All Forum Posts by: Rafael Garcia

Thank you to all for the responses. Yes the gold has been owned for more than 1 year. So basically he will have tax issues if the IRS Audits his returns for the year in which his bank statements show a deposit from the funds realized from the sale of the gold. I advised my client to seek advice from a tax professional. I trully do appreciate all of your responses.

Travis - He is purchasing a Owner Occupied Property for CASH (once he sells the gold). I agree their would be serious sourcing issues if $500k showed up in his account, but luckily he wont have that problem. His issue really is the tax issue with the gold no being sold since technically it doesnt exist in his business or personal balance sheets.

Rich - They are definately still there. I grew up in Whittier (next city over) had NO idea La Habra even existed. Now I do not think I would trade it for anything else. I actually live in La Habra Heights. I will have to check out your book.

Hello, I have a client that has 500k in gold that will be selling it in order to purchase a property. Not sure how that will affect him personally for tax purposes, any advice would be greatly appreciated. Does anyone have any suggestions on how to do it to minimize his taxes (if any)? Asset protection?

Any information would be appreciated.