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How/where can I sell a Gold old coin (probably has collectible value?

If I buy gold coins at today's prices and later sell at a higher price do I have to pay taxes on the gains?

  • If I buy online, I would have to pay a premium to the spot price plus shipping and possibly insurance. When I sell some day at a higher price, it wouldn't be because I am really profiting. Gold rises when there is inflation and the dollar loses value. So I would basically be buying gold to try to preserve some of my money. If the appreciation in gold price is taxed, how would it be tracked? I do have one gold coin that I've had for years, but since it was given to me, I'm clueless to what the buyer paid for it.

  • Answer:

    Yes. You must pay capital gains tax on the capital that you gain.

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Of course you do. It's considered a collectible and taxed at your ordinary tax rate, capped at 28%. If you don't know the basis, it's zero. As far as "forgetting" you had the coins when you file your taxes, gee, wouldn't it be lovely to have an audit and suddenly try to explain those deposits....

Quick Answers

Yea...why wouldn't you? Gold is an investment like any other. if you are buying for investment, consider ETF gold funds. They trade like a stock, you don't have to worry about the actual coin being stolen, and you can sell them easier than coins. Gold also can be volatile...so no more than 5% of your portfolio. Be careful...money does not come easy

prescientone

who is to know? there is no record as with a stock broker account

jack bauer

Yes, you must report the sale on schedule D (Form 1040). It is capital gain.

Jss

Yes, it is a commodity and subject to capital gains as any other investment.

Lone Woof

I agree with the person that told you that you can invest in Exchange Traded Funds or mutual funds in gold or precious metals. You will pay a smaller capital gains rate than if you invest in gold coins,

michael971

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