PM Purchases Reporting?
KUCH
Posts: 1,186
I know this has been discussed. Request reply/ info,espically from B&M, Gold Exchanges,sellers of PM's, Bankers. And please I understand the info from a qualified CPA should be done, to ensure laws are upheld.
1) Any cash transaction above $10,000 must be reported. Does that include transactions by CHECK? A PM exchange company advertises above $10,000, by check no reporting?
2) Does bank have to report any withdrawl above $10,000?
3) Can one purchase $9,000 in PM's by cash every week for 1 or lets say 4 months without reporting.
4) Sales tax on PM purchases vary according to state laws, is there a federal tax?
Have a great first day of spring!
Regards, Commrade Kuch
1) Any cash transaction above $10,000 must be reported. Does that include transactions by CHECK? A PM exchange company advertises above $10,000, by check no reporting?
2) Does bank have to report any withdrawl above $10,000?
3) Can one purchase $9,000 in PM's by cash every week for 1 or lets say 4 months without reporting.
4) Sales tax on PM purchases vary according to state laws, is there a federal tax?
Have a great first day of spring!
Regards, Commrade Kuch
0
Comments
If you tell the dealer that you will be making a series of cash purchases that will total more than $10,000, they are linked transactions that must be reported.
<< <i>1) Any cash transaction above $10,000 must be reported. Does that include transactions by CHECK? A PM exchange company advertises above $10,000, by check no reporting?
2) Does bank have to report any withdrawl above $10,000?
3) Can one purchase $9,000 in PM's by cash every week for 1 or lets say 4 months without reporting.
4) Sales tax on PM purchases vary according to state laws, is there a federal tax?
>>
In the U.S., "cash transactions" does not include checks. It includes actual cash, and a couple of cash equivalents (e.g. money orders LESS than $10,000, so 2 $8,000 money orders would be reported, 1 $16,000 money order would not (but presumably would be reported by the place you get it)).
The bank does not report withdrawals. The idea is that if you get audited, the IRS would find out about those withdrawals at that point.
The reporting requirements allow businesses to report any suspicious transactions, and must report certain transactions under $10K (I believe in a 24-hour period, if the cash transactions are >$10K, or for longer periods if the business knows or thinks that you are trying to avoid the reporting requirements).
In the U.S., there is no federal tax on bullion purchases (but there is income tax if you make a profit). And yes, sales taxes vary from state to state (with most not having any on transaction of a certain amount).
Our reporting page covers more details.
<< <i>Please check your private messages. >>
Cashiers checks have to clear first as well. Cashiers checks can and have been faked, and some people try to stop payment on them after goods are shipped.
Cashiers checks are NOT the same as cash. They are a promise to pay.
We do not sell bullion via the internet. Too many problems with non-payment and/or people cancelling sales after a big drop like yesterday's. The above scenario was for a walk-in purchase.
As to us releasing the goods to you after the check has cleared, the facts that we have been in business for over forty years, the owner is a former President of the Professional Numismatists Guild, and his three children work for the firm and expect to inherit it are your only assurances that we will not pick the day after you come in to skip en masse to Brazil. I've only been here 21 years myself come April 15th.
Just find a local B&M with a good reputation and negotiate a good price. Don't risk losing everything by trying to save one or two percent by buying from a stranger.
TD