[GNC] Income earned in gold

[Michael or Penny Novack]

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