Personal Investments • Re: Costco gold

Far too much is made of selling gold. The point isn't to sell it, its to hold it as hard cash and pass it to your heirs when you die.

Well of course, if possible. No capital gains taxes then either, at least according to current law.

Is gold taxed at cap gains rate? I thought it was taxed as a collectible. A higher rate.

It is a capital gain that is taxed at your personal rate or 28%, whichever is less, assuming you hold it for the 1 year LTCG period.
The 28% rate is called the "collectibles" rate because collectibles were the assets that were left out of the capital gains tax reductions in the Reagan tax cuts.
But it's still a capital gain, so you can set capital losses against it 1-1.
And of course the same holds true if you sell it at a loss; that's a capital loss that can be set off against any capital gains.

Statistics: Posted by technovelist — Mon Sep 30, 2024 8:46 pm

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