Been buying gold for over 20 years. Recently started selling. Do I need to report income on sales?
Joe H asked:
Been buying gold / silver for 21 years as an investment. I have spent maybe $100,000 during the last 21 years. Gold prices have been creeping up… Recently I’ve been melting it down and selling it… Last year I sold about $30,000. Do I have to report it as income or do I report it as income after I make 100,000?
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Been buying gold / silver for 21 years as an investment. I have spent maybe $100,000 during the last 21 years. Gold prices have been creeping up… Recently I’ve been melting it down and selling it… Last year I sold about $30,000. Do I have to report it as income or do I report it as income after I make 100,000?
November 1st, 2009 at 8:10 pm
The profit is taxable. Max Hoopla
November 2nd, 2009 at 10:55 pm
son of a bit…where the hell were you when I needed investment advice 10 years ago? Joe Biden
November 5th, 2009 at 3:34 pm
All profits are taxable capital gains just like stocks. Gladys
November 7th, 2009 at 1:30 pm
You have to report whatever income comes in. . You don’t want to take your chances. more.less
November 8th, 2009 at 9:43 am
YOU need to report it. It is income. and taxable. period. SurfingLisa
November 10th, 2009 at 1:25 pm
You bought it gradually. You’re selling it gradually. You are making a profit on each sale. That profit has to be reported. You will need to consult a tax accountant to make sure you are correctly valuing the gold you sell. evilattorney