When it is necessary to report a purchase of gold, the dealer will be the one to report it. Form 8300 requires information about the gold purchaser, including name, social security number, address, and license number. If part of the form is left blank, the dealer must still send the form to the IRS. As explained in the “Reportable Purchases” section, purchases of precious metals, such as when converting an IRA to gold or when considering whether Can I move an IRA offshore, are not declared unless the cash reporting thresholds are exceeded.
Investors who want to avoid reportable sales should buy American Eagles. The government does not require you to report the purchase of gold and silver. Customers who want to learn more about precious metal reporting policies are strongly encouraged to visit the IRS. The decision to buy, sell or borrow precious metals and which precious metals to buy, borrow or sell are made at the customer's sole discretion. In the United States, reportable sales correspond to 1-ounce golden maple leaves, 1-ounce Mexican ounces and 1-ounce Krugerrands in quantities of twenty-five or more.
If you are a U.S. citizen and believe that capital gains taxes on savings in gold and silver are not in line with constitutional law, you may also encourage your U.S. Congressman to pass this bill H.R. 6790, which could repeal those future taxes if passed.
And even if most people understand that owning metals is perfectly legal (and understand the imperative of buying this financial insurance), they don't want Uncle Sam informed of the details of the transaction. Notification laws for gold purchases are similar to the “Know Your Customer” law, popularly known as “KYC”, which banks are required to use to prevent money laundering. However, no government regulations require notification of purchases of precious metals themselves. Don't fund your precious metals IRA with fractionated gold or silver, as they are also unnecessarily expensive.
The gold that is purchased, how it is purchased, and other legal points will determine the reporting requirements for gold purchases. However, no personal reports are required when the metals are purchased and not while the metal remains your property. For sales of gold ingots and ingots to be considered declarable, each individual piece of ingots must have a fineness of at least. At the same time, some of the old laws relating to the ownership of gold ingots appear to still apply.
Today, precious metal coins are so marginalized that some customers wonder if they could ever be prosecuted if authorities discover that they have some in their possession.
