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What is the tax rate on silver bullion? Is it treated like a collectible (28%)? Or 15% capital gains tax rate?
23Mar2008 Filed under: CorporationsQuestion:
I have heard conflicting reports about the tax rate for silver bullion - some saying "numismatic coins" are treated as collectibles (28%) - but bullion long term is only 15% - anyboby know the definite answer ?
Answer:
The tax rate on collectibles is 28% which are defined as stamps, antiques, gems and most COINS). Buillion is an investment grade asset and therefore subject to capital gains rates. See IRC Section 1221 for definitions of Capital Asset (or more specificaly, what is not a capital asset).
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