If I get paid $1000 in gold do I have to pay taxes on it?

Question

Or only when I sell the gold?

Answer 1

You owe the tax upon the receipt of the payment.  You could agree to be paid in frozen pizzas or "fresh" fertilizer (manure) and you'd still owe taxes on it.

And if you subsequently sold the gold for more than it's value when you accepted it, you'd pay taxes on that gain as well.

Answer 2

Yes if you are getting paid for services rendered. You must pay tax on the FMV in the year of receipt. You may have additional income if the gold then appreciates. Your gain will be the difference between the FMV when you received it minus the price you get for selling it. You will be subject to self empoyment tax on the FMV at receipt. Capital gain will apply when you sell later. Try to hold it for a year so you get the benefit of the lower rate.  

Answer 3

You must pay tax on the value of the gold when you receive it.

Answer 4

When you receive it.

If you get paid in pizzas, you technically need to report the value of the pizzas on your tax return.

Report the value of the gold at the time you received it as income.

When you sell it - if you sell it for less than the value you declared on your income tax, then there are now tax consequences when selling.

If you sell for more than you declared on your return, then only the profit is taxable as a capital gain.  (If you sell it for $1200, then you would show $200 capital gain on your return the year in which you sell it)

Answer 5

You have to pay taxes on the value of the gold.  This means that if you receive an old $20 US Gold coin, you pay tax on what it is worth as a collectors item, not just face value.

Answer 6

Bury it and say, "What Gold?" hehe

Answer 7

When you get paid, whether in money, gold, food, services, or anything else, you must pay tax (in real money) on what you were paid.

If you sell the gold at a profit, you must pay capital gains tax on the profit at that time.