Withdraw Gold with a storage time >1 year

nienie Posts: 160 Bronze ✭✭✭
I do not have any plans to convert me GM Gold into cash but it would be nice to know whether it is possible to only convert Gold to cash which was bought over a year ago. My main reason is that we do not have to pay any taxes on Gold if we hold it longer than one year. Does such a feature exist?

Comments

  • SpontaneousOrderSpontaneousOrder Posts: 307 Bronze ✭✭✭
    @nie, when you sell gold from your Goldmoney holding or Network account you decide for yourself which gold you have sold for capital gains purposes.

    May I ask what country you are a taxpayer of? It sure would be nice to live in a country that doesn't tax long-term gains on gold! In the U.S., gold sold after less than a year is subject to your normal income tax rate, while gold sold after a year is subject to a maximum collectibles capital gains rate of 28%.
  • nienie Posts: 160 Bronze ✭✭✭
    I am from Germany. I am only able to sell my Gold by selecting the amount of oz/money and vault. I cannot say that I want to sell Gold that I have bought on date X. :|
  • SpontaneousOrderSpontaneousOrder Posts: 307 Bronze ✭✭✭
    You don't have to. All the gold in your account in fungible (i.e. identical) once in there, no matter the vault. Just select any arbitrary purchase you made in the past, and say that's the gold that you sold.
  • nienie Posts: 160 Bronze ✭✭✭
    Ah, this is a good idea. Did anyone try this out before?
  • SpontaneousOrderSpontaneousOrder Posts: 307 Bronze ✭✭✭
    Same that you would do when calculating capital gains for selling stocks, bitcoin, what have you.
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