Friday, June 8, 2012

Been buying gold for over 20 years. Recently started selling. Do I ...

Q&A: Been buying gold for over 20 years. Recently started selling. Do I need to report income on sales?

Been buying gold / silver for 21 years as an investment. I have spent maybe $ 100,000 during the last 21 years. Gold prices have been creeping up? Recently I?ve been melting it down and selling it? Last year I sold about $ 30,000. Do I have to report it as income or do I report it as income after I make 100,000?

Answer:

The profit is taxable.

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