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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I bought slv and gld -What are the tax treatments if i sell

Customer Question

i bought slv and gld -What are the tax treatments if i sell and is there an advantageous holding period.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: i bought slv and gld -What are the tax treatments if i sell and is there an advantageous holding period.
JA: Is there anything else the Accountant should be aware of?
Customer: i also bought GLD and SLV jan 2017 and 2018 options. how are those taxed please
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
If you sell - you will realize capital gain on your investment - which will be added to your taxable income.Net capital gains from selling collectibles (such as coins or art) are taxed at a maximum 28% rate.Questions?
Customer: replied 7 months ago.
what rate are GLD and SLV taxed at please. What rate are options on GLD and SLV taxed at please. what rate are GGN and PSEC taxed at please.thank you
Expert:  Lev replied 7 months ago.
When you invest into shares of GLD and SLV funds - that is not investing into precocious metals.So - that would not be difference from other shares.If held more than 1 year - gain would be classified as long term capital gain - taxed at rates - zero, 15% or 29% depending on your other income.If held less than a year - your ordinary tax rates will apply based on your total income, filing status, deductions etc.Same rates would be for options - depending on your holding periods.GGN - GAMCO Global Gold, Natural Resources & Income Trust - makes no difference - you are purchasing trust's units - and will be taxed on distributions as regular income and on capital gain when units are sold - depending on holding period.PSEC - Prospect Capital Corporation - so you purchase shares of corporation - your income comes from dividends - taxed as ordinary dividends or qualified dividends (normally after 120 holding period) - when you sell shares - the gain is taxed as regular income if held less than a year or as long term capital gain at reduced rates - stated above.Let me know if you need any clarification.