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Andrew Schwartz CPA
Mar 18, 2008 - 7:09PM
Re: Taxes on Gold

As with all investments, there is nothing generally to report to the IRS unless the investment generates income or is sold.

Since gold generates no income, my understanding is that there is no annual reporting requirement. When you sell the gold, you need to report the gain or loss realized on the sale. I believe you treat the transaction as a sale of a collectible, which is taxed differently than the sale of stocks, bonds and other securities.

Based on what is going on in the financial markets, it looks like you picked a good time to buy some gold.

Zip Code: 01801

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