Think beyond flowers and chocolates for Valentine’s Day gifts this year and consider a gift that increases in value: gold.
Popular throughout the ages as sign of wealth, gold makes a great gift for many special occasions.
So how does one go about giving the gift of gold? Searching “how to transfer gold” online will leave you overwhelmed with pages of results on World of Warcraft and Candy Crush. We’re here to help you wade through the Google chaos with the essential info.
Transferring your own gold bars or coins
The IRS states that gifts given to spouses are not subject to tax, but you should check with your tax preparer to review individual circumstances.
Gifts to children or grandchildren are non-taxable up to $15,000 per recipient per year (in 2018), which helps you avoid estate or inheritance taxes. The recipient of your gift must be a family member in order for you to receive the tax benefit. Your descendants will be able to sell the gold in the future when your gift will be worth more than its current value, or they can pass it onto their children.
About half the world’s gold ends up as jewelry, with China, India and the U.S. purchasing the largest amounts. If you’re looking for a deal on fine jewelry when gold prices drop, think again. Many jewelers buy the metals in advance or lease the metals until the pieces are sold, so jewelry pricing won’t be influenced for several months. The price of jewelry is also affected by factors other beyond raw materials, such as craftsmanship, exclusivity and brand. In countries like India, gold jewelry pricing changes more than in the U.S. during market fluctuations.
Purchasing new gold coins or bars
If your loved ones aren’t excited by wearing precious metals as jewelry, a unique gift would be newly minted gold bars or coins. These gifts increase in value, plus they are unique and memorable. Gifting gold is a symbolic gesture, as well as an investment.
Do you have any questions on how to give gold? Contact us!