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I incurred an $8,000 loss.I have the checks that were paid to me from an individual.How can I do this since I did not do it through a company?
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March 23, 20241:31 PM
last updatedMarch 23, 20241:31 PM
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Can I deduct a loss that I took when I sold physical gold and silver to an individual?
It depends.
- You can report a loss on property held for investment purposes if it was sold at a loss. You will want to keep the receipts for the gold and silver you sold and the proof of sales price.
- If this was personal property such as jewelry, then a personal loss is not be allowed against other income.
Reporting the sale of gold or silver would be reported as a collectible:
Go toWages & Income
- Scroll toInvestments
- SelectStocks, Bonds, Mutual Funds (1099-B)
- Answer Yes to "Did you sell any Investments?AnswerNo to "Did you get a 1099-B or brokerage statement?"
- Enter the information about your sales - Select the holding period > Select Collectible as the Type
- Long term: held more than one year (one year plus one day)
- Short term: held one year or less
- After you enter information about the sale: Description, Date sold, Date acquired, Sales proceeds, Cost or other basis, Click Continue
- Any of these less common items for this sale?Put a check in the third line forProceeds from collectibles
Note: If a collectible is sold, any gain would have a 28% maximum rate.
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March 23, 20241:50 PM
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Can I deduct a loss that I took when I sold physical gold and silver to an individual?
Thank you so much!!!! This was exactly the answer I was looking for. It was so easy to follow your exact instructions. I appreciate the time it took you to respond. This community, especially you, is awesome!
March 29, 20242:37 PM
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