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 Replies: 27 / Views: 3,809 |
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Pillar of the Community
 United States
623 Posts |
There are no serial numbers on a lot of gold coins. So, how do you prove it's yours?
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Pillar of the Community
United States
5362 Posts |
Arkie I believe the requirement for identification in the US is ten ounces. You my be running into a local ordinance or a shop policy.
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Pillar of the Community
United States
623 Posts |
swamper good point. It's unlimited for gold eagles.
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Pillar of the Community
United States
5362 Posts |
It is NOT unlimited either. The Federal government - specifically the IRS tracks physical gold transfers over 10 ounces and they have for years. The only time the transaction goes unrecorded is when someone is breaking the law.
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Pillar of the Community
United States
623 Posts |
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Pillar of the Community
United States
5362 Posts |
Are you sure of your facts? I am not talking about buying for an IRA account that you do not yourself possess. I am talking about physical gold that you sell in 10 ounce lots.
There is no requirement to report on 3 individual gold coins - the ones that trade ABOVE melt. The coins from the US mint that start with a premium.
The regulations get you in a manner quite similar in nature to the $10,000 reporting limit for cash transactions. IRS form 8300 must be completed for a sale of gold or silver amounting to $10,000 in cash which today is 9 and a fraction ounces.
For me it all looks like Big Brother looking over our shoulders.
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Pillar of the Community
United States
623 Posts |
Yeah it's all confusing. On Eagles (silver or gold) they are not supposed to report sales of any amount. They could write you a check (not cash) and they wouldn't have to report it.
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Pillar of the Community
United States
623 Posts |
I wonder if someone from the forum reported this seller:  |
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Pillar of the Community
United States
5362 Posts |
If the check they write to you is over $10,000 it is reported federally - because it is a sale of metal they must file the 8300 and you will then be compelled to account for any capital gain or loss on the sale. If the dealer does NOT do so - the action is illegal. In any event you are potentially on the hook for Tax evasion. Regarding the seller - ebay may have checked on him and discovered his account was bogus. But basically he has disappeared. |
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Pillar of the Community
United States
623 Posts |
swamp I suggest you read this article. Form 8300 is ONLY for cash...paper money. Also, there are exempt coins from the metals reporting. Gold and silver eagles are exempt. There are others...not sure how or why they became exempt. http://www.golddealer.com/investmen...ransactions/Anyway none of the reporting matters. I would never buy bullion from a dealer anyway. I have other channels. ;-) |
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Pillar of the Community
United States
623 Posts |
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Valued Member
Canada
270 Posts |
Canada has similar laws on bullion. Sellers MUST provide 2 pieces of goverment I.d, one being photo...the purchase is then reported to the police...almost certain it is unlimited as this process applied to a 4oz. Silver sale I witnessed.
Buyers must sign a recognition of bullion purchase form as well...just a signature on buying.
Technically it would be extremely hard to prove a single coin as stolen, but if you are ever reported as being fraudulent regarding bullion in any circumstance...the sales records of every transation would be made available for prosecution.
Edited by UncleLuc
12/30/2014 12:47 am
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Replies: 27 / Views: 3,809 |
First Page
Posted 12/24/2014 1:42 pm
