Taxes and Numismatics (also related collecting and investing)
oreville
Posts: 12,148 ✭✭✭✭✭
Hopefully, this will be a thread that will combine all of all discussion of tax rules relating to numismatics and related collecting and investing in various areas. It is so hard to find all of the discussion of tax rules that we have posted in the past since they are so fragmented into numerous threads.
Here is a start:
Here is a well stated tidbit of tax commentary:
Gold and silver ETFs such as StreetTracks Gold Shares (GLD) and iShares Silver Trust (SLV) are classified as collectibles by the IRS and are taxed at a higher 28% capital-gains rate in the U.S. if held for more than one year.
Also, the new commodity ETFs such as PowerShares DB Commodity Index Tracking Fund (DBC) tend to use futures contracts. When these funds "roll" the futures, meaning they move into longer-dated contracts to maintain exposure rather than taking physical possession of the commodities, any capital gains are passed along to investors and taxed as 60% long-term gains and 40% short-term gains.
"It's not a slam-dunk that ETFs are always going to be more tax efficient," Morris said.
(END) Dow Jones Newswires
10-16-06 0040ET
Copyright (c) 2006 Dow Jones & Company, Inc.
Posted with permission with Dow Jones & Company, Inc.
Here is a start:
Here is a well stated tidbit of tax commentary:
Gold and silver ETFs such as StreetTracks Gold Shares (GLD) and iShares Silver Trust (SLV) are classified as collectibles by the IRS and are taxed at a higher 28% capital-gains rate in the U.S. if held for more than one year.
Also, the new commodity ETFs such as PowerShares DB Commodity Index Tracking Fund (DBC) tend to use futures contracts. When these funds "roll" the futures, meaning they move into longer-dated contracts to maintain exposure rather than taking physical possession of the commodities, any capital gains are passed along to investors and taxed as 60% long-term gains and 40% short-term gains.
"It's not a slam-dunk that ETFs are always going to be more tax efficient," Morris said.
(END) Dow Jones Newswires
10-16-06 0040ET
Copyright (c) 2006 Dow Jones & Company, Inc.
Posted with permission with Dow Jones & Company, Inc.
A Collectors Universe poster since 1997!
0
Comments
Morris who?
Ray
The name is LEE!
Didn't wanna get me no trade
Never want to be like papa
Working for the boss every night and day
--"Happy", by the Rolling Stones (1972)
It's not like you can turn your shares in for physical metals.
<< <i>Good info, thanks. How about some tax planning ideas to reduce board members' taxes.
1. Get a good a good "tax guy" and keep him updated on your financial/collecting/investing plans and activities.
2. Do as advised.