ErnieS0
Expert Alumni

Get your taxes done using TurboTax

No. Redeeming gold is not a taxable event because you still own it. Taxable events are sales of assets.

 

The IRS says you have a capital gain if you sell the asset for more than your adjusted basis. You have a capital loss if you sell the asset for less than your adjusted basis. Losses from the sale of personal-use property, such as your home or car, aren't tax deductible.

 

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