When it is necessary to report a purchase of gold, the dealer will be the one to report it. Form 8300 requires information about the gold purchaser, including name, social security number, address, and license number. If part of the form is left blank, the dealer must still send the form to the IRS. When investing, many people try to find a way to buy gold and silver tax-free.
We understand that many investors and collectors want to maintain their privacy when making purchasing decisions related to buying and selling gold and silver. However, the IRS requires that we declare certain sales and certain repurchase transactions. In another example, someone walks into a local gold coin store and uses cash (paper money) to pay for gold coins. That's why it's important to check with your certified public accountant about taxes on your investments in gold.
For those who buy gold in the United States, there are some federal laws that you should be aware of specifically, the regulations that govern which purchases of gold should be reported to the government. The amount of gold purchased, how it is purchased, the time frame within which it is purchased, and other legal points will determine the reporting requirements for gold purchases. These pieces include, among others, gold coins with fractional denominations; American Eagle gold or silver coins; any piece of foreign currency that has not been explicitly mentioned in the IRS's list of reportable items, as well as U.S. currencies that were created after the list was created in the 1980s.
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