Gold Buying - Page 15

marton · #**281** 19.08.2011, 11:23

	Quote:	29eleven
	Just curious, what does this note on the bottom of the UBS gold quote mean? "Tax value as per 31.12.2010: xxxx CHF" Does this mean that gold purchased and kept has to be added to the list of assets when filling in a tax return, just like your savings statement? What if it was purchased as a wedding gift?

You have to declare all assets you own on the last day of the year....

marton · #**282** 19.08.2011, 11:24

	Quote:	Phil_MCR
	it's not far off peak:

Cool, your chart has updated itself - look at the gold run now - even in CHF

Phil_MCR · #**283** 19.08.2011, 11:30

	Quote:	marton
	Cool, your chart has updated itself - look at the gold run now - even in CHF

yeah. the fundamental outlook for gold is pretty bullish given:

- ZIRP everywhere
- fear everywhere

it will be interesting to see what happens once IRs start heading upwards.

rob1 · #**284** 19.08.2011, 11:30

	Quote:	marton
	You have to declare all assets you own on the last day of the year....

"should" declare

29eleven · #**285** 19.08.2011, 11:31

	Quote:	marton
	You have to declare all assets you own on the last day of the year....

Great, but if I gave it away as a gift? It wouldn't be an asset I own then, would it?

dino · #**286** 19.08.2011, 11:49

	Quote:	29eleven
	Great, but if I gave it away as a gift? It wouldn't be an asset I own then, would it?

.

no it wouldn't. but someone else would own it. and therefore they should declare it..

Phil_MCR · #**287** 19.08.2011, 11:57

	Quote:	29eleven
	Great, but if I gave it away as a gift? It wouldn't be an asset I own then, would it?

i'd be happy to take gold as a gift

29eleven · #**288** 19.08.2011, 12:01

Nice, but what if they lived in say, Thailand?

	Quote:	dino
	. no it wouldn't. but someone else would own it. and therefore they should declare it..

Phil_MCR · #**289** 19.08.2011, 12:07

	Quote:	29eleven
	Nice, but what if they lived in say, Thailand?

doesn't really matter where they live, does it?

it isn't your problem any more to declare the wealth tax. unless of course it isn't really a gift and they have to give it back to you, then you still have an asset in the form of an outstanding debt.

29eleven · #**290** 19.08.2011, 12:25

So the declaration is only a formality then, because someone could just say it's been given away. Strange.

	Quote:	Phil_MCR
	doesn't really matter where they live, does it? it isn't your problem any more to declare the wealth tax. unless of course it isn't really a gift and they have to give it back to you, then you still have an asset in the form of an outstanding debt.

Phil_MCR · #**291** 19.08.2011, 12:57

	Quote:	29eleven
	So the declaration is only a formality then, because someone could just say it's been given away. Strange.

you could also not bother at all and just declare that you have no money in the bank instead of declaring the real amount. same principle.

spalebärg · #**292** 19.08.2011, 13:23

	Quote:	29eleven
	Just curious, what does this note on the bottom of the UBS gold quote mean? "Tax value as per 31.12.2010: xxxx CHF" Does this mean that gold purchased and kept has to be added to the list of assets when filling in a tax return, just like your savings statement? What if it was purchased as a wedding gift?

It is merely the responsibility of Swiss and residents to declare their "Vermögen" (wealth) to the tax authorities. However, when you buy gold at the UBS counter you can pay cash so there is no record of the fact that you purchased it.

(Even if the bank has a record of the transaction, if it was charged to your account, don't forget Swiss banks are (still) secret and do not pass information on the tax authorities.)

In any case the Vermögen only attracts a tax if your total assets are over a certain sum (CHF150,000 in BL for a married couple). From this you can also deduct your Hypothek (mortgage). I have usually always declared my Vermögen and have never needed to pay Vermögenssteuer (wealth tax).

marton · #**293** 19.08.2011, 13:25

	Quote:	spalebärg
	It is merely the responsibility of Swiss and residents to declare their "Vermögen" (wealth) to the tax authorities. However, when you buy gold at the UBS counter you can pay cash so there is no record of the fact that you purchased it. (Even if the bank has a record of the transaction, if it was charged to your account, don't forget Swiss banks are (still) secret and do not pass information on the tax authorities.) In any case the Vermögen only attracts a tax if your total assets are over a certain sum (CHF150,000 in BL for a married couple). From this you can also deduct your Hypothek (mortgage). I have usually always declared my Vermögen and have never needed to pay Vermögenssteuer (wealth tax).

About "From this you can also deduct your Hypothek (mortgage)." Yes, but do not forget to declare your house as one asset......

marton · #**294** 19.08.2011, 13:27

	Quote:	29eleven
	Nice, but what if they lived in say, Thailand?

Then I assume they fill in a Thai tax form; which may require asset declaration or not?
If you gave it away before the end of the year then it is no longer your asset to declare.

spalebärg · #**295** 19.08.2011, 13:34

	Quote:	marton
	About "From this you can also deduct your Hypothek* (mortgage)." Yes, but do not forget to declare your house as one asset......*

Indeedy!!

spalebärg · #**296** 19.08.2011, 13:40

	Quote:	marton
	About "From this you can also deduct your Hypothek* (mortgage)." Yes, but do not forget to declare your house as one asset......*

This is also a VERY good reason to declare your assets since if one day you dig up you pot of gold on the commons and buy yourself a house, what previously was hidden suddenly becomes very visible ... even to the tax man.

spalebärg · #**297** 19.08.2011, 14:04

	Quote:	Phil_MCR
	yeah. the fundamental outlook for gold is pretty bullish given: - ZIRP everywhere - fear everywhere it will be interesting to see what happens once IRs start heading upwards.

True, or one may see it as the outlook for paper (including fiat money) is pretty bearish.

fatmanfilms · #**298** 19.08.2011, 16:17

	Quote:	grasslands
	I think Credit Suisse offer the cheapest gold bars because they own the company that manufactures gold bars for them. Please confirm.

I think you will pay pretty much the same, they may even sell you a UBS bar of gold.

Cashboy · #**299** 22.08.2011, 10:59

Quite funny reading this thread now, from my question back in September 2009 of where to buy real Gold.

spalebärg · #**300** 22.08.2011, 19:30

By Jan Harvey and Jessica Mortimer
LONDON | Mon Aug 22, 2011

LONDON (Reuters) - Moves by the Swiss National Bank to curb strength of the Swiss franc will fuel investors' insatiable demand for gold, adding to its relentless rise to new record highs as confidence in the franc as a safe store of value dwindles.

http://www.englishforum.ch/newthread...newthread&f=33