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Is gold taxable? The short answer is Yes. 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. In normal circumstances, you are required to report sales on your own. There are cases where a 1099-B form is submitted to the IRS on your behalf. I'll run through those cases.
✅This video focuses on federal capital gains tax, not state or municipal sales tax.
😉I also want to be clear that I don't have any gold. Mine was all lost in an unfortunate boating accident.
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NOTE: I am not a tax accountant or financial planner. I'm just a guy on the internet, talking about precious metals. You'll need to consult a tax professional for complete details. Always do your own research before buying or selling gold or silver.
