Taxes on the sale of Gold and Silver coins?

Question

I want to sell some old solid gold and silver coins. At what dollar amount do I have to declair this sale on my next year taxes. The sale will probably be less than $600.
Thanks

Answer 1

If you are filing a return, then you'd have to declare the sale if the sale price is higher than whatever you paid for them in the first place. The sale would be treated as collectibles gain, so would be taxed at a different rate than other capital gains.

Answer 2

You do not need to declare them as ordinary income if you have been in possesion of the coins more than one year. The gain is a long-term capital gain and a lower tax-rate.

You need to establish a cost basis. The cost basis is what you paid for the coins. If they were inherited or found, then your cost basis is $0. The amount you declare is the sales price minus the cost basis you used acquiring the coins.

The dealers will not withold any taxes at the time of the sale.

Answer 3

If you sell your coins at a dealer, the dealer is not going to issue you a statement for it.

Technically, if you made a profit on the sale, you should report it.

Nobody will be the wiser if you did not report it.

How well do you sleep at night? If you lets say made $ 300 bucks on the sale, and did not report it, would your sleep be affected by it? If yes, report it. If not, forget about it.

Answer 4

If you sell them through a dealer, they will tax them at the time
of the sale...

Answer 5

please e-mail me, I might be interested in them. The dealer will pay you by check, you will want to declare it as ordinary income on your taxes.