Gold and Silver are susceptible to capital gains tax and there are times when purchases or sales will be reported to the IRS. I talk about when capital gains tax on precious metals applies and how much it is. I also go over which gold and silver items are reported to the IRS when they are sold in certain quantities. I AM NOT A FINANCIAL ADVISOR OR TAX EXPERT. DO YOUR OWN RESEARCH AND CONTACT A PROFESSIONAL. The IRS 8300 from is filled out and sent to the IRS when you purchase over $10,000 in gold or silver with cash. The IRS 1099-B form is filled out when you sell certain amounts of precious metals in certain quantities. You are required to report profits on sales of precious metals to the IRS and pay the capital gains tax of up to 28% on your own. You are only required to pay the capital gains tax on profits from gold sales or silver sales. JMBullion Infographic on Gold and Silver Taxes and Reporting:
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Topics I cover in this video: taxes on gold and silver, taxes on gold, taxes on silver, taxes on precious metals, silver tax, gold tax, selling gold and silver, capital gains tax on gold, capital gains tax on silver, capital gains tax on precious metals, gold reporting, silver reporting, irs form 8300, irs form 1099-b, gold and silver reporting, investing in gold, investing in silver
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