How do they tax physical gold?
In the comment section of a the blog "Deciding to live on the gold standard? Help!", I had the short conversation:
ReadEmAnWeep (36.43) wrote:
If you convert all your assets to gold, or lets just say invest in physical/actual gold, do you avoid taxes on the appreciation?
No, unfortunately gold and silver are treated by the IRS as "collectibles", giving them the highly ironic ability to tax them at the highest capital gains rates.
man, that figures. I thought I had finally found a nice little hole. lol.
I was just wondering how they can tax physical gold. Do they keep track when you buy/sell a 1 oz. gold coin? Or is it something that is marked on your tax forms?