Do you have to report jewelry on taxes?

The IRS considers platinum, gold and diamond jewelry as a capital asset for individuals. If you want to convert your IRA to gold, you can buy a ring or necklace that you intend to enjoy or wear, but then sell it for profit. You'll owe capital gains taxes if you do so. If you owned the jewelry you sell for more than a year, you pay a long-term capital gains tax.

The tax rate will be 0, 15, or 20 percent, depending on your marital status and taxable income. In general, the IRS expects you to report capital gains and losses in the year in which they were made. Act to declare those earnings on your income tax return, regardless of whether or not the dealer is required to report it. In this blog, get more specific details about when your gold jewelry should be declared on your income tax return and what its tax implications are when you buy or sell gold jewelry.