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<p>[QUOTE=&quot;WebNomad, post: 779733, member: 22204&quot;]Thanks for all the replies and the information! Now that we have established that we must pay <b>A LOT OF </b>taxes when selling gold, here are some small but maybe also important details I&#039;d like to clarify -</p><p><br /></p><p>1. Consider a hypothetical situation: I bought a gold bullion at $1000, and after a while I sold it for $1200 and made $200 in profits. So, shall I report the tax on the $1200 gross income or on the $200 profits only? Also, how does inflation factor into the calculation?</p><p><br /></p><p>2. How is this tax reporting enforced? Does the buyer (local dealer or pawn shop and the like) report your selling to IRS, or is it entirely up to you? And do you have to keep all the buying and selling paperwork for tax reporting?</p><p><br /></p><p>Thank you all![/QUOTE]</p><p><br /></p>

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