rep308
NES Member
The profit is ordinary income (collectible), with no advantageous capital gains treatment ... the one pesky detail all PM brokerages leave out of their "about gold" articles.
You can gift more than the limit without triggering a taxable event, but you have to file IRS form 709 and the amount of the gift (or amount in excess of the limit, not sure which) reduces your lifetime tax free inheritance tax threshold.
Do they 1099 you, make you fill out a form, take your name and SSN or is this an honor system where you report it on your taxes. Is there a paper trail?