Precious Metals

Bill seeks changes to tax code of 1986

Bullion coins would be exempted from taxation on capital gains and losses if proposed legislation is passed by Congress.

Coin images courtesy of the U.S. Mint

Rep. Alexander X. Mooney, D-W.Va., is seeking to legislatively amend the Internal Revenue Code of 1986 to clarify that gain or loss on the sale or exchange of certain coins or bullion is exempt from recognition.

On March 29, Mooney introduced H.R. 2284, which was subsequently referred to the House Ways and Means Committee for further consideration.

The proposed Monetary Metals Tax Neutrality Act of 2021 would amend the tax code by exempting from recognition any gain or loss from the sale or exchange of “gold, silver, platinum, or palladium coins minted and issued by the [Treasury] Secretary at any time, or refined gold or silver bullion, coins, bars, rounds, or ingots which are valued primarily based on their metal content and not their form.’’

If Mooney’s proposed legislation is approved by both chambers of Congress and signed into law by President Biden, “the amendments made by this section shall apply to sales or exchanges after December 31, 2021.”

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