Sale of Silver Coins/Bars

[HunniB]

Where/how do I report the sale of silver coins?  Do I report if there is a loss, which there is?  Do I report if there is a gain?  Just trying to make sure I am doing things correctly.  I just need information on where/how on my TurboTax filing.  It appears that I may not be going to receive a 1099B.

[Anonymous_ · Accepted solution]

There is a difference between coins and bars; coins are collectibles while bars are not and the capital gains tax rate on collectibles is 28%.

See https://www.irs.gov/taxtopics/tc409

In TurboTax, you would enter the sale in the Stocks, Mutual Funds, Bonds, Other subsection of the Investment Income section.

Note that you cannot deduct a loss on the sale of collectibles (such as coins) that you held for personal use.

[HunniB]

Thank you so much for that reply!!!  Since I have a loss in both bars and coins, I understand now that I cannot take the coin loss, but can I take the bars loss?  I took a look at the IRS link and ended up still a bit unclear, but that is probably my lack of comprehension!  Again, thanks for that info and if you do know about the bar loss option, just let me know.  So appreciated!

[Anonymous_]

A loss could be recognized on the sale of the bars, if they had been held for investment purposes. 

Note that it is possible for the coins to have been held for investment purposes, in which case a loss could be recognized.

[HunniB]

THANKS AGAIN!!! They all were indeed investments held at the entity they were purchased from and then sold there as well.  I am not sure that they issue 1099s of any type but may inquire on that.  If they don't though, I notice that on my TurboTax income form, it is asking for the 1099 form info, which I clearly don't have.  I do have my cost basis from the entity along with the sale amounts from the entity as well, so perhaps that is permittable.  Thanks again.