Links: http://beginnersinvest.about.com/od/capitalgainstax/ss/capital-gains-tax-rates_4.htm Gold and Silver Are Taxed as Collectibles Gold and silver bullion, such as American Eagle gold coins, Canadian Gold Maple Leaf coins, and South African Krugerrand gold coins, are taxed at the same capital gains rate as collectibles. This includes Gold ETFs and Silver ETFs. Investors make a very real mistake assuming they will be able to pay the lower capital gains tax rate that is paid on stocks and bonds, sometimes causing them to experience painful surprises come tax day.
Here is a link : http://www.ehow.com/info_7814465_tax-rules-selling-gold-coins.html 1099-B * As of 2010, sales of gold bullion did not need to be reported on a Form 1099-B unless they conform with Commodity Futures TradingCommission (CFTC) futures contract specifications, which include requirements for quantity, purity and weight. Under the rules for 1099-B, though, sales in a 24-hour period must be aggregated to determine whether they fit the CFTC requirements. Exchanges of bullion for other goods or services also need not be reported unless they are made on a qualifying barter exchange. Changes in the Law * The health care reform act signed by President Obama in 2010 includes a provision that will change the way gold bullion dealers operate. Effective in the 2012 tax year, any purchase of gold bullion over $600 by a dealer will have to be reported on Form 1099-B. According to ABC News, this change in the law will vastly increase the number of 1099s that must be required and will provide the federal government with much more detailed information about dealer purchases of bullion. ______________________________________________ Visit the Archives at http://www.meteoritecentral.com/mailing-list-archives.html Meteorite-list mailing list [email protected] http://six.pairlist.net/mailman/listinfo/meteorite-list
