If you own physical gold that you've sold or plan to sell than you need to know that it is taxed at a special rate, along with art, rare coins, and stamps. These items are known as collectibles and they carry a separate tax rate depending upon your AGI.
If you hold for less than a year you're taxed at a rate of your ordinary income. But if you hold it longer than a year than it could be at 28% rather than the capital gains rate of 15% for single people making less than $400k.
This applies to gold bars, coins, gold certificates, and gold gram accounts.
RSS Feed
