Question by  stephblake (205)

If I sell silver/gold bullion/coins, and then buy more of similar precious metals at the same time, how will I be taxed if the amount purchase exceeds the amount sold.

This would all be with the same broker.


Answer by  MSH (305)

you would have to show that these were investments not for personal use. You would then treat it as a like kind exchange to establish that it should not be taxable. The key is that it must be only for incestment purposes and nothing else. Keep all your records and you would also look at deducting you expenses


Answer by  Att4372 (1704)

A like kind exchange (called a 1035 exchange) must be for the same class of property. Gold and silver are NOT the same class. Bullion and numismatic are not the same class. You sell, have a third party hold the proceeds, then use them to make the buy. Gains deferred.

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