Thursday, October 20, 2011

Gold IRS Reporting Requirements

Reportable Transactions
  • Gold bars: any combination 32.15 ounces or more
  • South African Krugerrands: 25 ounces or more
  • Canadian Maple Leafs: 25 ounces or more
  • Mexican Onzas: 25 ounces or more
  • Silver bars: 1,000 ounces or more
  • Pre-1965 US 90-percent silver coins: 1000 dollar face value or more
  • Platinum bars: 25 ounces or more
More than one selling transaction angered in for this purpose of circumventing the reporting laws will be treated as one single transaction. This includes transactions by two or more members of the same family. The report also demands the Social Security number of the seller. ICTA warns the following: “this information is provided to assist you and is not intended to be used by you as the sole guideline for complying with these regulations. You should consult your own tax professional... While a stricter interpretation of the regulations is possible, ICTA believes the above guidelines... fulfill the spirit of the negotiations and the intent of the Internal Revenue Service.”
Even though gold coins are not listed in the Reportable Transactions, and are now exempt from reporting, we can not give you any guarantee that they will still be exempt in the future. As a matter of fact, since the intent of the law is to raise revenue, it is very possible that coins which are not on the list now will be added to the list in future regulations, especially if the price of gold goes up. It is also possible  that the amount of coins required for the reporting threshold will be reduced as the price of gold rises for the same reason. Notice that from the point of view of the United States Treasury, this is an issue of revenue. Last, even though historic items like pre-1933 European and United States gold coins are exempted from the reporting requirement, that doesn’t mean you can escape paying taxes on your gains. You must still pay your taxes, it is your responsibility, whether the item falls into a reportable category or not.

No comments:

Post a Comment