It’s your responsibility to pay capital gains taxes on gold coins when you sell them for a profit, and a qualified CPA or tax attorney can tell you exactly how much you owe based on your total profit and the length of time you held the gold.
Fort Worth, TX (PRWEB) March 05, 2014
Certified Gold Exchange has issued a general tax advisory to all gold coin owners after a recent Forbes article by contributor Robert W. Wood highlighted the fact that a California couple who stumbled upon 1,427 gold coins will end up paying about half the value of those coins in taxes once the coins are sold. The anonymous couple had the gold coins certified by PCGS and plans to sell most of the pieces through auctions and Amazon.com, and Certified Gold Exchange spokesperson Janet Jones believes all gold investors should be well-informed about possible tax liabilities and/or reporting requirements.
“There is a lot of misinformation out there and the IRS compounds the problem by frequently changing the rule,” said Jones from the company’s headquarters in Fort Worth, Texas. “Uncle Sam wants his cut anytime you sell an investment for a profit, but PCGS gold coins are completely private until you sell.”
“The California couple will be required to pay state and federal taxes on the income derived from the sale of those coins, and a treasure trove tax will also be assessed because of the origin of the money,” Jones said. “If you buy PCGS gold coins and sit on them you are not required to report or pay anything. It’s your responsibility to pay capital gains taxes on gold coins when you sell them for a profit, and a qualified CPA or tax attorney can tell you exactly how much you owe based on your total profit and the length of time you held the gold.”
Certified Gold Exchange, Inc. is one of North America’s premier precious metals trading platforms, providing unparalleled service to licensed dealers, institutions, and household investors since 1992. Certified Gold Exchange maintains an A+, Zero Complaint Better Business Bureau rating. For more information or a free “Gold Investor’s Guide,” visit http://www.certifiedgoldexchange.com or call 1-800-300-0715 today.