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Msg  210052 of 211625  at  9/21/2019 8:24:42 PM  by

eagle76


Re: Capital gains on PM bullion RPS: this is the last I heard on the sale of precious metals from the IRS

had looked this up around the time I bought my 'physical' as part of that, will this be worth it or not post taxes...  at the time, it was a hard 28% on the gains, pure and simple.   Really sucks that the IRS gets to hit the physical for a straight up 'we get 28% of your effort' just cause we said so... and not aware of any changes to this 'rate' since then.. unfortunately, most of us who hold the physical will have held it for more than a year and be stuck with the 28% 'long term' tax rate...the first link is to details on which states collect or don't collect bullion taxes, plus some IRS regs.   The info below that is from a ZACKs website...  Hope this helps... 
 
 
https://bullionexchanges.com/learn/taxation-precious-metals-irs-reporting
 
 
Gold and Taxes

The IRS classifies precious metals, including gold, as collectibles, like art and antiques. This applies to gold bullion coins and bars even though their value depends only on the metal content and not on rarity or artistic merit. You pay taxes on selling gold only if you make a profit. A long-term gain on collectibles is subject to a 28 percent tax rate, though, instead of the 15 percent rate that applies to most investments.

Tax Implications

Report gains from selling gold using Form 1040, Schedule D. If you owned the gold for more than one year, it is a long-term capital gain and subject to the 28 percent collectibles capital gains tax rate. If you owned the gold for one year or less, you have a short-term gain. Short-term gains are taxed at the ordinary income tax rates that apply to other income such as wages. You can report any loss from selling gold on Schedule D and use it as a tax deduction.



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Replies
Msg # Subject Author Recs Date Posted
210053 Re: Capital gains on PM bullion RPS: this is the last I heard on the sale of precious metals from the IRS okscouter 1 9/21/2019 9:05:24 PM
210064 Re: Capital gains on PM bullion RPS: this is the last I heard on the sale of precious metals from the IRS budfox47 5 9/22/2019 4:00:13 PM






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