You Bought Gold. What Are the Taxes When You Sell It?
Gold is glittering. Recently, the spot price was around $2,403 an ounce, up about 21% in the past 12 months. Some buyers are snapping up gold bars and coins, while others are investing in funds holding bullion.
For many reasons, today’s gold buyers could become tomorrow’s sellers, and—as this column often warns—the time to learn about taxes on an investment is before buying, not after. Being aware of the tax rules on gold sales could help avoid costly mistakes.