Hi.
When you buy gold you get an invoice/receipt. When you sell gold you get an invoice/receipt.
The difference when you sell can be positive or negative. That’s called a capital gain or loss.
Factors like timing come into play. Short term capital gain/loss, long term capital gain/loss.
Reportable on your IRS form 1040. I forget which schedule.
Hope that helps.
5.56mm
I don’t have much in terms of coins or jewelry.
I really wonder how these little antique dealers do it.
If they sell a piece of jewelry or some other item like a piece of furniture or painting they need a receipt of the previous purchase?
How about a postage stamp dealer? They buy a collection then sell it off in pieces, keeping tract of that?
It seems you won’t be able to sell anything used unless you’ve kept receipts.