Investment in gold in the form of gold coins and bars is ideal for protecting part of your savings from inflation. Do you have gold that you inherited, or in which you had invested several years earlier, and now wish to part with it? When selling it, it is necessary to fully understand the rules to be respected in terms of taxation. We explain everything you need to know in this article.
Taxes on the sale of gold
As an individual, if you sell gold you are required to declare this sale and pay a tax on the transfer of your gold. You then have the choice between the flat-rate tax on precious metals and the capital gains tax regime. The flat-rate tax on precious metals amounts to 11.5% of the total amount of the transaction, including 11% taxes and 0.5% for the contribution to the repayment of the social debt (CRDS).
The capital gains tax is 36.2% but it only concerns capital gains, ie the difference between the sale price and the purchase price. If this difference is nil or if you resell below the purchase price, you will not have to pay tax. On the other hand, the capital gains tax is degressive, with a reduction of 5% per year from the third year of ownership. Finally, after 22 years, the sale of your gold is exempt.
To be able to choose the tax on capital gains, you must justify using a nominative document (invoice, notarial deed, deed of gift), the date, and the price of acquisition.
The tax declaration
Whether you choose the fixed tax on precious metals or the tax on capital gains at the time of your sale, you will have to complete a form to send to the tax office, including the tax. In the context of a sale between individuals, it is therefore up to you as the seller to pay this tax to the tax authorities. The transferor must declare his sale within 30 days and pay the amount of the TFMP or the TPV, as the case may be.
Choose a gold professional
As professionals in the purchase of gold,your Gold in Cash agencies can manage the taxes to be applied for you. So you won’t have to do anything. When selling your gold, the manager of the OR EN CASH agency will deduct the tax according to the regime you have chosen and will pay you the difference. The nature and amount of the tax will appear on your sales documents, and the Gold in Cash guarantor will take care of paying the amount of the tax levied to the State himself.
To resell your gold, silver, platinum, and gold and silver plated with peace of mind, call on the Gold in Cash specialists.
