Silver barter

[Jay]

I searched around but couldn't find a thread on barter, but I remember there was one once. Zero Hedge did it again:
http://www.zerohedge.com/news/2012-10-04/guest-post-one-very-strange-use-silver-coins

 

[Jay]

well, this was one of the comments further down:

This transaction is illegal.. The dealership accepted a check for $25,000 in payment for the car, but issued a bill of sale for only $1,500. The dealer will record a loss, thereby reducing its taxable income. That's called tax evasion. Or if the dealership records the transaction properly and shows a profit, then the buyer is committing tax evasion by underreporting the amount of the sale. Either way, the IRS or the state revenue department has a pretty strong case. Good luck in tax court Mr. Lawless.


oooppps.

 

[DoChenRollingBearing]

Going Galt is OK! (Saving precious metals)

Fighting the Big Rhino is dangerous! (Cheating on taxes)

 

[Jetstream]

Always try to buy privately. 'Swap' your PMs for the vehicle.
You only have to pay tax on the cash transaction (of any difference in value) that exchanges hands. (at least where I live that is the case).
For instance, I could swap a seller a rare book for a car. If the values declared are the same, then no tax is paid.
That's why bullion in a non-denominated form has a definite advantage in certain situations.