Tax on Selling Gold in the US
Gold and silver held more than a year are taxed as collectibles, at a maximum 28% federal rate (not the usual 0/15/20%), plus the 3.8% Net Investment Income Tax for higher incomes; held a year or less, gains are taxed as ordinary income (10–37%). Gold ETFs structured as grantor trusts, such as GLD, are taxed the same way.
Facts checked 26 October 2026 · Not financial, legal or tax advice
At a glance
| What you sell | How the gain is taxed | Notes |
|---|---|---|
| Physical gold (coins, bars, jewellery) | Long-term (over 1 year): collectibles rate, max 28%. Short-term: ordinary rates, 10–37%. | Plus 3.8% NIIT above $200,000 income (single) / $250,000 (joint). |
| Physical silver | Same as gold: collectible, max 28% long-term. | Plus NIIT. |
| Gold ETFs (grantor trusts, e.g. GLD) | Taxed like the metal: max 28% long-term. | Check each fund's structure. |
How gold gains are taxed
- A gain on gold or silver held as a capital asset is a capital gain: long-term if you held it more than one year, short-term if one year or less.
- Long-term gains on collectibles are taxed at a maximum of 28%; the law counts "any metal" and coins as collectibles, including the bullion coins that can be held in IRAs. The 28% is a ceiling: if your ordinary rate is lower, you pay that.
- Short-term gains are taxed at ordinary income rates, 10% to 37% in 2026 (37% above $640,600 single / $768,700 joint).
- The 3.8% Net Investment Income Tax can apply on top above modified AGI of $200,000 (single), $250,000 (joint) or $125,000 (married filing separately).
- Gold ETFs set up as grantor trusts (such as SPDR Gold Shares, GLD) are taxed like the metal, at up to 28% long-term.
Reporting
- Report sales on Form 8949 and Schedule D.
- Dealers file Form 1099-B for a precious-metals sale only if the metal is in a form approved for regulated futures trading and the quantity meets the contract minimum; in January 2026 the IRS removed an example about a single coin. Unreported sales are still taxable.
Losses
- Capital losses offset capital gains; up to $3,000 a year ($1,500 married filing separately) of net loss can be deducted from other income, and the rest carries forward.
Tax on Selling Gold in the US: FAQ
What is the tax rate on selling gold in the US?
If you held it more than a year, the gain is taxed as a collectible at up to 28% federally (your ordinary rate if that is lower), plus 3.8% NIIT at higher incomes. Held a year or less, it is taxed as ordinary income. State income tax may apply too.
Is silver taxed the same as gold?
Yes. Physical silver is also a collectible, with a maximum 28% long-term rate.
Does the dealer report my sale to the IRS?
Only for certain larger sales of specific forms and quantities on Form 1099-B. You must report every taxable sale yourself on Form 8949 and Schedule D.
Sources (10)
- IRS Topic 409: capital gains and losses
- IRS Notice 2023-27 (collectibles definition)
- IRS Topic 559: Net Investment Income Tax
- SPDR Gold Shares FAQ (2026)
- Kiplinger: 2026 capital gains thresholds
- IRS: virtual currency FAQ
- IRS: correction to Form 1099-B instructions (precious metals)
- IRS: final digital asset broker regulations
- IRS: Form 1099-DA instructions
- IRS: like-kind exchanges limited to real property
General information about the rules for individual investors, checked October 2026. Tax depends on your circumstances and residence; check with the tax authority or an adviser. Not tax advice.