How does the IRS view results of transactions on the website "goldmoney"? Do they consider them to be LTCG(assuming the position is held for more than one year) and as a collectible at 28% CG?

russ226 — Tue, 23 Mar 2021 18:47:47 GMT

Re: How does the IRS view results of transactions on the website "goldmoney"? Do they consider th...

JohnB5677 — Wed, 24 Mar 2021 14:49:50 GMT

The IRS considers precious metals a “collectible” for income tax purposes.

Gains on collectibles held for less than one year are taxed as ordinary income - the same tax treatment as short-term capital gains.

Gains on collectibles that are held for more than one year are treated as long-term and taxed at a maximum rate of 28%.

So if you are in a federal tax bracket of 28% or greater, your net long-term gains from collectibles are taxed at 28%.

If you are in a federal tax bracket lower than 28%, your net long-term gains from collectibles are taxed at your regular rate.

The “collectibles” designation includes most forms of investment grade gold and silver.