Steven, I will certainly take your advice and interrogate my CPA on this… 
Its going to be an interesting conversation for sure.
-Cheers!
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I need to mention that LONG TERM capital gains for all collectables (precious metals and gemstones included.) are still taxed at 28% if the capital gain…SHORT TERM capital gains (assets held less than a year), like all short term gains are taxed as ordinary income. This includes stocks, mutual funds, etc. I also have to CORRECT A MISTAKE… the new capital gains tax rates that are indexed to ordinary income is for 2026 and not for 2025, the old rules are appliable this year. For 2025, the top rate for long term capital gains is still 20%; in 2026, it’s still 20%. The OneBIGBeautifulBill (OBBB) give the greatest tax breaks to the ultrawealthy as defined as having a networth of $30million or more, the mere wealthy having a networth of 5-10 million, will reap almost no benefit at all. The collectable tax rate is a huge tax problem for me. 22lbs of raw silver ingots at $50 per troy oz is over 13K.. 4oz of scrap gold is 16K.. the total being close to $30K..without a basis, the total tax can be as much as 8.4K.. the rest of another 20lbs of silver is in coins. These can be sold off piecemeal for cash and not reported to the IRS, unless the total year’s transactions are less than 10K…returning like for like without tax consequences for precious metals was eliminated around 20 years ago. Although I would want to have like for like for future capital gains, with my basis reset at refining, I might have to take the cash instead of like for like just to pay the taxes. I also be selling cut unset gemstones at prices that are almost indeterminable. The most valuable, I’ll keep for myself to give away to relatives and friends when I get too old to keep them… I DO RUN ALL MY brokerage 1099’s and everything else through my ACCOUNTANT when I file my estimated taxes and have them file my tax returns…Professional advice is always necessary, when it comes to filing complicated tax returns…(and even uncomplicated ones)…
LAST WORD on Kaddah… we did exchange our personal email addresses. I wrote him in my bad written French (conversational is far easier).. He was very gracious in letting me practice literary French… He lives within the city limits of Paris. I still intend to go to the next Goldschmidt meeting of the European Association of Geochemisty.. next summer it’s in Montreal… July 12-17… I will be leaving for Spain August 9 or 10 to view the total eclipse from Burgos in the north of Spain. (I’ve seen three so far, two from Arkansas, one from southern Missouri-- quite awesome to say the least).. I plan to spend another two weeks in Madrid and the surrounding area to visit the museums. Kaddah might visit me in Spain… I told Kaddah I’ll meet him in July 11-16 during the Paris Goldschmidt Conference of 2027… after which I will go back to Spain for another 2 weeks or longer if my money holds out. It took me a month and half to see enough of France.. Spain will take at least another month spread over two trips. My Spanish is still at a beginner’s level. However the grammar is easy-- it’s identical to French…the hard part is memorizing conjugations and acquring vocabulary. Keeping ahold of French and learning Spanish is nearly impossible in a monolingual English only speaking country.. Kaddah is multilingual- fluent in French, Arabic and German.. He also knows some English but isn’t fluent. I’ll have to talk to him in only French. Best of wishes…
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