US Taxes on Gold Capital Gains?
In the USA, what are the tax rules for capital gains on gold?
Consider the scenario,
buy gold today
hold it for a few years
the gold appreciates in value
sell the gold for more dollars than before
In Canada, our accountant tells us that when
the gold is sold, tax must be paid on the capital gains.
Only half of the capital gains is taxable.
So, given a capital gain of $1000, only $500 is taxed.
If gold was used in trade, say 1 gold coin for a suit
of clothes, the transaction must be priced at the fair
market value of the gold coin. And the gain realized.
Such a shame,
Interestingly, our accountant says that cash is never taxed,
because it depreciates. 🙂
What are the tax rules in the USA?
Thanks a lot!