I Invested 50,000 dollars to buy gold bullion in Europe . I buy and sell from a Holding bank associated with my storage Vault . My investment is now worth 85,000 . I want to sell 40,000 Dollars worth of Gold, Thats 10,000 Dollars Less then my original investment and send it to my checking account in the USA I will be leaving the remainng 45,000 in Gold Bullion and selling it at a future date. .Do I have to pay Capital Gains on the 40,000. My Tax returns include my Gold Investment.
Nothing wating to here from my account
If you sell your gold, you will have a capital gain. You do not measure the gain against your total investment unless you sold out of the entire position.
If you bought X gold for $50K but you sold 55% of X, then your cost basis is 55% of the 50K. This is what you use to determine the gain on the 40K sale.
Gold is taxed at the 28% rate and not as long term capital gains.
In addition to filing a tax return, you will have to file FBAR statement since you are over the threshold.
Over 20 Years experience in resolving tough tax cases