Ready to sell? There are some things you need to know. Like, are capital gains on gold taxable? (They are.) Both gold and silver (and all precious metals) are considered collectible assets and are taxed on short- and long-term capital gains. This video covers capital gains implications on precious metals in the United States and attempts to clear up the recent updates to the 1099-b reporting requirements. In normal circumstances, you are required to report sales on your own. There are cases where a form 8300 or 1099-B is submitted to the IRS on your behalf. I'll run through those cases.
IRS Draft update: https://www.irs.gov/pub/irs-dft/i1099b--dft.pdf
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HELPFUL VIDEOS
▸ Gold Coins 101: https://www.youtube.com/watch?v=-UlXxpKtIeE
▸ Gold Buying 102: https://www.youtube.com/watch?v=1f_NtbYE-FQ
▸ Storage: https://www.youtube.com/watch?v=zw29iLS-ltc
▸ Capsules: https://www.youtube.com/watch?v=m7lSvVq3FFc&t=148s
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All content here is for entertainment purposes ONLY. Nothing I present shall be considered financial, tax, legal, insurance, or other advice and may be outdated or inaccurate. I am not a financial advisor and am not qualified to give financial advice. I'm just a guy on the internet, talking about precious metals.
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