Another Question About 1,000 Ounce Silver Bars

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Author	Replies: 3 / Views: 1,661
Fox Pillar of the Community 708 Posts	Posted 04/28/2013 8:14 pm Guys, I have been noticing silver dropping lower and lower, so I had a question about the 1,000 ounce silver bars. If the 1,000 ounce bars drop below $10,000 in price, do I still have to tell the IRS about the purchase of the bar? Because, I thought you just had to tell them about cash transactions of $10,000 or more. So, say the 1,000 ounce silver bars drop to about $9,990 or so. Does this mean I don't have to report my purchase to the government? Or does it work differently with bullion? Because I thought I read something once stating not to "Go buying 500 ounces of silver one day, then 600 more ounces of silver the next day, as "Uncle Sam" don't like being "tricked" So I'm not sure if you are supposed to report whether you have 1,000 or more ounces of bullion or not. So can someone help me out on this? Report this Post to the Staff

denco7 Pillar of the Community United States 2543 Posts	Posted 04/28/2013 9:56 pm The $10,000 limit is for bank reporting, banks must report to the IRS all cash transactions in excess of $10,000. The IRS assumes that you have already reported the income you are using to pay for the silver bars, and therefore have already paid the tax on it. It is the dealers that, as of Jan. 2012, now have to report all transactions in excess of $600. Not the buyers. You are however required to pay capital gains tax if you profit from the resale of the bar. Edited by denco7 04/28/2013 10:02 pm Report this Post to the Staff
Dawg51999 Valued Member United States 80 Posts	Posted 04/29/2013 4:28 pm From what I can tell, the reporting requirements have to do with the size of the transaction and not the sale price. It looks life if you purchase a 1,000 silver bar the seller is required to submit a 1099-B form. Google "1099-B bullion reporting" and you should find some useful stuff. Report this Post to the Staff
denco7 Pillar of the Community United States 2543 Posts	Posted 04/29/2013 9:04 pm Here are the transactions requiring a 1099 B Item Minimum Fineness Minimum Reportable Amount Gold Bars 0.995 Any size bars totaling 1 kilogram (32.15 troy oz.) or more Silver Bars 0.999 Any size bars totaling 1,000 troy oz. or more Platinum Bars 0.9995 Any size bars totaling 25 troy oz. or more Palladium Bars 0.9995 Any size bars totaling 100 troy oz. or more 1 oz. Gold Maple Leaf as minted 25 1-oz. coins 1 oz. Gold Krugerrand as minted 25 1-oz. coins 1 oz. Gold Mexican Onza as minted 25 1-oz. coins US 90% Silver Coins as minted Any combination of dimes, quarters, or half dollars totaling $1,000 face value or more If an item is not on this list, sales of it does not need a Form 1099-B to be filed, no matter how large the quantity! Report this Post to the Staff
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