Gold has had a fantastic year so far in 2020, with its price climbing from around $1,500 per ounce at the end of 2019 to briefly above $2,000 per ounce recently. That's put the cherry on top of a nice five-year bull market that has seen the yellow metal almost double in price. Other precious metals have seen similarly impressive gains: Silver went from around $18 per ounce to $29 in 2020, and palladium soared to new record heights above $2,750 per ounce before falling back more recently.
There are plenty of gold investors who have ridden the wave higher and are looking to cash in. Unfortunately, the IRS will want its share come tax time -- and the cost could be higher than you expect.
Image source: Getty Images.