Are all gold bar sales considered collectibles to the IRS? On the 1099-B form I have, the issuer did not check Box 12 (Check if proceeds from collectibles).

[ToddL · Accepted solution]

Gold, silver & other precious metals (even if depository sales) are collectibles.

The IRS classifies precious metals, including gold, as collectibles, like art and antiques. This applies to gold bullion coins and bars even though their value depends only on the metal content and not on rarity or artistic merit. You pay taxes on selling gold only if you make a profit. A long-term gain on collectibles is subject to a 28 percent tax rate, though, instead of the 15 percent rate that applies to most investments.

[Anonymous]

Where does TurboTax allow for entry of precious metal sales without a 1099B?   I can find no way to ID these sales as precious metals.