Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Understanding the Tax Man: The Gold & Silver Buying Guide & $10K Reporting Myth

  by    0   0

You may have heard that you can’t purchase more than $10,000 worth of gold without it being reported to the IRS.

This is a myth.

You can avoid IRS reporting requirements, even on large-scale purchases. You just have to know the rules. Our revised Guide to Tax-Free Gold and Silver Buying provides the information you need to navigate the complex world of IRS reporting. You’ll learn:

  • The truth about $10K reporting requirements.
  • What kind of sales transactions trigger IRS reporting.
  • How to buy and sell gold and silver in complete privacy.

Download The Updated Free Tax-Free Gold and Silver Buying Guide Here

SchiffGold’s Guide to Tax-Free Gold & Silver Buying makes it easy to understand exactly what the IRS requires are so you can buy and sell privately with confidence.

You may want to maintain your privacy when buying and selling precious metals, but IRS regulations create a formidable minefield to navigate. There are some transactions that trigger IRS reporting requirements, but there are many that do not. They key is understanding the rules.

The revised SchiffGold’s Guide to Tax-Free Gold & Silver Buying can help you to navigate IRS reporting requirements when investing in silver and gold. The easy-to-read guide lays out transactions that trigger reporting for both the purchase and sale of precious metals.

There are some situations where buying gold or silver in amounts over $10,000 require the dealer to report the sale by filing IRS Form 8300. But in truth, there are really very few transactions that trigger this requirement. This new report tells you exactly what to avoid if you want to maintain your privacy.

When it comes to selling your gold, there are a number of scenarios that require dealers to issue a 1099-B reporting your income on the sale. But again, there are many transactions that don’t meet the reporting threshold.

You can theoretically buy and sell gold and silver in complete anonymity by simply limiting yourself to specific transactions the IRS doesn’t track.

Don’t be discouraged by myths or fear of the tax-man. With the information in SchiffGold’s Guide to Tax-Free Gold & Silver Buying at your fingertips, you can confidentially buy and sell gold and silver in complete privacy.

Download the Free Guide Today

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

 


Related Posts

Gold Serving as a Lifeline for Indians During Credit Crunch

Gold has become a lifeline for Indians in the midst of a severe credit crunch. When the state-run lender refused to extend Babasaheb Mandlik credit, he used his wife’s gold jewelry as collateral for a loan in order to buy cotton seeds before the summer sowing season window closed.

READ MORE →

Uncle Sam Is Spending Like We’re In Recession; What Happens When We Really Are?

Last week we got the updated federal budget deficit numbers. At $867 billion, the 2019 fiscal year budget shortfall has already eclipsed last year’s deficit of $779 billion. The out of control spending and spiraling deficits are concerning enough on their own terms, but they become absolutely horrifying when you consider that these budget shortfalls […]

READ MORE →

Yield Curve Inverts Flashing Recession Warning; Stocks Plunge

The yield on the 10-year Treasury fell below the yield on the 2-year for the first time in 12 years, stoking recession fears and tanking stock markets. Yield curve inversions have preceded all nine recessions since 1955.  This was the first time the 10-year Treasury yield has dropped below the 2-year yield since June 2007 […]

READ MORE →

China Adds 10 More Tons of Gold to Its Hoard

the country of china shown on a globeChina bought gold for the eighth straight month in July, adding another 10 tons to its rapidly growing hoard. The recent purchases boosted the People’s Bank of China’s gold reserves to 62.26 million ounces – about 1, 945 tons.  China has added about 94 tons of gold to its stash over the past eight months.

READ MORE →

The Fed Has the US Economy on Life Support

The Federal Reserve has the US economy on monetary life support and Daily Reckoning managing editor Brian Maher says it will never again breathe on its own. As hedge fund manager Kyle Bass put it, the economy is trapped within the inescapable tractor beam of zero percent interest rates.

READ MORE →

Comments are closed.

Call Now