For sales of gold ingots and coins to be considered declarable, each individual piece of gold coins must have a fineness of at least. Learn what transactions selling gold, platinum, palladium and silver bullion must be reported to the IRS (for tax purposes) and what type of bullion purchases are governed by current anti-money laundering laws (applicable to suspicious or high-volume transactions in cash and cash equivalents). Be aware of Gold IRA scams and other fraudulent activities that may be associated with investing in gold and silver. If you are a U.S.
citizen and believe that capital gains taxes on savings in gold and silver, including gold coins in IRA, 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. The sizes of silver ingots or any minted gold coin or round do not require the filing requirement of Form 1099B. Most competent high-volume ingot dealers want to avoid the need for manual inspections, which would be daily, which could result in additional costs, time and energy requirements on the part of ingot dealer staff in order to properly report any suspicious transactions involving the purchase of gold, platinum, palladium, silver bars or other customer purchase transactions to government agencies. Americans once walked down the street with the clink of gold and silver in their pockets and didn't think about it.
Dealers must be dedicated to maintaining the confidentiality of customers' gold and silver transactions. Reportable sales (again, customer sales to dealers) apply to 1-ounce Gold Maple Leafs, 1-ounce Krugerrands, and 1-ounce Mexican ounce in quantities of twenty-five or more in a single transaction. Don't fund your precious metals IRA with fractionated gold or silver, as they are also unnecessarily expensive.