Is the Purchase of Gold and Silver Reportable?


People want to know if gold and silver
bullion, either their purchases or their sales are reportable. The answer is
sometimes. By reportable, they’re wondering about the IRS principally. Am I
going to get a form? Do you have to fill out a form? Is this is going to be turned in to the IRS? And is it going to somehow raise a red flag for me
that I’ve bought or sold. Again, the answer is sometimes. In most cases when you sell gold or silver there’s no reporting required. Now there’s a couple
of exceptions, for a couple of different types of products in sufficient
quantities, or products that might still be traded on the commodity exchanges, and we can provide you with that information. If you can’t find it we’d be
happy to send it to you. When you purchase, and here’s where the confusion
takes place, people think that they can only purchase certain amounts before a
form is generated with the IRS. And it really is only applicable to purchases
in cash. There’s a ten-thousand-dollar threshold just as if you were leaving
the country, there’s a ten-thousand-dollar cash threshold that can’t
be exceeded over a certain period of time, but that’s really the only one. Otherwise, your purchases if done correctly, if done properly, incur no
reporting whatsoever.

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