Which Gold buy wow weapons Transactions are Reported to the IRS

One of the characteristics of the gold market is that there are a lot of myths about it. There is also a lot of misinformation, often repeated by gold sellers who should know better. One of these myths is that all gold transactions have to be reported to the US government. Coin dealers are required to record the customer name for purchases over some threshold amount, typically $3,000, under AML regulations. Likewise, proceeds from certain (not all) customer sales handled by coin dealers must also be reported to the IRS by the dealer on Form 1099-B. The reporting required by coin dealers is narrow and covers sales by customers of very specific types of objects in a single transaction or set of related transactions, as follows:

.995 fine gold wow gold bars totalling 1 kilo (32.15 ounces) or more

.999 fine silver bars totalling 1,000 ounces or more

.9995 fine platinum bars totalling 25 ounces or more

.9995 fine wow items palladium bars totalling 100 ounces or more

1-ounce gold Maple Leaf, wow gold gold Kruggerrand, or gold Mexican Onza of 25 coins of one type

US 90% silver coins totalling $10,000 face (though some dealers report $1,000 face)

You might wonder why sales of these specific objects are reportable. These reporting requirements are related to the regulations that require brokers to report all proceeds from stock and commodity transactions. These specific objects are currently traded or used to be traded on commodity exchanges. Form 1099-B reporting requirements do not apply to any other coins. They do not apply at all to American Gold Eagles, American Buffalo, Austrian, Australian, Chinese or any fractional bullion gold coins. Coin dealers sometimes promote pre-1933 coins as so-called non-reportable numismatic coins, implying that bullion gold coin purchases as well as sales are reportable. This is false. Only your sales are reportable, and then only of the objects and in the minimum quantities listed above. This statute applies to proceeds paid by any business for everything from office supplies to automobiles, not just your resale to a dealer of your gold coins. If aggregate purchases from a given supplier reach $600, they must report the payments to the vendor and IRS on a Form 1099. In addition, they will have to request a Tax ID number from every vendor.

Coin dealers who buy back gold coins from customers will apparently have to report the purchases to the IRS. Gold and silver offer opportunities for profit and safety not available with any other investment. He recently published a precious metals investor's guide, How to Buy Gold and Silver Today, to help investors avoid pitfalls and choose appropriate forms of gold to meet their goals.
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