Collectibles, such as works of art, antiques and coins, have a maximum federal tax rate of 28% on long-term capital gains. The Internal Revenue Service (IRS) considers physical holds of precious metals such as gold, silver, platinum, palladium and titanium to be capital assets specifically classified as collectibles. Holdings in these metals, such as a Gold Investment Account, regardless of their shape, such as bullion coins, ingots, rare coins or ingots, are subject to capital gains tax. Capital gains tax is only due after the sale of such shares and if the shares were held for more than one year. Any additional income of significant value may be subject to capital gains taxes, which may include gains on silver that you decided to part with during the most recent fiscal year.
A “capital gain” refers to profits made from the sale or exchange of personal assets. For example, if you have a silver coin or ingot that you ended up selling and that was worth more than you originally paid for it, a capital gains tax applies. Silver that has gained value should only be declared if you sold it. So, if the silver you've already bought is now worth more but you have no plans to sell it, it's not considered taxable.