A bill introduced in Congress would repeal capital gains taxes ongoldandsilver.
Alex Mooney (R-WV) introduced HR2284. Titled the Monetary Metals Tax Neutrality Act, the legislation would eliminate capital gains, losses and all other federal income calculations on gold, silver, platinum, and palladium bars and coins.
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Under the current law, the IRS categorizes gold and silver bullion as capital assets and characterizes gold and silver coins as “collectibles,” subjecting them to capital gains taxes.
Under the proposed law, “no gain or loss shall be recognized on the sale or exchange of (1) gold, silver, platinum, or palladium minted and issued by the Secretary at any time or (2), refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their…
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