Should you declare your gold to the tax authorities?

According to the French tax authorities, income tax is a tax levied on all types of household income. This 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 report this type of sale on the income tax return.

While you don't pay more income tax when selling gold, you are still 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 functioning of which are very different. This legal and tax framework applies to all sales of gold taking place in France, but also within another European Union country.

As with the purchase and sale of coins or silver bars, you must pay the flat-rate tax on precious metals (TFMP) when selling physical gold. This applies to coins and gold bars, as well as to precious jewelry worth more than €5,000.

If you're about to sell your gold investment items, you should know that you'll have to pay the TFMP, which amounts to 11.5% of the resale price. For jewelry or collectibles, the rate is 6%. To this is always added the CRDS, which is 0.5%.

To file the tax return, you must obtain form 2091-SD, which must be completed and sent to the tax office within one month of the sale, along with the corresponding amount.

Capital Gains Tax

If you have certain documents relating to the items to be sold, you can opt for capital gains tax rather than the flat-rate tax. You must have the dated purchase invoice and proof of the amount paid for the purchase, and your gold bars or investment coins must be sealed. You will also need to complete a form within one month of the sale: form No. 2092-SD.

The amount payable is calculated on the capital gain at the time of sale (the difference between the purchase price and the sale price), with a rate of 36.2%. If you make no profit on the transaction, you have nothing to pay. You should also know that this tax decreases over the years (5% reduction 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 when you resell them.

The procedures required to declare the sale of gold can sometimes be a challenge for individuals. However, 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 take care of paying the taxes. In other words, when the sale is made, you pay the amount corresponding to the tax to the professional buyer, who acts as an intermediary, who will then be responsible for paying it to the tax authorities.

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