c******n
发帖数: 16403 | 1 【 以下文字转载自 Collectibles 讨论区 】
发信人: crazyman (嘉天之锡), 信区: Collectibles
标 题: 炒金子的税很高啊。。。。
发信站: BBS 未名空间站 (Sat Nov 20 17:04:29 2010, 美东)
http://www.nuwireinvestor.com/articles/how-the-irs-taxes-gold-investments-56
249.aspx
How The IRS Taxes Gold Investments
Published on:
Friday, October 15, 2010
Written by:
Keith Fitz-Gerald
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Gold prices keep heading for the sky, with new records being set practically
every month, and pundits predicting that prices will double within five yea
rs. However, is Uncle Sam the one reaping most of the rewards? Whether you b
uy gold bullion , futures, or exchange-traded funds (EFTs), the IRS conside
rs gold a collectible, or other non-investment vehicle, and you will get ta
xed at a much higher rate—even if you don’t sell to claim your profits. Se
e the following article from Money Morning for more on this.
gold taxes
Record gold prices are becoming an almost-daily headline, with the "yellow m
etal" making a run at $1,400 an ounce. And while this is great for the inves
tors who are along for the ride, there is an important caveat - your gold ma
y not be worth as much as you think it is.
Moreover, because of the tax consequences of ownership, chances are it'll ne
ver add up to what those guys hawking gold coins on late night TV lead you t
o believe.
But that doesn't mean you shouldn't invest. With an estimated $202 trillion
in unfunded pension liabilities and the global public debt clock ticking hi
gher, I believe gold and other precious metals should be a part of every inv
estor's portfolio.
I believe gold is going to double in the next five years and am not alone in
my expectations that all metals will be much higher - not in a straight li
ne, mind you, but higher than their current values. Legendary investor Jim R
ogers and U.S. Global Investors Inc. (Nasdaq : GROW) Chief Executive Office
r (CEO) Frank Holmes are just two of the experts who have voiced similar opi
nions about higher gold prices in the future.
So what's the problem?
According to the Internal Revenue Service (IRS), gold is considered a collec
tible - a capital asset with its own tax rate. This makes it no different fr
om art, antiques, stamps, certain coins, wines, or your favorite single-malt
scotch for that matter.No doubt this will come as a rude surprise for milli
ons of people who think they are investing in the precious metal. And if you
think this isn't a big deal, think again.
Gary E. Ham of the Beaverton, Ore.-based accounting firm of Jones & Ham P.C.
, notes that gold does not qualify for the 15% minimum tax bite that many in
vestors consider routine when calculating gains on investments held more tha
n a year (by that I'm referring to long-term capital gains ).
Instead, profits from gold investments are subject to a 28% maximum tax rate
if held for more than 12 months. And, if those investments are sold in less
than a year, the profits from gold count as ordinary income, which can also
be taxed at far higher rates. (And those "higher" rates could become a whol
e lot higher in the future, depending upon what strategies present and futur
e White House administrations resort to in order to deal with the mounds of
debt U.S. taxpayers will be financing for generations to come.)
On the bright side, taxes aren't triggered until there is a "taxable event,"
meaning you buy or sell your gold.
It's worth noting that the same is true for losses in that you can't use the
m to offset other taxes if you haven't actually had a taxable event.
However, the same is not true for investors who chose one of several popular
metals exchange-traded funds (ETFs) like the SPDR Gold Trust (NYSE : GLD),
the iShares Silver Trust (NYSE: SLV), or the iShares COMEX Gold Trust (NYSE:
IAU). Holders of these investments can be held accountable every step of th
e way.
Precious metals ETFs are set up as something called a "grantor trust," accor
ding to Barron's and the IRS. This means that ETF investors are treated as o
wning undivided interests in the actual metal that's owned by the fund. Ther
efore, when the ETF sells some of its gold for any reason, investors are lia
ble for gains or losses from the sale. And this has to be reported to the IR
S as part of gross income even if a cash distribution from the sale is never
received.
There also are wrinkles depending on how an ETF achieves its objectives. For
instance, both the PowerShares DB Gold Fund (NYSE: DGL) and PowerShares Sil
ver Fund (NYSE: DBS) use futures contracts to mimic underlying direct gold i
nvestments.
This means that they fall prey to something the IRS calls the "mark-to-marke
t" method, which stipulates that any futures contracts held at the end of a
calendar year will be treated as if they were sold at fair market value. Thi
s is called a "deemed sale."
Where this matters to investors is that each shareholder is then, in turn,
liable for his or her pro-rata share of the taxes on the deemed sale even if
the underlying asset (the futures contracts the fund owns) haven't actually
been sold.
The one area of wiggle room still left to investors who want to own precious
metals funds, and who also want to potentially mitigate the tax impacts of
doing so, is to hold such investments in their IRAs or 401(k) plans.
But - and I often get this question - coin collectors should note that regul
ar gold coins don't qualify. The IRS says you can include only 24 karat gold
bullion and coins demonstrating a 0.995+ fineness and silver coins and bars
with 0.999+ fineness in tax-deferred accounts.
If you're beginning to get the idea that the IRS wants a piece of your hide
no matter how you invest in precious metals, you're right. That's certainly
the case, and I can't possibly cover all the scenarios, so I'll end with one
final thought.
No matter whether you are just beginning to invest in gold or have establish
ed a meaningful position in the precious metal, please take a minute to talk
with your accountant or tax professional.
If gold doubles in five years or less - as I expect it will - the last thing
you'll want to do is hand over a sizable portion of your gains to Uncle Sam
just because you made the right decision to preserve your wealth.
This article has been republished from Money Morning. You can also view this
article at Money Morning, an investment news and analysis site. |
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