Tax Issues With Gold & Other Precious Metals
Some taxpayers prefer to invest in physical assets like gold and other precious metals instead of stocks, bonds, cryptocurrency, etc. The move to invest in gold and other precious metals may also occur when the values of these assets reach record levels, the stock market declines steeply, or when taxpayers desperately need cash.
Some actions taxpayers may take include:
-
Invest in gold and other precious metals and gems.
-
Sell their personal jewelry for the gold, silver and precious gem values.
-
Sell gold and silver coins they have owned for many years.
All of these actions can come with tax implications. This chapter deals with some of the unique tax issues associated with precious metals and gems.