The government does not require you to report the purchase of gold and silver. As explained in “Reportable Purchases”, purchases of precious metals are not reported unless the cash reporting thresholds are exceeded. Investors wishing to avoid reportable sales should buy American Eagles. When a gold purchase is required to be reported, 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 send the form to the IRS. Under current federal law, the federal government can confiscate gold bars in times of national crisis. As collectibles, rare coins do not fall under the provisions that allow confiscation.
The gold purchased, the way it is purchased, and other legal points will determine the reporting requirements for gold purchases. It is up to each company's discretion to track and report any suspicious activity, cash or cash equivalent structured payments for physical precious metal bullion products. Reportable sales (again customer sales to dealers) apply to 1 oz golden maple leaves, 1 oz Krugerrands and 1 oz Mexican ounces in quantities of twenty-five or more in one transaction. Worse, the prohibition of private gold ownership in the United States, the home of the free, lasted more than four decades.
Therefore, in view of the government's policy of handing over “confiscated gold coins” to foreign governments, how can a promoter of the former U. Without official gold backing in most major currencies today, the specific motivation for “confiscating gold” that existed during many previous confiscations it barely exists today.” Gold coins and old European gold coins are not “subject to confiscation”, leaving the impression that modern gold bullion coins are. However, the readers of this page need not be victims of the hype and promotion so prevalent in the gold coin industry. Reporting laws for gold purchases are similar to the “Know Your Customer” law, popularly known as “KYC”, which banks are required to use to prevent money laundering.
Do not finance your precious metal anger with fractionated gold or silver, they are also unnecessarily expensive. While it is unclear whether or not the country made progress with active seizures, or how many citizens complied, the law destroyed the local private gold market overnight. Gold sellers who refuse to disclose these types of transactions will be punished with fines or even jail time if they are discovered withholding this data from the authorities. A desperate government could also declare the repatriation of all personal possessions of gold, regardless of where they are stored.
Some of the coins have been around for a hundred years and have always been sold at only a few dollars above the value of their gold content. If you are a U.S. citizen and believe that capital gains taxes on gold and silver savings are not in line with constitutional law, you may also encourage your US congressman to sign this developing bill HR 6790 that could repeal such future taxes if passed. The fear of people hoarding gold was the idea behind the 1933 law that prohibited private ownership of gold.