Hi Michael, Fred, & GnuCash users, This is an interesting topic!
The points that Michael brings up about tax implications made me wonder if your gold investment produces a 1099 and if so, what type of 1099 it generates...? Which is another way of wondering if it is classified as interest income (1099-INT - https://www.irs.gov/forms-pubs/about-form-1099-int), capital gains income or dividend income (1099-DIV - https://www.irs.gov/forms-pubs/about-form-1099-div) or mineral rights (1099-MISC - https://www.irs.gov/forms-pubs/about-form-1099-misc)...? --- Thanks, Brad - https://www.facebook.com/brad.morrison.12327/ & https://norcal.social/@BradMorrison On 2025-01-02 13:24, Michael or Penny Novack via gnucash-user wrote: > On 1/2/2025 11:24 AM, Fred Tydeman wrote: > >> I have an investment in gold (so many ounces). >> That investment earns "interest" payable in gold (not USD). >> When I try to setup a new Income account, >> the only Namespace offered is Currencies. >> If I try to add a fake currency of Gold, >> I do not get the Currencies Namespace. >> >> I could guess at the price per ounce of gold at that payable date >> and record the income as USD. >> >> Any better suggestions? > Consult tax professionals (and/or the IRS). As far as I can tell not YET a > gnucash question and the same true for other commodities like Bitcoin. I > would FIRST want to see a ruling about whether this IS income or only later > (when sold) income/capital gain. The fact that "gold bugs" want gold treated > as if it were currency doesn't make it so. Legally NOT currency in the US for > just shy of 100 years. > > NOTE: Seeing it as income (even though a commodity) because you think a > commodity not subject to increase is lack of imagination. Suppose your > commodity were 100 cows? << couldn't they have calves? >> > > Michael D Novack > > PS: IF the IRS says is current income at the then valuation date think about > a transaction where you BOUGHT that amount of gold, SOLD that amount of gold, > received that amount as dollars. Do you have transactions (when taken > together) that have debits and credits to your bank account that cancel each > other > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
