Should you declare your gold for taxes ?

According to the French tax administration, income tax corresponds to a tax levied on all types of household income. This therefore includes salaries, financial income, real estate income, etc.

On the other hand, the sale of gold is not included in the calculation of the taxable amount as income for individuals. It is therefore not necessary to mention this type of sale on the IR declaration.

If you do not pay more income taxes when selling gold, you are nevertheless subject to taxation at the time of the transaction. Depending on the situation, you will have to pay the flat-rate tax on precious metals or you will have the choice between the latter or the capital gains tax, the conditions and operation of which are very different. This legal and tax framework applies to any sale of gold taking place in France, but also within another country of the European Union. 

As when buying and selling silver coins or bars, you must pay the flat-rate tax on precious metals (TFMP) when selling physical gold . This is true for coins and gold bars, as well as precious jewelry whose value exceeds 5,000 euros.

If you are preparing to sell your gold investment items, you should know that you will have to pay the TFMP which amounts to 11.5% of the resale price. If it is jewelry or collectibles, the rate is 6%. To this is always added the amount of the CRDS, the rate of which is 0.5%.

For the declaration, you must have form 2091-SD, to be completed and sent to the tax center within one month after the sale and accompanied by the corresponding amount.

Capital gains tax

If you hold certain documents relating to the items for sale, you have the possibility of opting for the capital gains tax, rather than the flat rate tax. You must have in your possession the dated purchase invoice and proof of the amount paid at the time of purchase, and your gold bars or investment coins must be sealed. You will also need to complete a form, within one month after the transfer: form N°2092-SD.

The amount to be paid is calculated on the capital gain upon sale (the difference between the purchase price and the sale price), with a rate of 36.2%. If you do not make any profit from the transaction, you do not have to pay anything. You should also know that this tax decreases over the years (reduction of 5% per year from the 3rd year of ownership) and that you benefit from an exemption from the 22nd year of ownership of the item. It may therefore be wise to keep your gold investment items for several years, in order to owe less money to the tax authorities upon resale.

The steps required to declare the sale of gold can sometimes hold back individuals. But you should know that by going through a specialized agency, domiciled in France where it is subject to VAT, it is the agency that must be responsible for paying the taxes. In other words, during the sale, you pay the amount corresponding to the tax to the professional buyer who acts as an intermediary, who will himself be responsible for paying it to the taxes.

By choosing Gold Union to sell your gold, you relieve yourself of an administrative chore. You are also sure that the declaration will be made according to the taxation in force and you will have nothing to worry about. You can also trust us for the purchase of gold investment, in the form of lgold ingots and certified gold coins.