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Owning a 1,000 Ounce Silver Bar
Hey,
I once read that, if you buy a 1,000 ounce silver bar, you must report it to the IRS. But now, I found a site that says, you only have to report to the IRS if you sell your 1,000 ounce silver bar, not when/if you buy it. Here's the site that says you do not have to report when you buy, and only when you sell: http://www.usagold.com/cpm/privacy.html Its close to the top, the small paragraph just before the chart of the reportable bullion items. So, is this information correct? Can I buy a 1,000 ounce silver bar without reporting it to the IRS? Just curious. Tom |
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#2
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Owning a 1,000 Ounce Silver Bar
wrote:
I once read that, if you buy a 1,000 ounce silver bar, you must report it to the IRS. But now, I found a site that says, you only have to report to the IRS if you sell your 1,000 ounce silver bar, not when/if you buy it. Here's the site that says you do not have to report when you buy, and only when you sell: http://www.usagold.com/cpm/privacy.html I think the confusion arises with the word "you;" it depends on which side of the transaction you are on. But check with an accountant or attorney to be certain. The reporting requirement I _think_ you are referring to is for sales of precious metals which can satisfy a traded commodities contract. The CBOT has a mini-sized silver contract for 1000 oz, so a 1000 oz silver bar would qualify. However, the reporting requirement applies primarily to brokers and barter exchanges. When _they_ buy, (ie you sell) such a bar, they will file a Form 1099 with the IRS to record the sale amount to you. This lets the IRS know about the sale, so they can expect you to report any income or loss. http://www.irs.gov/pub/irs-pdf/f1099b.pdf http://www.irs.gov/pub/irs-pdf/i1099b.pdf Whether or not the seller issues a 1099, you are required to declare any income. No shock there. If you pay cash for the bar (at current prices), the seller also has to file a different form, so the IRS can get you coming and going: http://www.irs.gov/pub/irs-pdf/f8300.pdf -- Michael Benveniste -- (Clarification required) Legalize Updoc. |
#3
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Owning a 1,000 Ounce Silver Bar
wrote in message ... Hey, I once read that, if you buy a 1,000 ounce silver bar, you must report it to the IRS. But now, I found a site that says, you only have to report to the IRS if you sell your 1,000 ounce silver bar, not when/if you buy it. Here's the site that says you do not have to report when you buy, and only when you sell: http://www.usagold.com/cpm/privacy.html Its close to the top, the small paragraph just before the chart of the reportable bullion items. So, is this information correct? Can I buy a 1,000 ounce silver bar without reporting it to the IRS? Just curious. Tom Hello If you have adobe reader loaded on your PC and your filing as and individual, go to the link shown below. http://www.irs.gov/pub/irs-pdf/p17.pdf You want to go to Chapter 14, page 101. Investment Property -- Gold, silver, stamps, coins, gems, ect. These are capital assets except when they are held for sale by a dealer. Any gain or loss you have from their sale or trade generally is a capital gain or loss. ... |
#4
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Owning a 1,000 Ounce Silver Bar
On Feb 1, 6:24*am, "Michael Benveniste" wrote:
wrote: I once read that, if you buy a 1,000 ounce silver bar, you must report it to the IRS. But now, I found a site that says, you only have to report to the IRS if you sell your 1,000 ounce silver bar, not when/if you buy it. Here's the site that says you do not have to report when you buy, and only when you sell: http://www.usagold.com/cpm/privacy.html I think the confusion arises with the word "you;" it depends on which side of the transaction you are on. *But check with an accountant or attorney to be certain. The reporting requirement I _think_ you are referring to is for sales of precious metals which can satisfy a traded commodities contract. *The CBOT has a mini-sized silver contract for 1000 oz, so a 1000 oz silver bar would qualify. However, the reporting requirement applies primarily to brokers and barter exchanges. *When _they_ buy, (ie you sell) such a bar, they will file a Form 1099 with the IRS to record the sale amount to you. *This lets the IRS know about the sale, so they can expect you to report any income or loss. http://www.irs.gov/pub/irs-pdf/f1099...pdf/i1099b.pdf Whether or not the seller issues a 1099, you are required to declare any income. *No shock there. If you pay cash for the bar (at current prices), the seller also has to file a different form, so the IRS can get you coming and going: http://www.irs.gov/pub/irs-pdf/f8300.pdf -- Michael Benveniste -- (Clarification required) Legalize Updoc. It might also have something to do with what the IRS would assume to be a $10,000+ transaction for a collectable, which also includes precious metals. http://www.yale.edu/tax/docs/rules_def_8300.pdf |
#5
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Owning a 1,000 Ounce Silver Bar
I once read that, if you buy a 1,000 ounce silver bar, you must report
it to the IRS. But now, I found a site that says, you only have to report to the IRS if you sell your 1,000 ounce silver bar, not when/if you buy it. Here's the site that says you do not have to report when you buy, and only when you sell: Its close to the top, the small paragraph just before the chart of the reportable bullion items. So, is this information correct? Can I buy a 1,000 ounce silver bar without reporting it to the IRS? Just curious. Tom Cash transactions of $10,000 or more are reported to the federal government. But see all transactions are cash transactions...in other words it's monetary transactions that are reported. |
#6
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Owning a 1,000 Ounce Silver Bar
Cash transactions of $10,000 or more are reported to the federal government. But see all transactions are cash transactions...in other words it's monetary transactions that are reported. Oh...personal checks are not cash. But money orders under $10,000 are cash...but then what are money orders over $10,000 ? http://www.irs.gov/businesses/small/...148821,00.html |
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