IRS bullion reporting requirements
roadrunner
Posts: 28,303 ✭✭✭✭✭
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.
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.
0
Comments
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.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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.
Who makes the money makes the laws.
Most all of Europe is learning that the hard way.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey