Sale Of Gold Coins

[gman]

Sale of gold coins would be reported on Sch D with code C-no 1099??

thanks

[ChEAr$]

Sale of gold coins would be reported on Sch D with code C-no 1099??

thanks

I don't know what you mean about a 1099 but gold coins are collectibles. So yes, schedule d, and taxed at 28%.

[Gary2]

Sale of gold coins would be reported on Sch D with code C-no 1099??

I'm going to jump on the code versus box distinction before bad habits build. It's bad enough we have these convoluted forms without mixing up terminology.

There is no code C, at least not yet. There is a box C. The codes that go into column (b) are documented in the instructions for Schedule D and Form 8949; none of them relate to collectibles.

Why make a point of this? Because there's already a code B (as well as a box B), and I wouldn't put it past the IRS to introduce codes A or C in the future. So let's avoid confusion by calling a box a box.

[Gene V]

Sale of gold coins would be reported on Sch D with code C-no 1099??

thanks

I willing to bit, that 80% of your clients don't report the sales of gold coins--the dealers never take down their SS# and they don't issue 1099's, so the clients think they don't have
to report the gain.
JMO

[S T]

I don't see a Code C either on my 8949/D Form or at least not on my Software Input.

And agree with others - Gold Coins would be reported as 28% collectibles

Sandy

[DonPriebe]

Yes, if you sell your gold coins and do not receive a 1099-B, the sale is reported on a (separate) 8949 with box C checked.

Yes, the gain is subject to the 28% tax, but there is nowhere on the 8949 to indicate that. You (or your software) fill out the 28% Rate Gain Worksheet on page D-11 of the Schedule D instructions which flows to line 18 on the back of the Schedule D.

[thomtax]

There are gold coins that are collectibles. However, there are gold coins that are "bullion" coins, that is the value is in the actual gold, nothing "collectible" about them, the same as if you bought a gold bar. Does the IRS make a distinction for these?

LT

[Burke]

No. It is still taxed at max rate of 28%. Includes all silver, gold and precious metals, gemstones.

[Y2KEA]

28% is the long term rate. TTB 6-8.

[Burke]

Yes, I failed to make that distinction. You are correct. I should add to my previous post that mutual funds which include these types of investments and trades are under the same rules. They should and usually do, in my experience, report those long-term gains separately as subj to 28% max cap gains rate.