topic Loss on sale of precious metals. in Deductions & credits

Loss on sale of precious metals.

nw4cyda3 — Thu, 06 Jun 2019 09:57:24 GMT

Capital loss on precious metals purchased & sold through precious metals dealer. Is this deductible?

This, from Turbo Tax Help: If you sold an item you owned...

CherylW — Thu, 06 Jun 2019 09:57:25 GMT

This, from Turbo Tax Help:

If you sold an item you owned for personal use, such as a car, refrigerator, furniture, stereo, jewelry, or silverware, your gain is taxable as a capital gain. You cannot deduct a loss.

However, if you sold an item you held for investment, such as gold or silver bullion, coins, or gems, any gain is taxable as a capital gain and any loss is deductible as a capital loss.

To input it into Turbo Tax:

Go to Income.
Select I'll choose what I work on.
Go down to Investment Income.
Click Start or Update by Stocks, Mutual Funds, Bonds, Other.
Click + Add more sales.
Answer No to Did you get a 1099-B or a brokerage statement for these sales?
Select Personal Items, and Turbo Tax walks you through the rest of your transaction.

To check to see if it went on your return correctly,

Go to My Account.
Go to Tools.
Go to View Tax Summary.
Go to Preview my 1040.

Thanks to Cheryl W for her swift and complete answer to m...

nw4cyda3 — Thu, 06 Jun 2019 09:57:27 GMT

Thanks to Cheryl W for her swift and complete answer to my question. It clarified a muddy question.

Re: Loss on sale of precious metals.

BrettKaplan57 — Tue, 11 Feb 2020 01:34:41 GMT

I just tried submitting my capital loss for silver bullion using a personal item but it said I cannot use this as a tax-deductible item. However, when I changed it to "other" from "personal item" I was. Is this ok?

Re: Loss on sale of precious metals.

DMarkM1 — Wed, 12 Feb 2020 15:34:28 GMT

"Other" is perfect, since the bullion was not actually for personal use.