Reply With QuoteInteresting question.........VERY INTERESTING.Originally Posted by dragmerc
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Senior Member
anybody know how to buy gold without sales tax?
seems gold coins such as buffalo or eagle should be tax free since they were once legal tender?
i can understand bars or jewelry but not legal tender coins.
same should go for silver.
Senior Member
Interesting question.........VERY INTERESTING.
Senior Member
Here is what I found:
This is STRAIGHT from a legitimate investment site I use.
The IRS considers precious metals a “collectible” for income tax purposes. Gains on collectibles held for less than one year are taxed as ordinary income - the same tax treatment as short-term capital gains. Gains on collectibles that are held for more than one year are treated as long-term and taxed at a maximum rate of 28%. So if you are in a federal tax bracket of 28% or greater, your net long-term gains from collectibles are taxed at 28%. If you are in a federal tax bracket lower than 28%, your net long-term gains from collectibles are taxed at your regular rate. The “collectibles” designation includes most forms of investment grade gold and silver, including:
• All denominations of precious metal bullion coins and numismatic coins, bars, wafers, etc.
• Precious metal “rounds” and commemorative coins
• Certificates such as those from the Perth Mint
• Certain Exchange Traded Funds (ETF’s). Precious metal ETF’s are generally divided into three categories: physical-backed ETF’s structured as grantor trusts, such as the popular GLD. These ETF’s are generally taxed as collectibles. Second are securities “tied to” precious metals, such as mining stocks, mutual funds and mining ETF’s and Exchange Traded Notes. These are generally taxed as securities. Third are closed-end funds, which are also trusts which generally are treated as collectibles.
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