides the federal taxes? Because usually federal taxes are alot more then state taxes.

At least my experience with my state lol :D

fledgling
02-13-2011, 11:46 PM
I wish I understood how people in high tax states get to do a tax domicile in a no income tax state.....

agbuyer
02-14-2011, 12:02 AM
you'd be surprised at what is income in the eyes of the confiscators.

Here here!!! And not only that, but the expenses that they claim "don't count".

RoadLizard
02-14-2011, 08:45 AM
I think a person should have 4-6 months of cash to take care of issues like this prior to investing in PM’s.

That'd be nice but its totally unrealistic for most households. Ya gotta live and have some fun. You cant just stuff your entire paycheck away every week and live like a serf. I wont do it and neither will most people. There has to be some R & R to make all that work pay off for you. Its easy for huge income earners to gloat about how they have eleventy billion dollars in cash just sitting there under the mattress waiting to pounce on unexpected costs. The rest of us just cant play that game.

We had a small rainy day account and it got wiped out by stoopid van repairs. Ill never buy a car again - cheap leases from here on out.

Grumpy2010
02-14-2011, 02:42 PM
Don't know about your state taxes, but Federal taxes are not due until April 18th 2011. (2010 Tax year) The 15th is some sort of holiday.
Hope that helps.

Ag gnostic
02-14-2011, 03:07 PM
If I were in that situation I would start saving to make the payment on April 15th and leave the pool money where it is. I owed the IRS around $1000 one year and didn't sell any, but I don't have any in the pool, just physical.

Yield2Greatness
02-14-2011, 03:12 PM
what stat do you owe so much money? is this besides the federal taxes? Because usually federal taxes are alot more then state taxes.



My guess: small business owner and didn't prepay during the year.

Ellis Wyatt
02-14-2011, 06:18 PM
well no one is correct on what it is...what it is is this....

back in 2008 before I got married I buckeled down and paid off every debt i had but the house. Then when then fiance finally got clearence from uncle sucker for her visa to come to america legally, and all the cost associated with that and for the fed's to approve of our love and that it wasn't a gimmick to get a person a visa. My lovely gets here, and on a snowy wyoming morning while getting out of truck to get my morning coffee and got to the bathroom, I slipped on the step and fell down and went boom. I was out of the truck with a broken leg and medical bills and air fare home to indiana for both of us as she travelled with me. so lost about 2 months of income and then her mother fell ill back in the philippines and so alot of our money that was tight any way because of the injury and not working for a while was now going away to take care of her mother, and my mother who is a diabetic got in a bad way and all our income once we were back on the road went away and well long story short, the house was lost......the first time in my life to money problems but family always comes first with me.....

so anyway, the feds forgive the cancelled debt and if the forclosure would have happened in 2009 , indiana would have also, but since it happen on 1/11/10 and indiana changed there tax rules on it.....$74k that was owed on the house is considered income.....altho it has never been in my pocket..thats the deal....so now ya know....not proud of what happened but life is life.....and taxes are taxes...and enforcement is enforcement....maybe if i just stopped working they would write me checks

govikesgo
02-14-2011, 06:26 PM
A stretch of bad luck, sorry to hear. And that's how the American Dream turns into the American nightmare.

AU N EGL
02-14-2011, 06:43 PM
Am I the only one that thinks it's best to take the pool money and pay the taxes? I am just saying...If you are not liquid enough to just write the check, then IMO the only thing to do is liquidate the pool and pay your share. If this presents financial hardship for you then I would pay part of it and enter into a monthly payment aggreement with uncle. Listen, I feel your pain, it really ticks me off to work so hard to get ahead, only claiming myself and having $250 extra taken from each check and I still owe $14k!

govikesgo
02-14-2011, 06:51 PM
Am I the only one that thinks it's best to take the pool money and pay the taxes? I am just saying...If you are not liquid enough to just write the check, then IMO the only thing to do is liquidate the pool and pay your share. If this presents financial hardship for you then I would pay part of it and enter into a monthly payment aggreement with uncle. Listen, I feel your pain, it really ticks me off to work so hard to get ahead, only claiming myself and having $250 extra taken from each check and I still owe $14k!

It's not surprising that someone with YOUR tax issues is giving him that advice. You might want to look at getting your own house in order before making that recommendation to him. Does your employer not know how to figure out his own payroll? Owing that much at the end of the year for a long period of time opens you up to some penalties.

AU N EGL
02-15-2011, 12:43 AM
It's not surprising that someone with YOUR tax issues is giving him that advice. You might want to look at getting your own house in order before making that recommendation to him. Does your employer not know how to figure out his own payroll? Owing that much at the end of the year for a long period of time opens you up to some penalties.

Hmmm I guess I don't quite understand. I am a commercial fisherman and the $$ comes in lumps....big lumps. The tax bracket/ income level that my wife and I find ourselves in with really no deductions amounts to a big tax bill at the end of the year. House is paid, all I have is a car pmnt. no kids etc... I know it's coming and I prepare for it. So what can my employer do to lessen my tax burdon......take more out of each check? I give 12% to a 401k, claim 1 dependent and just started having them take additional out each month and that's that. I would much rather owe than loan uncle my $$ interest free. So do you really that him having 70 oz of AG in a pool is better than just paying his tax bill?? In addition if you can tell me how to lessen my tax burdon I am all ears! (serious).

Ellis Wyatt
02-15-2011, 08:35 PM
AU

yeah I can write it by the 15th as long as we live on the cheap til then.

but I absolutely see your point...

I do know how to lessen your tax burden.....don't work;)

barring that i have no ideas...they just hired another 5000 irs agents to help we the citizenary out with smiling faces