u/Low_Ideal_5328

If I was doing this with gold bullion or Goldbacks would I have to consider Capital Gains taxes - kind of important?

Now say I bought 500 Goldbacks for $1000 (a while back) and found a shop that would let me exchange them for a $5000 rifle (the shop must have had 2).

Do I owe any additional state, local or Federal taxes?

Now answer the questions

If I bought a 1 oz, 24 karat bullion round for $1000 (years ago), and walked into a shop today and traded it for a $5000 rifle (any brand possible).

Would I owe any additional state, local or Federal taxes?

… I know I’m gonna love these responses 😎