Cost basis on collectibles

11-29-2007, 12:01 AM

In article <slrnfkrjnb.50c.sac[at]unakite.cheesecake.org> ,
Masterman <masterman845[at]yahoo.com> wrote:
- quote -

> Suppose I buy gold in a non-tax-advantaged way. I'm aware that gold is
> classified as a collectible and gains on this are taxed at 28%.
> If I incur costs storing the gold (renting a safe deposit box or paying
> for third-party storage) or insuring it against fire/theft, can these
> fees be added to my cost basis when I sell?
> I have searched for information online about this, but cannot find any
> guidance. The most I have found is that "improvements" to a collectible
> do work this way. Thanks for any info you can provide.

Those would be investment expenses, entered on your schedule A as
miscellaneous deductions subject to reduction by 2% of AGI.

--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

#-1 11-28-2007, 09:56 PM

Suppose I buy gold in a non-tax-advantaged way. I'm aware that gold is
classified as a collectible and gains on this are taxed at 28%.

If I incur costs storing the gold (renting a safe deposit box or paying
for third-party storage) or insuring it against fire/theft, can these
fees be added to my cost basis when I sell?

I have searched for information online about this, but cannot find any
guidance. The most I have found is that "improvements" to a collectible
do work this way. Thanks for any info you can provide.

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