IRS 1099 Form - Sell Gold Sell Silver Privately

[gogold]

http://everhedge.blogspot.com/2011/0...ivacy-irs.html

Private gold bullion, 1099 Form not required, any quantity:
US Gold Eagle Coins 1 oz - 1/2 oz - 1/4 oz - 1/10 oz
US Gold Buffalo Coins 1 oz

Reported gold bullion, 1099 Form required, foreign coins sold in quantities of:
Canadian Gold Maples 25 oz +
South African Krugerrands 25 oz +
Mexican Gold Coins 25 oz +
Gold Austrian Philharmonics 25 oz +
Chinese Gold Pandas 25 oz +
Etc, etc.

[Silver Sahara]

Hmmmm.... This makes me wonder how much these allowable quantities will be reduced on future 1099s. We may not be able to sell much quantity in the future without having to report it. Heck, it's not much quantity as it is now.

[cpthnsolo]

We may not be able to sell much quantity in the future without having to report it. Heck, it's not much quantity as it is now.

No doubt... If I held any 1oz Au coins or bars I would definitely look to trade them towards 1/10's instead. Even with a reasonable premium.

[tekhen]

or will history repeat itself and a presidential order (how is this a law when it doesn't go thru congress?) states that no citizen of the USofA is allowed to own gold bullion... again?

[Unca Walt]

or will history repeat itself and a presidential order (how is this a law when it doesn't go thru congress?) states that no citizen of the USofA is allowed to own gold bullion... again?

You can screw a virgin only once. After that, the virgin... ain't.

The gummint blatantly robbed Americans of their wealth with that first deflowering -- getting all the gold from the trusting citizens, then devaluing the dollar... effectively wiping out the wealth of those "law abiding" citizens.

I cannot think of anyone here who would gather up all their PM to give them to Fubar for a nice tall stack of frn's.

It just ain't gonna happen. And he who tries to MAKE it happen will be tossed out of office.

[tekhen]

You can screw a virgin only once. After that, the virgin... ain't.

The gummint blatantly robbed Americans of their wealth with that first deflowering -- getting all the gold from the trusting citizens, then devaluing the dollar... effectively wiping out the wealth of those "law abiding" citizens.

I cannot think of anyone here who would gather up all their PM to give them to Fubar for a nice tall stack of frn's.

It just ain't gonna happen. And he who tries to MAKE it happen will be tossed out of office.

true...
i agree that most here will not, but what of those who get into PMs late and have no clue about PO 6102?
Look at what has happened since ‘08 when the US Mint as well as other .gov Mints 'suspended' not only sales of bullion but collectables as well?

1) Premiums are through the roof compared to a few years ago
2) If you buy off eBay you have to use 'coupons' to make it worth while (again, not so a few years ago)
3) The Mint changed is price scheme
4) 1099 rule

They will do it again because the majority of the citizenry are sheep. Before they come for the small play of PMs they will strike at these first
a) Confiscation through inflation
a) Confiscation of property... (This is ongoing) toxic mortgages and what I believe is the willful drop in the value of homes
b) Confiscation of retirement plans... Social Security, 401ks and Public/Private pensions.
c) Confiscation of Real Money... Ag and Au. See the proposed/upcoming 1099 and some of Europe, which already has a V.A.T. on Ag.

[SongSungAU]

c) Confiscation of Real Money... Ag and Au. See the proposed/upcoming 1099 .....

What is this proposed/upcoming 1099 of which you speak? The 1099 deal in Obamacare was repealed, is there another one out there?

[American Chestnut]

Any restrictions are wrong....but I do not understand what difference it makes if you are selling Maples or Eagles?
If the level remains at 25+ ounces its not going to effect me personally. I doubt I will be selling that many coins at once.

[Ragnarok]

....but I do not understand what difference it makes if you are selling Maples or Eagles?

I think that the difference is that Eagles are legal tender in the US and Maples aren't. But then that would bring up the thorny issue of which value to report - face or spot, since they are talking a (fixed) quantity of coins, as opposed to a (variable) FRN value limit. I'm sure the IRS would argue for the FRN value, because if they didn't, it means that the reporting requirement is a PM tracking device, and not a revenue generator, imho.

If the level remains at 25+ ounces its not going to effect me personally. I doubt I will be selling that many coins at once.

IF.
That tiny little word leaves the door wide open for change America doesn't need.

...what, me cynical?
R.

[American Chestnut]

Yes, I know 1oz. Eagles have $50. on them and have read that this makes them currency but it still makes no sense to me.
The $50. means absolutely nothing. I am aware of atleast one confused old person who sold an ounce coin for $50. Nope I was not the buyer and only learned of the transaction after the fact.
An ounce of gold is an ounce of gold. Capitol gains are capitol gains.... not that I think changing money should be a taxable event. It shouldn't. From an IRS point of view why does it matter where the coins were made?

My latest Gold purchase was 1907 double eagle. I'm glad thats really only worth $20.

[SongSungAU]

From an IRS point of view why does it matter where the coins were made?

You are expecting our laws to make sense? Silly you.
It doesn't matter where the coins were made when it comes to silver, only gold. See below.

GOLD:
Private gold bullion, 1099 Form not required, any quantity:
US Gold Eagle Coins 1 oz - 1/2 oz - 1/4 oz - 1/10 oz
US Gold Buffalo Coins 1 oz

Reported gold bullion, 1099 Form required, foreign coins sold in quantities of:
Canadian Gold Maples 25 oz +
South African Krugerrands 25 oz +
Mexican Gold Coins 25 oz +
Gold Austrian Philharmonics 25 oz +
Chinese Gold Pandas 25 oz +
Etc, etc.

Reported gold bullion, 1099 Form required, fine gold bars sold in quantities of:
One kilo in total (32.15 troy oz ) or more per transaction

--------------------

SILVER:
Private silver bullion, 1099 Form not required, any quantity:
US Silver Eagle Coins
Canadian Maple Leaf Silver Coins
Austrian Philharmonic Silver Coins
Mexican Libertad Silver Coins
Chinese Panda Silver Coins
Etc. etc.

Reported silver bullion, 1099 Form required, silver bars/rounds .999 sold in quantities of:
1000 oz or more per transaction

Reported junk silver, 1099 Form required, bags sold in quantities of:
$1000 face value bag or more of 90% silver coins

--------------------

http://everhedge.blogspot.com/2011/0...ivacy-irs.html

[Irons]

A builder in Las Vegas was paying his contractors in gold eagles and claiming $50 in pay. He went to court for it big time and lost.

Money is only what TPTB says it is, not what we stamped on it.

[Silver Sahara]

Are they saying that any private sales are not reportable in any qty, say 10000 ounces? But if you sell 1200 ounces to Provident it is reportable?

[teamnick]

Are they saying that any private sales are not reportable in any qty, say 10000 ounces? But if you sell 1200 ounces to Provident it is reportable?

Try depositing over $10K cash in your bank and they have to report you to the IRS, or over $2500 they can if they think you seem like a domestic terrorist or something. If you deposit a check into your bank account, there is a paper trail, same with wire transfers etc. While it might not necessarily be reported to the IRS, if you are audited it will be there clear as day...

[SongSungAU]

Are they saying that any private sales are not reportable in any qty, say 10000 ounces? But if you sell 1200 ounces to Provident it is reportable?

No, that's not what they are saying. If you sell your stuff to Provident or some such place, your sale is still a private one.

Don't confuse private (belonging to or concerning an individual person, company, or interest) with privacy (secrecy).

Just because a company isn't required by law to report a transaction doesn't mean they don't report it. Perhaps they report every transaction just to cover their own neck. A small shop probably avoids any paperwork that isn't required but a large outfit might not. If it's computerized, it's just as easy to report all transactions as it is only some transactions. You would have to inquire with each establishment you deal with. Then their policies may change after you ask them so you never know for sure.

[KGMe]

EDITED: Removing source material that has not been approved by the GIM2 staff as concession to our advertisers.

[Irons]

Excellent point. I've decided to just make it a habit and ask "will this transaction be reported" for every sale/trade I make.

Another reason it is extremely important to have good long standing face to face relatonships with a couple (or more) area dealers.

Not only do you get better prices on untracable metals, if you have to offload a bunch on the quiet it can happen.

[cpthnsolo]

if you have to offload a bunch on the quiet it can happen.

Or you could just stack silver and not have to worry about it :PPPPPPP

[Irons]

Or you could just stack silver and not have to worry about it :PPPPPPP

Good point, you can forget about being quiet when you have to move your stash with a forklift.~