• The IRS considers silver bullion a collectible.Comstock/Comstock/Getty Images
  
  Silver bullion is a precious metal that the IRS considers a collectible. The IRS taxes the sale of collectibles like silver and gold bullion and works of art differently than it does the sale of non-collectible items. When you sell the silver, it triggers consequences in the form of capital gains taxes.
  
  

Capital Gains and Losses

• When you sell silver bullion, the IRS taxes you on the amount of money you make from the sale. To calculate a capital gain, you subtract the original amount you paid for the bullion from the total amount for which you sold it. A positive amount results in a capital gain, and a negative amount results in a capital loss. If you inherited the silver bullion, you use the fair market value of the metal and subtract that from the total amount for which you sold it.
  
  

Short-Term Capital Gains

• Short-term capital gains taxes apply if you bought and held your silver bullion for less than one year. For example, if you buy silver bullion in January and sell it in August, the holding period is eight months. You then have to pay short-term capital gains taxes on any proceeds you make from the sale. The short-term capital gains taxes for silver bullion is your regular income tax rate. Regular income tax rates range from 0 to 35 percent.
  
  

Long-Term Capital Gains

• Long-term capital gains taxes apply if you bought and held your silver bullion for more than one year. If your regular income tax bracket is 28, 33 or 35 percent, your capital gains tax rate for the sale of silver bullion is 28 percent. If your regular income tax bracket is 0, 10, 15 or 25 percent, the long-term capital gains tax rate is the same as your regular income tax rate. The 28 percent capital gains tax rate does not apply to those in lower income tax brackets.