People who want to protect their assets from inflation love gold bullion. And the first question most people ask: Do I have to report gold bullion?
This is a fundamental question but has a somewhat complex answer. First, we always recommend that you fully understand any and all reporting requirements. Second, the biggest mistake you could ever make would be to sidestep rules or regulations that pertain to your private gold bullion ownership. There are two sides to the equation, when you buy gold bullion, and when you sell gold bullion.
When you buy gold bullion, you are required to report cash transactions 10K and higher, within a 12-month period. If someone makes a purchase and sends us a 6K cashier’s check in March of 2023, and then makes another purchase and sends us another 6K in January of 2024, we are required to report both transactions. In this event, we are required by the IRS to file form 8300.
Do I have to report gold bullion when I sell?
The answer depends on the kind of gold bullion you are trying to sell. Certain forms of gold bullion are reportable, while other forms of gold bullion are not reportable. 1 oz Gold Maple Leafs, Krugerrands, and Mexican Onzas in quantities of 25 or more are reportable. Silver bullion bars that total 1000 oz, 90% junk silver 1K face are also reportable.
In this event, we are required to file form 1099B. You will also need to report the sale of your precious metals on Schedule D of Form 1040 on your tax return.
If your question is: Do I have to report gold bullion, and have questions, we recommend you email us at info@privatebullion to schedule a one-on-one consultation with one of our metals consultants.
We always advise you check with your accountant when you have questions that pertain to reporting requirements.