What are the tax liabilities for selling gold? For example, suppose I bought an ounce of gold in 2005 at $500 and I sold it yesterday for $1,500. What kind of taxes are due on this (in the United States)? Where do I report the transaction to the IRS?
What if I bought the gold more recently - say one year ago - and realized a smaller profit like $100?
If I bought one coin a year ago and another back in 2005, then sold one of those yesterday, how do I decide which cost basis to use?