Thursday, December 24, 2009

Tax On The Sale Of Gold Bullion

Question: What is the tax on the sale of gold bullion held as an investment?

Answer: Gold bullion gains are taxed at the collectible rate, which is 28%. Collectibles include works of art, rugs, antiques, and metals - including gold, silver and platinum bullion - gems, stamps, coins, or alcoholic beverages. If a partnership, S-corporation, or trust has appreciated value due to collectible holdings, the gain on the sale of those entities is taxed at the collectible rate of 28%.

However, gains on the sale of corporations involving collectible production - such as a gold mining company, are taxed at the regular capital gain tax rate which depending on the shareholders AGI (adjusted gross income), may range from 0% to 35%.

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