There are only a few coins that need to be declared to the IRS. For sales of gold ingots and ingots to be considered declarable, each individual piece of ingots must have a fineness of at least. Similarly, for the sale of silver ingots and cartridges to justify notification, each piece of silver must have a fineness of at least. And to make matters worse, some honest coin traders aren't right, and hard-selling telephone sellers use “reporting requirements” as a blunt force to “lead investors to make the worst decisions and, at the same time, line their pockets with ridiculous fees.” I think the truth is more mundane and the government based its first decisions on “reporting more about what was being traded on the country's commodity exchanges and less on what was happening in coin stores, because they had little interest in the individual investor.” Most of us are neither public accountants nor tax accountants, however, buyers of Atlanta gold and coins will be happy to answer any questions you may have.
There are many low-quality ingots and ingot coins that have no reporting requirements at the time of resale and move directly into the spot market. If you are a U.S. citizen and believe that capital gains taxes on savings in gold and silver are not in line with constitutional law, you may also encourage your U.S. Congressman to pass this bill H.R.
6790, which could repeal those future taxes if passed. Learn what transactions selling gold, platinum, palladium and silver bullion must be reported to the IRS (for tax purposes) and what type of bullion purchases are governed by current anti-money laundering laws (applicable to suspicious or high-volume transactions in cash and cash equivalents). Gold has always been the most private investment and the use of “nameless bills” and cash in smaller amounts is popular and legal. Most competent high-volume ingot dealers want to avoid the need for manual inspections, which would be daily, which could result in additional costs, time and energy requirements on the part of ingot dealer staff in order to properly report any suspicious transactions involving the purchase of gold, platinum, palladium, silver bars or other customer purchase transactions to government agencies.
Not long ago, I received an email from a person who was told by a so-called “IRA specialist” that he should put Proof Gold Eagles in his IRA account and avoid regularly issued Gold Eagles, because the latter were reportable and the former did not comply with government regulations. Gold Eagle, Australian Kangaroo, Austrian Philharmonic, Chinese Panda, British Britannia Series and Australian Lunar Series. As long as you don't use cash, you can buy all the gold bars you want and no one cares, but the first one you sell requires a “declaration requirement” from the dealer.