Precious metals

Forum|Forum|2 years ago
October 25, 2023
1 reply
7 views

Should the purchase of gold, silver, etc be reported on taxes, or are my only reported when sold?
And if they are supposed to be reported, how do you show them on your tax return?

Thank you!

Ask the Experts - Extension - Sept 2023

jscottjr_CPA

Level 2

Hello and thanks for reaching out today.

The purchase of precious metals is not a reportable event for tax purposes and in most cases does not need to be reported on your return. An exception would be if you purchased the gold for instance, with another asset like Bitcoin. There you might have a reportable gain or loss on that transaction.

When you sell those assets, any gain or loss will be reportable on your tax return as capital gains for the year that the sale occurs.

Regards,

jscottjr_CPA

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