Italy seeks to impose one time tax on privately held gold

This is serious stuff!

"The proposal would allow individuals to pay a 12.5% tax to certify the market value of bullion, gold jewellery and collectible coins for which purchase records are missing, the same rate as on government bonds. The certification has to be done by June 2026.

Under current rules, the lack of proof of purchase can lead to a 26% tax on the entire sale value, rather than just the actual capital gain. This has discouraged people from selling their inherited gold on the official market and pushed some transactions into informal or undeclared channels, limiting market liquidity and tax revenues, "

@MsMorrisine said:
just a note that in the us that gold investments sold without a documented purchase price are taxed with a $0 cost basis. this means the capital gains taxes are on the full sales price

liquidity. funny.

Same with anything sold - from a used pair of knickers to a kilo of gold

@MsMorrisine said:
just a note that in the us that gold investments sold without a documented purchase price are taxed with a $0 cost basis. this means the capital gains taxes are on the full sales price

I think you could make the argument that the cost basis is a least the face value of the coin.

@MsMorrisine said:
maybe it is undocumented because it is a gift with no cost basis

LOL. The gift would still carry the original cost basis - the face value of the coin. - .