Posted on 05/06/2026 6:50:16 AM PDT by delta7
Introduced in House (05/07/2024) Monetary Metals Tax Neutrality Act of 2024
This bill exempts gains or losses from the sale or exchange of certain coins or bullion from recognition for income tax purposes. The exemption applies to gains or losses from the sale or exchange of (1) gold, silver, platinum, or palladium coins minted and issued by the Department of the Treasury; or (2) refined gold or silver bullion, coins, bars, rounds, or ingots that are valued primarily based on their metal content and not their form.
https://www.soundmoneydefense.org/
However, gold shouldn't be in the higher tax collectible category vs. normal capital gains like most investments.
A gold ETF is as good as a promissory note from a Hobo. 🙄
So it's fine just so long as I convince the next guy I sell it to that my hobo is a good one.
Substitute "Federal Reserve Note" for "gold ETF share" and you get the basis for our entire economy.
The really annoying detail is that a "capital gain" on a precious metal is really a currency debasement. You're being taxed on the devaluation of your currency against the stable value of the precious metal. The government screws you twice.
Disagree. Speculating in paper is not the same as having physical possession of a mineral.
“This Bill is still alive”
>> Latest Action: House - 05/07/2024
“Speculating in paper is not the same as having physical possession of a mineral.”
If you have physical possession, someone can take it.
https://en.wikipedia.org/wiki/Martin_A._Armstrong#Hidden_rare_coins_cache
“Oddly, you don’t get a break if the price drops below the acquisition price. “
You can take the loss on your tax return.
Partially correct. You can use losses to offset gains to reduce net taxable income of investment funds. You can't take losses (stock sold at a loss) against earned income (W2) to reduce AGI for federal taxes.
I had a net investment in bitcoin of around $8,000 that was grown into 5 full bitcoins. The party handling my account magically disappeared taking my bitcoins and investment. I have little expectation of ever laying my hands on the principal or gains.
“However, gold shouldn’t be in the higher tax collectible category vs. normal capital gains like most investments.”
How about no tax!
100 oz bullion triggers 1099-B
25 1 oz gold coins triggers a 1099-B.
And LT holdings are capped at 28%.
“Partially correct. You can use losses to offset gains to reduce net taxable income of investment funds. You can’t take losses (stock sold at a loss) against earned income (W2) to reduce AGI for federal taxes.”
If an investor never has any gains he shouldn’t be investing.
Unused losses can be carried over.
Thanks for clarifying that your original post was not correct.
Only if every other investment is tax free. Gold shouldn't be treated as special just because it is real shiny unlike Apple stock which is paper. Once you declare one investment as special, then every interest group wants theirs tax free and will rent representatives and senators (they can only be rented because they aren't honest enough to stay bought) to get their way.
“Only if every other investment is tax free. “
It does not depend on other investments
To make my opinion clear: this bill is a bad idea. Gold should not be treated differently from other investments. If you invest $1000 and sell for $1500, you should pay the same tax on that $500 gain whether it is gold coins, copper, stocks or land. The profit from buying and selling gold should not be tax free while every other capital gains is taxed. Toss HR 8279 into the trash can of bad legislative ideas.
Right now gold is treated worse than other investments. That disadvantage should be removed to set previous metals and other collectibles to be the same as any other investment. But it should not be given a legislative advantage.
Would I like lower taxes? Yes. But it should be done across the board rather then piecemeal in a way that invites future bribery to give a less favored category a new advantage.
“Right now gold is treated worse than other investments.”
I have cashed in many gold coins without paying any gains tax.
OTOH, any and all gains on my stocks are recorded on my 1099.
Don't say that in front of the IRS. Just because it is below the level the buyer has to give you a 1099 doesn't mean you aren't supposed to report it yourself on the tax forms.
Maybe you meant to say you lost your gold in a tragic boating accident while trying to catch goldfish.
“Just because it is below the level the buyer has to give you a 1099”
And that treatment is unfavorable compared to stocks where there is no minimum for the 1099?
“Maybe you meant to say you lost your gold in a tragic boating accident while trying to catch goldfish.”
Then they would ask why no loss was claimed.
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