How are personal precious metal sales taxed?

December 10, 2013 by
Filed under: Rugs For Sale 


Question by : How are personal precious metal sales taxed?
Is it based on your profits or just a percentage of the entire sale price when you sell it? I have some metal that I received as a gift years ago, Silver Eagles, etc. I don’t have receipts etc. No one seems to be able to answer this question definitively.

Best answer:

Answer by Dave
They are not. Not until 2013 when the Obama Health Care section kicks in that eliminates that loop hole. If you sell now, you’ll be fine. If you intend to wait, you’ll need to determine the value of the items on the day you received them, and when you sell, and its reported, a value will be given at that time and you’ll either show a gain or a loss.

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Comments

One Comment on How are personal precious metal sales taxed?

  1. Jerry on Tue, 10th Dec 2013 6:06 pm

    Your other answer is not accurate. The following IRS list explains what collectibles are subject to tax.

    “Collectibles include works of art, rugs, antiques, metals (such as gold, silver, and platinum bullion), gems, stamps, coins, alcoholic beverages, and certain other tangible property.”

    There is clearly no exemption for sales of metals.

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