At Gold Buyers of America, in addition to gold jewelry, we have bought every type of gold item imaginable. From gold piggy banks to gold cell phone cases Gold Buyers of America buys it. We love a good piece of gold jewelry just as much as the next person, but there’s something a little different about the latest item that has been turned into gold – it started out as India’s cheapest car. A Tata Nano, one of the world’s smallest and most affordable cars isn’t purchased for its horsepower, stylish looks, or luxurious amenities – but for its price. The small Indian vehicle is popular because it’s one of the cheapest things driving the compact streets in any village throughout India, but that’s all changed.
We will buy Super Bowl rings...even Warren Sapp's
Warren Sapp - one of the most feared defensive tackles of all time - is bankrupt. We hear stories of athletes going broke all the time, and they eventually start to just all run together, but this one's especially sad.
To add insult to injury, Sapp revealed that two possessions of his - his 1999 University of Miami National Championship ring and his 2003 Tampa Bay Buccaneers Super Bowl ring - have gone missing.
Southern Hills Mall (712) 274-4625 4400 Sergeant Rd Sioux City IA 51106
The Crossroads (269) 324-1940 6650 S Westnedge Ave Portage MI 49024
RiverTown Crossings (616) 534-7720 3700 River Town Pkwy SW #1208 Grandville MI 49418
Conestoga Mall (877) 721-8033 3404 West 13th Street Grand Island NE 68803
Mount Berry Square Mall (706) 314-9189 2770 Martha Berry Blvd Ste.723 Rome GA 30165
Free State (301) 352-7045 15480 Annapolis Road ste.204 Bowie MD 20715
Battlefield Mall (877) 721-8033 2825 South Glenstone ste.28C Springfield MO 65804
Hamilton Place (423) 894-0017 2100 Hamilton Place Boulevard suite 1020 Chattanooga TN 37421
A question that comes up frequently at Gold Buyers of America’s stores is whether or not the gold seller will need to pay taxes on the sale of their unwanted gold, silver or platinum jewelry. According to the U.S. Internal Revenue Service (IRS), gold is considered a capital asset, with financial gain from the sale of gold considered capital gain. Earnings from the sale of gold jewelry is therefore seen as taxable income.
Selling Gold Jewelry
Gold jewelry that is sold for cash is considered to be scrap precious metal. As such, gold jewelry can be in just about any condition, including scratched, broken or tarnished. Different gold buyers pay different per-ounce rates for gold jewelry. This figure is typically based on the current price of gold and the karat weight of the jewelry.
Gold Dealer Tax Reporting Law
Gold Buyers are not required to report an individual's sale of gold except in instances where more than 25 oz. of South African Krugerrands, Canadian Maple Leafs and Mexican Gold Onzas gold are sold. These types of gold are considered to be a regulated commodity, and the sale of such items must be reported by gold dealers to the IRS. The reporting of capital gain from the sale of all other forms of gold is left up to the individual seller to report.
Figuring Tax on Gain
Capital gains on collectibles, including gold jewelry, are taxed at 28 percent. To calculate the amount of tax you owe on the proceeds of selling gold jewelry, determine your basis in the item -- in other words, what the item is worth at current fair market value minus the price you originally paid for the jewelry. If the gold jewelry you are selling was a gift, your basis is tabulated on what the gift-giver paid for the jewelry. If you inherited the gold jewelry you're selling, your basis is the current fair market value as determined by an appraiser. For example, if you paid $100 for a gold chain and later sold it to a gold buyer for $200, your capital gain on the sale of your jewelry is $100, and you will owe $28 in taxes.
How to Report Gain
Use IRS Schedule D of Form 1040 to report your capital gains earnings from the sale of gold jewelry. You may deduct expenses associated with the sale of the gold jewelry, such as dealer commissions and appraisals.