What "Coins" are better to collect without tax consequences later

rooksmith

I remember a coin dealer telling be that ASE's (American Silver Eagles) were more liquid and free from having to report to the IRS. (Compared to foreign bullion).

According to the IRS’s policies, there are two conditions under which precious metals dealers are legally obligated to report your transactions:

When a customer sells large quantities of specific coins or bullion
When clients pay $10,000 or more in cash
Failure to report can result in fines, penalties, or criminal charges, so being aware of the instances in which the purchase or sale may qualify as a reportable transaction is important for both the coin dealer and the customer. When reporting either of the previously mentioned transactions, there are specific forms that precious metals dealers are required to fill out. These forms are a 1099-B and an 8300.

The reporting criteria varies according to the coin or bullion piece sold. Reporting criteria for bars and rounds sales by clients is primarily determined by the purity and quantity of each item. However, this criterion differs for each kind of precious metal.

For sales of gold bars and rounds to be considered reportable, every individual piece of bullion must have a fineness of at least .995 and the total purchase quantity must be 1 kilo (32.15 troy ounces) or more. Similarly, for sales of silver bars and rounds to warrant reporting, each silver piece needs to possess a fineness of at least .999 with a total purchase quantity of 1,000 troy ounces or more.

Lastly, sales of Palladium and Platinum bullion also have reporting requirements. A coin dealer is required to issue a 1099-B for purchases of 100 troy ounces and 25 troy ounces, respectively. In addition, the fineness restriction for both metals is .9995. When compared to bars and rounds, the reporting criteria for coin sales by clients is slightly more straightforward since the restrictions are so specific.

Chart: Coins Eligible for Reporting
Reportable Item

Minimum Fineness
Minimum Reportable Amount

Gold Bars

.995

any size bars totaling 1 kilo (32.15 troy oz.) or more

Silver Bars

.999
any size bars totaling 1000 troy oz. or more

Platinum Bars

.9995
any size bars totaling 25 troy oz. or more

Palladium Bars

.9995
any size bars totaling 100 troy oz. or more

Gold 1 oz. Maple Leaf

as minted
25 1-oz. coins

Gold 1 oz. Krugerrand

as minted
25 1-oz. coins

Gold 1 oz. Mexican Onza

as minted
25 1-oz. coins

U.S. 90% Silver Coins

as minted any combination of dimes, quarters, or half dollars totaling $1,000 face value or more

WOW - thats going to take someone a long time to figure out.

airplanenut

First, this should be on the US or Bullion board, not the BST. Second, if you don't want tax consequences, collect something that will lose value by making poor selections and/or overpaying. You won't have to pay any taxes if you don't make a profit.

JWP

Move post to Q&A FORUM. Also, seems like you're rambling and giving an opinion and instead of asking questions. You are definitely on the wrong forum.