Selling Gold/Silver and Goverment Taxes

[wilspeak]

When I Buy Gold or Silver bars and then sell them, do I have to report any profit to the IRS?

[silversky]

Can't comment on the USA but in the UK as long as we buy British legal tender coins from the Royal Mint, then it is exempt from capital gains tax.  This only applies to British legal tender probably for historical reasons.   When selling any other forms of assets, including the legal tender of another country, if we have made gains that exceed our annual tax free limit for capital gains of £11700 (gain) then we must declare it and pay tax on the gains above that.  I would be interested to know how your system operates and no doubt another American on here will illuminate us.

[Pete]

9 hours ago, wilspeak said:

When I Buy Gold or Silver bars and then sell them, do I have to report any profit to the IRS?

Probably not since the NSA will already know the full details ... only kidding !!

I thought you folks in the USA got bottomless opportunities to buy and sell stuff without paying taxes, adding deductibles for cars, boats and aeroplanes against taxable income.