What Are IRS Reporting Rules About Sale of Gold Coins?
Gold coins image by Dmitriy Lesnyak from Fotolia.com jQuery(document).ready(function(){ jQuery(‘#jsArticleStep1 span.image a:first’).attr(‘href’,’http://i.ehow.co.uk/images/a06/l0/of/irs-rules-sale-gold-coins_-1.1-800X800.jpg’); }); A 2010 change in law will impact the sale of gold coins. Because the value of gold soared to record levels while the value of many other investments plummeted, the buying and selling of gold coins became increasingly popular from early in the 2000s. The Internal Revenue Service long required taxpayers to report most gold coin sales on their tax returns, but a 2010 law changed the reporting requirements for these sales effective at the start of 2012. Rules for Brokers and Other Taxpayers In Publication 544, “Sales and Other Dispositions of Assets,” the IRS states that gold is a capital asset when held by a taxpayer. Any gain or loss that the individual sustains when he sells the gold is regarded as a capital gain or loss. Taxpayers are required to report the
