https://www.wsj.com/personal-finance/taxes/gold-taxes-capital-gains-98ac2835?mod=hp_lead_pos9
You Bought Gold at Costco. What Are the Taxes When You Sell It?
Learning the tax rules on gold could help avoid costly mistakes
By Laura Saunders, The Wall Street Journal, May 31, 2024
…
…net profits on gold sales are capital gains, but they’re often taxed at higher rates than other capital gains. …
Under laws enacted in 1997, physical gold and precious metals like silver or palladium are “collectibles.” This category also includes furniture, jewelry, art, wine, stamps and more.
The sale of gold coins or bullion held outside retirement accounts typically produces either capital gains or losses. Net gains or losses are short-term if the gold was held for a year or less before sale, and long-term if it was held longer than a year.
Tax rates on long-term capital gains
Long-term capital gains on gold sales are taxed at higher rates than those for gains on assets like stocks, bonds or real estate.
For gold sellers whose top income-tax bracket is 24% or below, the rate on net long-term gains is the same as the seller’s top rate on ordinary income…That’s higher than the 0% or 15% rate for long-term gains on securities. … [end quote]
There’s more in the article, including massive problems for holding gold in an IRA. Copyright rules prevent me from copying more than snips so if you own gold look up the original article.
Wendy