-
8/11/2019 A Simple Strategy to Minimize Reporting on Gold
Sales
1/3
A Simple Strategy to Minimize Reporting on Gold Sales
By Kevin Brekke
An American's right to financial privacy is failing fast, not
least with the approval of all sorts of new regulations over the
past few years that make
virtually any asset held overseas reportable.
Of course, it's not only the "overseas" component of asset
management that has received increased scrutiny - anything that can
be traded
anonymously even within the US has become a target, including
the sale of precious metals.
In fact, the sale of PMs to a dealer is now subject to a whole
host of requirements including the collection of a driver's license
and Social Security
number directly by the dealer, which is obviously subject to
misuse or outright identity theft.
Thankfully, at least for now, there is a legal strategy one can
follow to skirt the reporting requirements, as Kevin Brekke
explains.
Gold and Silver Bullion and Form 1099B
Regular International Man readers are familiar with the ongoing
assault on financial privacy being waged by the Treasury Dept, the
IRS, and the
US Justice Dept here in the United States. Over the past two
months, I have:
Covered the final rulingon amendments to the reporting
requirements on Treasury From TD F 90-22.1, Report of Foreign Bank
and
Financial Accounts (commonly referred to as the FBAR), and
Dissected the new IRS Form 8938, Statement of Specified Foreign
Assets, that qualifying US taxpayers will be required to file for
tax year2011.
A Simple Strategy to Minimize Reporting on Gold Sales |
International Man
http://www.internationalman.com/articles/a-simple-strategy-to-minimize-reporting-on-gold-sales
1 of 3 2/16/2014 11:34 PM
-
8/11/2019 A Simple Strategy to Minimize Reporting on Gold
Sales
2/3
i l i i i i ld l | i l h // i i l / i l / i l i i i i ld l
-
8/11/2019 A Simple Strategy to Minimize Reporting on Gold
Sales
3/3
Gold
US Gold Eagle and US Gold Buffalo coins, all weights, are not
reportable for any quantity.
Foreign coins sold in quantities of 25 ounces or more are
reportable. Foreign coins include, but are not limited to: South
African
Krugerrands, Austrian Philharmonics, Chinese Pandas, Canadian
Maple Leafs, British Sovereigns, etc.
Fine bars sold in weights of one kilo (32.15 troy ounces) or
more per transaction are reportable.
Silver
Bullion coins sold in any quantity are not reportable. Examples
include, but are not limited to: Mexican Libertade, US Eagles,
Austrian
Philharmonic, Canadian Maple Leaf, etc.
Bullion bars and rounds, .999 fine, sold in weights of 1,000
ounces or more per transaction are reportable.
Junk bags of 90% coins, $1,000 face value or greater sold in a
single transaction are reportable.
As outlined here, a gold and silver bullion investor can avoid
any 1099B reporting requirements by simply pursuing a buying
strategy of coins that
are exempt. We must add a note of caution: arranging the sale of
bullion in multiple transactions to skirt the reporting
requirements will expose
the seller to further scrutiny and possible prosecution. A
dealer that determines a seller is using a pattern of sales to
avoid 1099B reporting isrequired to file a Suspicious Activity
Report.
Caveat venditor.
comments powered by Disqus
A Simple Strategy to Minimize Reporting on Gold Sales |
International Man
http://www.internationalman.com/articles/a-simple-strategy-to-minimize-reporting-on-gold-sales
3 of 3 2/16/2014 11:34 PM
