Is it legal to store physical gold at home in the US? If so, what taxes may be applied on the gold held at home, in form of both jewelry or raw gold?
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The question could be improved by stating a valid reason for asking to establish reasonableness and relevance, and make it interesting. Because I have pondered this same thing about as often as I’ve wondered whether it’s legal to keep a silver teaspoon in my kitchen drawer. (Zero). DV for not being useful. And consider separating the obvious, (personal jewelry) from tax implications of selling large quantities of investment bouillon. These are very different things.– Michael HallCommented May 27, 2023 at 14:46
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There might be a good question in this about limits to the amount of raw gold that is allowed, otherwise no rational person ought to believe that it might be illegal to remove your wedding ring and leave it on the counter while you sleep, or that doing so might result in a taxable event. (an action implied by "storing" gold jewelry...)– Michael HallCommented May 27, 2023 at 15:10
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Note that it is also legal for the police to take your gold and start civil forfeiture proceedings against it.– Simon RichterCommented May 29, 2023 at 13:48
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1 Answer
Private ownership of gold has been legal in the US since the passage of Pub. L 93-373, which repealed the prohibition of private ownership of gold. You may therefore store it wherever you want. There is no tax on gold, kept as gold, though if you sell it there may be capital gains tax owed on the profits (just as there would be for many other things).
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A little background on the previous law would put things in perspective and improve a presumably accurate answer. Because this question seems completely out of the blue otherwise. What did the law say before, and why might it ever have been prohibited in the first place? Commented May 27, 2023 at 14:43