Capital gains tax on gold: coins, bars and jewelry in 2026

Is selling gold taxable?

Yes. Gold is a capital asset in the hands of a collector or investor, so selling it for more than you paid is a taxable gain, whether the gold is a 1-ounce coin, a 10-ounce bar or a broken chain sold for scrap. What makes gold different from stock is the rate. IRC 1(h)(5) defines collectibles gain by pointing to the IRA rule in IRC 408(m), which lists "any metal or gem" and "any stamp or coin" as collectibles, and it does so "without regard to paragraph (3)." Paragraph (3) is the carve-out that lets an IRA hold American Eagle gold coins and high-purity bullion. Because the capital gains rule ignores that carve-out, every form of physical gold is a collectible when you sell it, even the coins an IRA custodian is allowed to buy (IRC 1(h)(5) and 408(m), 2026).

The IRS says the same thing in plain words: its Schedule D instructions list "metals (such as gold, silver, and platinum bullion)" as collectibles, and Topic 409 says net gains from collectibles such as coins are taxed at a maximum 28% rate (IRS, 2026). For the general rate table see the long-term capital gains guide; for every other kind of collectible see the collectibles capital gains tax hub.

The 28% figure is a ceiling, not a flat rate

Most articles say gold is taxed at 28%. That is the top of the range, not the rate most sellers pay. Collectibles gain is stacked on top of your other taxable income and taxed at your ordinary bracket rates, capped at 28% (IRC 1(h)(4), 2026). For a married couple filing jointly in 2026, the 12% bracket runs to $100,800 of taxable income and the 22% bracket to $211,400 (Rev. Proc. 2025-32, 2026), so a retired couple with modest income pays 12% or 22% on much of the gain.

Run it through the engine (2026 law). Our Florida retirees, with $60,000 of pension and IRA income, sell coins with a $200,000 gain and owe $37,408 in federal tax plus a sliver of net investment income tax: an effective 18.7%. Had the same gain come from stock, the 0% and 15% capital gains brackets would have applied and the bill would be $19,715, so the collectibles label costs this couple $17,693. That gap is the real "gold tax."

At the top the picture flips (2026 figures). A California couple with $300,000 of wages pays 24% on the part of the gain that fits under the top of the 24% bracket ($403,550 of taxable income for joint filers, Rev. Proc. 2025-32, 2026) and 28% above it, plus 3.8% net investment income tax because their income passes $250,000 (IRC 1411, not indexed), plus California tax: $76,770 in all, 38.4% of the gain.

Coins, bars and jewelry: same rate, different facts

• Bullion coins. American Eagles, Buffaloes, Krugerrands and Maple Leafs are all collectibles for the sale. IRA eligibility does not matter here. (The IRA coin list in 408(m)(3)(A)(i) names only the four American Eagle sizes in 31 U.S.C. 5112(a)(7)-(10), but it is irrelevant to the sale rate.)
• Bars and rounds. Same 28% maximum. Your basis is what you paid including the dealer's premium, plus shipping and storage you paid to acquire it if you capitalized them; dealer spreads and commissions on the sale reduce your amount realized.
• Rare and graded coins. The premium over melt value is still collectibles gain, since 408(m)(2)(D) covers any coin.
• Gold jewelry and scrap. Gold is a metal and diamonds are gems, so a gain on jewelry is collectibles gain. A loss is a different story: IRC 165(c) allows an individual to deduct losses only from a trade or business, a transaction entered into for profit, or a casualty or theft. Jewelry you wore is personal-use property, so selling a ring for less than you paid produces a loss you cannot deduct.

Basis questions decide most jewelry sales. If you inherited the gold, your basis is generally its fair market value at the date of death (IRC 1014), so selling grandmother's bracelet soon after the estate settles usually produces little gain. If it was a gift during life, you generally take the giver's basis (IRC 1015), which may be decades old and close to zero relative to today's price.

How much gold can you sell without reporting?

This question mixes up two different duties. The dealer's duty to file Form 1099-B is narrow. Your duty to report a gain on your own return has no minimum.

The IRS instructions for Form 1099-B (2026) say a sale of gold, silver, platinum or palladium is reportable only if it is in a form the Commodity Futures Trading Commission has approved for delivery on a regulated futures contract, and only if the quantity meets the minimum such a contract requires. The IRS's own example: a dealer buying a single gold coin from you files nothing, even if the coin is deliverable, when every approved contract calls for at least 25 coins. Sales to one customer within 24 hours are added together, and the exception is lost if the dealer has reason to know you are splitting sales to avoid reporting. The IRS does not publish a list of which coins and bar sizes meet the test today; dealers apply the current contract specifications, so expect different answers from different buyers.

Form 8300 is a separate rule about cash a business receives. A dealer that takes more than $10,000 in currency from you when you buy gold must report it (IRS/FinCEN Form 8300 reference guide, 2026). It does not apply when the dealer pays you.

None of this changes the tax. A gain you realize is reported on Form 8949 whether or not a 1099-B exists, using adjustment code C for collectibles, and it flows to the 28% Rate Gain Worksheet in the Schedule D instructions (IRS, 2026).

Timing a large gold sale

Because the rate follows your bracket (IRC 1(h)(4), 2026), when you sell matters more for gold than for most assets.

• Split across tax years. Our Florida couple selling half in December 2026 and half in January 2027 owes $29,400 over the two years instead of $37,408, keeping more of the gain inside the 12% bracket each year.
• Sell in a low-income year. The year after retirement and before Social Security and required distributions start is often the cheapest window.
• Selling on a note. A private installment sale can spread gain under IRC 453, but 453(k)(2)(B) lets Treasury deny installment reporting by regulation for property of a kind regularly traded on an established market, and bullion trades daily. Confirm current regulations with your CPA before relying on a note for bullion.
• No like-kind exchange. Since 2018, IRC 1031(a)(1) covers only real property, so trading gold coins for silver bars or for a different gold product is a taxable sale.

The state layer

States do not have a 28% concept; they tax the gain under their own rules. California taxes all capital gains as ordinary income, up to 12.3% plus the 1% Behavioral Health Services Tax on income over $1 million (FTB, 2026), which is why the California example above carries a state bill on top of the federal one. Florida and Texas have no individual income tax, so the federal amount is the whole bill there. A few states give partial exclusions for capital gains; see California capital gains tax, Florida and the full capital gains tax by state table. Sales tax on buying bullion is a separate question that varies by state and has nothing to do with the income tax on selling.

Keeping, giving or inheriting gold

Holding gold until death resets its basis to fair market value under IRC 1014, which erases the built-in gain for your heirs (see step-up at death). Gifting gold to children during life does the opposite: they keep your basis under IRC 1015, and their own bracket then decides the rate. Giving gold to charity works, but because it is tangible personal property the deduction often depends on how the charity uses it; the rules are on the collectibles hub, and the trust version is on the charitable remainder trust page. If you also hold silver, platinum or palladium, the parallel rules are on capital gains tax on silver and precious metals.

Gold is rarely the only large asset in play. If a gold sale lands in the same year as a business or property sale, the brackets fill fast. Get the Big Sale Tax Analysis.

Run your own numbers

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