<\/span><\/h2>\nIf you’ve been looking at investing in gold, you’ll want to know what the tax laws are before you do it. You can invest in physical gold, or you can invest in gold futures and exchange-traded funds (ETFs). Each type has its benefits and disadvantages, so it’s best to talk to a financial advisor before making a decision.<\/p>\n
Physical gold is subject to capital gains taxes when you sell it. It’s also subject to sales and use taxes.<\/p>\n
If you decide to purchase physical gold, you’ll need to store it somewhere secure. This means you’ll need to find a reputable dealer. For added security, you may want to store the gold in a secure vault.<\/p>\n
Purchasing gold in bulk is another option. In a bulk transaction, you’ll buy a certain amount of gold at a predetermined price. Buying gold bars is a common way to do this. Bars are available from banks and brokerages. The markups are lower on bars than on country-specific gold coins.<\/p>\n
Another option for purchasing gold is an individual retirement account. Individual retirement accounts are often considered tax-efficient vehicles. An IRA can be held in gold, silver, platinum, or other precious metals.<\/p>\n
A gold IRA is a safe and secure way to invest in the yellow metal. Gold IRAs can be set up with a custodian, which manages the account. As with other IRAs, you can make cash contributions.<\/p>\n
You can choose to store your gold in an IRS-approved depository. The storage fees vary depending on the size of your account. Some of these facilities offer a low monthly fee, while others charge a fee for storing your precious metals.<\/p>\n
The tax rate on buying and selling collectibles is not as high as on physical gold. Gains on collectibles held for less than one year are taxable as ordinary income. However, if you hold collectibles for more than a year, you’ll pay a higher tax rate.<\/p>\n
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