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Question On Selling Gold

1Mike11Mike1 Posts: 4,414 ✭✭✭✭✭
edited June 16, 2021 1:27AM in Precious Metals

Was watching YouTube and a guy who buys gold mentioned if it was bullion such as the little square bars some of us buy he is required to fill paperwork out. But if it's gold such as a gold eagle he's not required to fill paperwork out. What's the difference in requirements and would this be a reason to not buy anymore of those little square bars? By the way, this person was based in Florida.

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Comments

  • derrybderryb Posts: 36,017 ✭✭✭✭✭
    edited June 16, 2021 5:49AM

    Federal paperwork is required at a certain dollar value ($10K?), it is not based on type of metal. Type of metal does however affect state sales taxes - some metal types and some dollar values are exempt, varies from state to state.

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • MsMorrisineMsMorrisine Posts: 32,039 ✭✭✭✭✭

    never heard of it and it seems like something to take time to research it.

    however, the time can be saved because the general thought is to not buy bars anyway. tho it would be ok if you can get it for spot.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 32,039 ✭✭✭✭✭

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • derrybderryb Posts: 36,017 ✭✭✭✭✭

    "Do you hear alarm bells ringing? Neither do I. And that’s a huge problem." - Simon Black

  • JazzmanJABJazzmanJAB Posts: 1,025 ✭✭✭✭

    This is great information.

    What are the 1099-B requirements (Limits), if you sell American gold coin ? How much can you sell without triggering a 1099-B?

  • maplemanmapleman Posts: 1,052 ✭✭✭✭✭
    edited June 18, 2021 6:02AM

    Suggest you read the jm bullion info. Answers all.

  • streeterstreeter Posts: 4,312 ✭✭✭✭✭

    Very helpful, thx MsMorrisine and derryb

    Have a nice day
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