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 · ‎March 23, 2021

JohnB5677 · ‎March 24, 2021

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.

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JohnB5677 · ‎March 24, 2021

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.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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