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 Replies: 6 / Views: 1,724 |
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Pillar of the Community
708 Posts |
Just another curiousity question I had. I was just wondering if you bought over $10,000 worth of silver, or even, less than that, do you still have to report that silver purchase to the government? Do they have to know every little thing you do, involving bullion investments? I do know that you have to report purchases of items over $10,000, but do they have to know if you bought say, $9,900 worth or so?
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Pillar of the Community
United States
2189 Posts |
Fox
Sorry I don't have a clue,For me personally the less they know about me the better off I am
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Bedrock of the Community
13014 Posts |
My guess would be yes they want to know about every cent you make especially if you sell for a profit. States have different laws as well.
If you dont have to report under 10k I wouldnt flirt with the line being in the 9k area, keep it well away from their threshold not to make yourself a target for looking like youre trying to barely avoid it
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Pillar of the Community
United States
2543 Posts |
The coin shop has to report any sale made by you, over $600 with a 1099 form.
Anti money laundering laws require any transaction over S10.000 be reported to the IRS. Buying coins, anything under $10,000, the IRS figures you are buying them with money you have already paid taxes on. So you are only required to report any sales as income.
Bullion is different though, there are maximum amounts a dealer can sell you before they are required to file a 1099 with the IRS
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Pillar of the Community
United States
1200 Posts |
Fox--If you have a serious possibility of significant tax ramifications arising out of your PM buying, selling and holdings, you need to get solid professional
advice and that kind of advice needs to come from a qualified tax accountant or attorney. Trying to get that kind of advice from an internet forum or any of the
many "storefront tax" firms (H&R Block and all those others) might turn out to be a very costly mistake.
If your interest is academic, you probably don't need advice on that level, but... When somebody needs professional medical treatment, they'd be ill-advised to
seek that treatment from the nearest Boy Scout because he has the First Aid merit badge.
Bottom like is--let your conscience and the level of your needs be your guides but don't play with fire unless you're a really daring type.
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Valued Member
United States
410 Posts |
You don't have to report purchases to the government. You do have to claim all profits as income and report that income on your tax return. By law, ALL income needs to be reported right down to the money you made at a garage sale.
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Pillar of the Community
United States
2543 Posts |
Any cash transaction at all ,over $10,000 has to be reported to the IRS. Whether it is a deposit at the bank, buying a car or buying silver and gold. Or if a dealer makes ten $1000 cash transactions with you, within the year, they are also required to file paperwork with the IRS. Quote:
You do have to claim all profits as income and report that income on your tax return. By law, ALL income needs to be reported right down to the money you made at a garage sale. That is why it is important to keep all receipts. Without a receipt for the initial purchase,you must pay tax on the entire sale. If you have the receipt, you just have to pay capital gains tax on the amount of profit. |
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Replies: 6 / Views: 1,724 |
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Posted 05/23/2013 9:31 pm
