Gold and Silver IRS Reporting Requirements - What Are The Rules?
Perhaps you have made the decision to start investing in gold and silver. You know it's the right thing to do in order to preserve your purchasing power of your dollars and your assets, but you want to find out what the Internal Revenue Service (IRS) reporting requirements are first.
Gold And Silver IRS
In the United States there is NO LIMIT to the amount of precious metals you can own. You can buy as much as you want and not have to worry about reporting your purchases. When it comes to buying gold and silver, neither the metals dealer nor the customer is required to report the purchase of any precious metal, in any quantity, at any time, to the IRS. There is no IRS form for reporting precious metals transactions.
Gold And Silver IRS
However, with any transaction...or any two or more related transactions...that involve cash or cash equivalents in the amount of $10,000 or greater must be reported to the IRS by the seller. It's the metal's dealer who must report the cash transaction, not the precious metals transaction. Here's a suggestion. If you want to purchase large amounts of precious metals, you can use a bank wire. Banks don't report them and precious metals dealers aren't required to either.
As I am sure you know, there is always a time to buy precious metals, and surely there will come a time to sell. When you decide to cash out and sell to a dealer, some coins and bullion items DO require the dealer to file IRS Form 1099B reporting the transaction of the sale. Here's some really good news. The dealer IRS reporting requirements DO NOT apply to American Gold Eagle Coins nor do they apply to American Silver Eagle Coins, regardless of the quantity.
Please note, when you sell, you are obligated to report your capital gains to the IRS. Remember to keep all of your receipts and records and always seek advice from your tax advisor. Also, please note that this author is not a tax advisor nor an investment advisor. The reporting information above was understood to be true at the time this article was written, but as you know, tax law does change so it is suggested that you consult with a professional tax advisor and investment advisor before making any investment decisions.
As noted above, gold American Eagle coins and silver American Eagle coins make an excellent precious metals investment choice.
Would You Like To Find Out Where You Can Buy All the Gold and Silver You Want -- at Wholesale Prices?
I have discovered a small, exclusive, members only, buyers club for precious metals. It's the only club of its type in America. Club members can buy precious metals at the same price, or even better prices, than many preferred dealers pay. Members pay true wholesale prices. You can save up to 5% to 28% or more, and you don't even need a bullion dealer's license to do it. Grab a free copy of my new eBook, "Insider's Guide To Buying Gold and Silver At Wholesale" and discover how you can start paying wholesale today: http://www.BuySilverAtCost.com
Doyle Shuler is a top leader in the largest gold and silver bullion wholesale buyers club in the world and also an author. Doyle has written an enlightening book called: "How To Buy Gold And Silver: 14 Industry Secrets To Buying Gold & Silver That Your Broker Is Praying You Never Discover". If you get just one idea from this publication, you can save yourself thousands of dollars. To grab your copy or find out more, go to: http://preservationofwealthreviews.com/14-secrets/
Gold And Silver IRS
In the United States there is NO LIMIT to the amount of precious metals you can own. You can buy as much as you want and not have to worry about reporting your purchases. When it comes to buying gold and silver, neither the metals dealer nor the customer is required to report the purchase of any precious metal, in any quantity, at any time, to the IRS. There is no IRS form for reporting precious metals transactions.
Gold And Silver IRS
However, with any transaction...or any two or more related transactions...that involve cash or cash equivalents in the amount of $10,000 or greater must be reported to the IRS by the seller. It's the metal's dealer who must report the cash transaction, not the precious metals transaction. Here's a suggestion. If you want to purchase large amounts of precious metals, you can use a bank wire. Banks don't report them and precious metals dealers aren't required to either.
As I am sure you know, there is always a time to buy precious metals, and surely there will come a time to sell. When you decide to cash out and sell to a dealer, some coins and bullion items DO require the dealer to file IRS Form 1099B reporting the transaction of the sale. Here's some really good news. The dealer IRS reporting requirements DO NOT apply to American Gold Eagle Coins nor do they apply to American Silver Eagle Coins, regardless of the quantity.
Please note, when you sell, you are obligated to report your capital gains to the IRS. Remember to keep all of your receipts and records and always seek advice from your tax advisor. Also, please note that this author is not a tax advisor nor an investment advisor. The reporting information above was understood to be true at the time this article was written, but as you know, tax law does change so it is suggested that you consult with a professional tax advisor and investment advisor before making any investment decisions.
As noted above, gold American Eagle coins and silver American Eagle coins make an excellent precious metals investment choice.
Would You Like To Find Out Where You Can Buy All the Gold and Silver You Want -- at Wholesale Prices?
I have discovered a small, exclusive, members only, buyers club for precious metals. It's the only club of its type in America. Club members can buy precious metals at the same price, or even better prices, than many preferred dealers pay. Members pay true wholesale prices. You can save up to 5% to 28% or more, and you don't even need a bullion dealer's license to do it. Grab a free copy of my new eBook, "Insider's Guide To Buying Gold and Silver At Wholesale" and discover how you can start paying wholesale today: http://www.BuySilverAtCost.com
Doyle Shuler is a top leader in the largest gold and silver bullion wholesale buyers club in the world and also an author. Doyle has written an enlightening book called: "How To Buy Gold And Silver: 14 Industry Secrets To Buying Gold & Silver That Your Broker Is Praying You Never Discover". If you get just one idea from this publication, you can save yourself thousands of dollars. To grab your copy or find out more, go to: http://preservationofwealthreviews.com/14-secrets/