To find out if you need to file, check the Individuals section of the IRS website or consult the instructions for Form 1040, 1040A, or 1040EZ for specific details that my help you determine if you need to file a tax return with the IRS this year. So I know the word Taxes in our household is a BAD word..we never get money back and always pay in..what is the most money you have gotten back from the Government? Ours would be $0.00 dollars for example...
Thanks for this reminder. If you qualify, you will need to file a tax return. Sorry you don't get anything back. We usually get a little bit of money back each year, but not much. This was a helpful reminder for everyone to read.
If you bought, say 100 oz of gold back when it was $250 per ounce, and sold it recently for $1600 an ounce (just making those numbers up), you would have a tax liability for the profit. Your cost would have been $25,000 and your sale price was $160,000, so $160,000 - $25,000 = $135,000 and it would most likely be a long-term capital gain because gold hasn't been $250 for many years. But, yea talk to your CPA about it before you file.
Always talk to a financial/tax advisor about this. But yes you need to pay Capital Gains tax on your profit/gains. Sorry but taxes are something you should not and cannot avoid.
