Did you inherit gold bars? Found gold coins in your attic?Or maybe you just want to profit from a rise in the price of gold? Selling your gold coins and bars well requires taking the time to learn about how the sale of precious metals works. Find all the information you need to understand gold taxation and make a deal to your advantage.
Taxes on the sale of precious metal coins and bars
When reselling precious metal coins or ingots, if you are an individual residing or an association not subject to corporation tax (IS), you have the choice between 2 tax regimes: either the fixed tax on precious metals (TFMP) or the tax on real capital gains (TPV).
The flat-rate tax on precious metals (TFMP)
Since January 1, 2018, the flat-rate tax on precious metals amounts to 11.5% (including the CRDS of 0.5%). For example, on a sale of gold up to 5,000 bucks, the tax will amount to 575 bucks.
If you do not go through an intermediary subject to value-added tax (VAT), it is your responsibility to declare the sale to the tax authorities and to pay this tax directly to them. To do this, you must complete the corresponding Cerfa document, form n°2091-SD, defined by articles 150 VI to 150 VM of the general tax code (CGI). In this case, the filing and payment of the tax must be made within one month of the transfer. Note that only so-called investment gold coins are affected by this tax: so-called collector coins are subject to a flat-rate tax on precious objects.
Capital Gains Tax (Tpv)
For the sale of your investment precious metals, you can also opt for taxation on the real capital gain which is defined by article 150 VL of the CGI. To be able to exercise this option, it is important that you have kept the purchase invoice (or another acquisition document such as a notarial deed) to justify the price and the date and that the link between the invoice and the product d gold brought to the sale is conclusive.
For ingots that are numbered, proving this link is easy as soon as the number of the ingot appears on the invoice (a number that can also be found on the test slip given at the time of purchase, a slip that you must keep until on sale).
For parts, they must have been kept in their never opened purchase seal and this seal must be identified with a reference such as a number shown on the purchase invoice. If the time between the date of purchase and resale is less than two years, the levy on the sale of gold or the sale of silver will be 36.2%. This percentage includes a flat rate of 19% applicable under article 200 B of the CGI and social security contributions of 17.2%. From the third year, you benefit from a reduction of 5% per year of detention. The TPV, therefore, becomes zero after 22 years.
Where to resell his gold?
Beyond the one or the other taxation regime applicable to the resale of gold coins and bars, it is essential to know where to resell your precious metals. The gold market has seen the emergence of a good number of specialized buyback businesses in recent years: it is therefore important to identify potential scams and choose a good professional.
Selling gold: mistakes to avoid
First of all, it is necessary to avoid the sale of gold on the sly. You will only have a rough estimate of the intrinsic value of your precious metals, which usually proves your disadvantage. These cases arise in particular when you are canvassed by telephone, to go, for example, to a hotel lobby.
If you want to sell precious yellow metal on the Internet, it is imperative to check that all legal notices and mandatory information are mentioned on the site.
Whether online or in-store, a good gold professional should always ask for identity papers and draw up a written contract. He must register the transaction in a police book in which are mentioned the details of the bars, coins or any other precious metal to be sold. The weight, size, value, or even the date and time of the sale are all information that must imperatively appear in a police book. For the resale of gold, it is therefore strongly recommended to contact a professional and in particular the major brands specializing in this type of transaction.
