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Ringos

Precious Metal US Tax Guide

Updated: January 1st, 2020

The following information pertains to US taxpayers only and is not intended as nor should be considered personal tax advice. Long-term and short-term capital gains tax questions fall under the class of topics for which you should consult an authorized tax professional.

It is generally understood that profits derived from the sale of precious metals are subject to a capital gains tax of 28%. The reporting of those gains is subject to U.S. law and the conscience of each individual.

Ringos provides statements which clients can provide to their accountant which will enable them to calculate and report any capital gains you may be liable.

This includes all forms of precious metals (other than jewelry), such as:

As far as sales tax, you are making your precious metals purchase digitally through Rignos, so your purchase here is tax- free. This is because you are not taking direct possession of the precious metal, then sales tax does not apply. This provides you with considerable savings since taxes can be as high as 7%.

Keep in mind that the Patriot Act obligates a dealer to report any "suspicious customer activity". There's a lobbying arm for our industry, the Industry Council for Tangible Assets. Their efforts are mostly for dealers, but their website contains valuable information on this topic.

Always remember, proper financial planning remains incomplete until you consider the endgame consequences of your investment decisions.

Simplicity is the ultimate sophistication