do you need to pay tax wen buying and selling gold coins?
Wednesday, November 28th, 2007
nutty asked:
I was told that the companies like Monex do not report when you buy/sell gold coins, but do report when you buy gold bullion. Is this legal and is this true?
To clarify, the point I’m making is that if you purchase coins you do not need to pay capital gains tax if there is a profit whereas on bars you do need to pay capital gains on profits. I was wondering if anyone can verify this.
I was told that the companies like Monex do not report when you buy/sell gold coins, but do report when you buy gold bullion. Is this legal and is this true?
To clarify, the point I’m making is that if you purchase coins you do not need to pay capital gains tax if there is a profit whereas on bars you do need to pay capital gains on profits. I was wondering if anyone can verify this.
