Does irs track gold purchases?

When it is required to report a purchase of gold, the dealer will report it. Form 8300 requires information about the gold buyer, including name, social security number, address, and license number. If part of the form is left blank, the grantee must still send the form to the IRS. As explained in “Reportable Purchases”, purchases of precious metals are not reported unless cash reporting thresholds are exceeded.

Investors who want to avoid reportable sales should buy American Eagles. For those who buy gold in the United States, there are some federal laws that should be specifically aware of, the regulations governing which gold purchases should be reported to the government. In another example, someone walks into a local gold coin store and uses cash (paper money) to pay for gold coins. These pieces include, but are not limited to, gold coins with fractional denominations; American Eagle coins of gold or silver; any piece of foreign currency that has not been explicitly mentioned in the IRS list of communication articles, as well as pieces of US currency that were created after the creation of the list in 1980.

Don't fund your precious metal IRA with fractional gold or silver, as they are also unnecessarily expensive. The amount of gold purchased, the way it is purchased, the term in which it is purchased, and other legal points will determine the reporting requirements for gold purchases.

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