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if i were to sell 20-30K in metal - tax consequences?
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<p>[QUOTE="9guns, post: 1122189, member: 26044"]this is what i was told</p><p><br /></p><p>One fact that is rarely mentioned is that even the government doesn't count gold as an investment. For tax purposes, gold is considered a collectible. Rather then the 15% capital gains tax levied on investments held longer than 1 year, profits on gold are taxed at 28%, same as if you sold a painting or sculpture or other piece of art or collectible item</p><p><br /></p><p>The only way around that is to hold it in a tax-free account like your Roth. You can buy a gold ETF and avoid that tax hit. I'm not recommending that, but that would be the way around the tax issue.[/QUOTE]</p><p><br /></p>
[QUOTE="9guns, post: 1122189, member: 26044"]this is what i was told One fact that is rarely mentioned is that even the government doesn't count gold as an investment. For tax purposes, gold is considered a collectible. Rather then the 15% capital gains tax levied on investments held longer than 1 year, profits on gold are taxed at 28%, same as if you sold a painting or sculpture or other piece of art or collectible item The only way around that is to hold it in a tax-free account like your Roth. You can buy a gold ETF and avoid that tax hit. I'm not recommending that, but that would be the way around the tax issue.[/QUOTE]
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