Get your taxes done using TurboTax

Yes. Funds that invest in precious metals like gold and silver are treated like collectibles for U.S. tax purposes, which means long-term capital gains from those funds will be taxed at a top rate of 28%, compared with a maximum rate of 20% for stocks. Short term gains will be taxed at the ordinary or marginal tax rate for your situation.

• IRS Snapshot of Collectibles

TurboTax can handle your collectible sale as you will see next.

To record your sale/redemption in TurboTax Desktop (non-online version) use the following steps:

1. Open your TurboTax Return > Search ( upper right) > type collectibles > Click the Jump to... link
2. Edit beside your Sale or Add More Sales > Continue (and Edit depending on where you are on your entry)
3. Enter the information about your sale on the screen 'Tell us about your 'Investment Firm' 1099-B'
4. Select the correct holding period covered or noncovered > Continue
5. On the 'any of these less common items on your 'Investment Firm' 1099-B?' select on Box 3 checkbox for collectibles > 
6. Enter any other information for this screen then select Done > Review the next screen and when finished select Continue
7. See the images below for assistance.

Note: Brokers are required to show 'noncovered' if they do not have the information about the cost basis or holding period. This happens usually for one of two reasons.  

1. The fund or stock was transferred to them from another broker and they don't have the history; or
2. It was held with them for longer than the IRS began to require this information from the broker. (The owner of the investment was always required to have this information in the past.