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Subject Author Date
Cost basis on collectibles Masterman 11-28-2007
Posted by Masterman on November 28, 2007, 5:56 pm
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 Suppose I buy gold in a non-tax-advantaged way. I'm aware that gold is
classified as a collectible and gains on this are taxed at 28%.

If I incur costs storing the gold (renting a safe deposit box or paying
for third-party storage) or insuring it against fire/theft, can these
fees be added to my cost basis when I sell?

I have searched for information online about this, but cannot find any
guidance. The most I have found is that "improvements" to a collectible
do work this way. Thanks for any info you can provide.


Posted by Arthur Kamlet on November 28, 2007, 8:01 pm
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>Suppose I buy gold in a non-tax-advantaged way. I'm aware that gold is
>classified as a collectible and gains on this are taxed at 28%.
>
>If I incur costs storing the gold (renting a safe deposit box or paying
>for third-party storage) or insuring it against fire/theft, can these
>fees be added to my cost basis when I sell?
>
>I have searched for information online about this, but cannot find any
>guidance. The most I have found is that "improvements" to a collectible
>do work this way. Thanks for any info you can provide.



Those would be investment expenses, entered on your schedule A as
miscellaneous deductions subject to reduction by 2% of AGI.

--


ArtKamlet at a o l dot c o m Columbus OH K2PZH


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