IRS bullion reporting requirements

roadrunner · July 14, 2016 1:14AM

Summary

Not a plug for this dealer who I don't know. Someone linked this from another site I read. I just found this summary rather easy to read and a good refresher. I learned something. You forget this stuff after a short time if you aren't a dealer doing it all the time.

BAJJERFAN · July 14, 2016 2:00AM

PROFITS from all bullion transactions are reportable as income. Purchase of certain items like gold Maple Leafs, Krands, in certain quantities etc. are reportable regardless if they end up being sold or not. If you purchase 50 gold Leafs, the IRS will require you to account for the disposition of them even if you sell them one at a time on eBay.

derryb · July 14, 2016 3:02AM

The OP's link is not about self reporting. It's about reporting others who buy from or sell to you. It's the IRS's way of forcing bullion dealers to become "agents" in doing the IRS's job of helping to ID possible tax cheats and money launderers.

Banks are also, by law, required to make similar reports on transactions. As the war on cash heats up look for the dollar amounts that trigger reporting to become lower.

BAJJERFAN · July 14, 2016 3:42AM

Originally posted by: derryb

The OP's link is not about self reporting. It's about reporting others who buy from or sell to you. It's the IRS's way of forcing bullion dealers to become "agents" in doing the IRS's job of helping to ID possible tax cheats and money launderers.

Banks are also, by law, required to make similar reports on transactions. As the war on cash heats up look for the dollar amounts that trigger reporting to become lower.

I wasn't suggesting that PM purchases be self-reported, only that they will be reported if they are a certain kind and in a certain quantity. Also it depends upon who you buy them from AND your level of honesty.

Another thing to keep in mind is that if you decide to enter the bullion business OR do enough transactions to where you could be considered as being "in the business" you may be required to have a similar anti money laundering plan.