Golden Oxen's First Amendment Forum

GO, it is my understanding that PM purchases of less than $10K are not reported to the Feds.  Is this accurate?  Let me know if you're getting tired of answering my rookie questions.   

Quote from: JoeP on April 24, 2014, 10:54:37 am

GO, it is my understanding that PM purchases of less than $10K are not reported to the Feds.  Is this accurate?  Let me know if you're getting tired of answering my rookie questions.   

Think sales only are reported not purchases , but that Patriot act and constant new legislation has more garbage in it than can be kept up with.

Different states have different rules to on reporting. You are usually better off making small purchases of gold on  a regular basis than jumping in at one price.  Dollar cost averaging and staying under reportable limits.

Keep the questions coming JoeP, that's what this forum is about. Taxes are not an area I can offer much advice in however. You can also purchase certain US Gold coins in an IRA.

I don't know about gold specifically, but the magic number for the IRS generally is $600 in a year; if I were to sell gold to a single dealer over that amount, I would expect it to be reported on a 1099 form.

The $10,000 limit is against money-laundering and is generally per-transaction; however, multiple transactions used to get around that limit also raise a red flag.

On the other hand, I have heard that some states do not charge sales tax if precious metal transactions are over a certain amount, like $1500.

In all these cases, you should do more research for your own particular situation.  Circular 230 disclaimer: you should not rely on this general advice to avoid tax penalties.

GO, saw this today and though immediately of you--

Putin Silver 1 Kilo Coins Minted In Russia

Gold fell $0.60 or 0.05% yesterday to $1,284.40/oz. Silver fell $0.02 or 0.1% yesterday to $19.43/oz. 


The Mint Refers To The New Coin As "1 KG Of Nobility"


Russia: Putin Silver One Kilo Coins Launched
Silver coins with the face of Russian President Vladimir Putin are being minted in Russia. The coins weigh one kilogram (1kg - 2.2lb) and are being launched by the Art Grani foundry to mark Crimea’s reincorporation into Russia.

The private mint that produces the coins said it is planning to present some of them to the Russian leadership. The coins are commemorative in nature and are a limited edition of 500 silver coins initially. The factory states that some of the coins may be sold, but they won’t be used as currency.

Putin's face is on one side of the coin while the other shows a map of the Crimean Peninsula, Moscow daily Komsomolskaya Pravda reports. Factory director Vladimir Vasyuhin explains that by bringing the Crimean peninsula "back home", Putin had "demonstrated the qualities of a wise strategist and politician".

"Crimea's reunification with Russia was a historic event which we decided to embody in a souvenir collection of coins," Vasyukhin told the Itar-Tass news agency.

The peninsula that has hosted Russia's Black Sea fleet throughout its history was part of Russia for centuries before Ukrainian-born Soviet leader Nikita S. Khrushchev transferred it to the Ukrainian Soviet Socialist Republic in 1954.

It made little difference to which republic the peninsula belonged when all 15 were united within the Soviet Union. But after the Soviet breakup in 1991, Russia was forced to lease back its military bases from Ukraine and lost governing authority over the predominantly ethnic Russian population of 2 million.

The first issue of 25 of the commemorative coins, which are the size of a hockey puck and weigh 1 kilo each, will be given to Kremlin officials, Itar-Tass said.

Neither the foundry nor the Russian news sources that wrote about the special "Crimea 2014 Collection" said how much the coins will cost or when a broader quantity will be available to collectors and the general public.

Each coin has 120 millimeters in diameter and is 11 millimeters thick. The embossed images are 4 millimeters high. Each coin will have its own number and will be made of 925 grade silver or 92.5% purity.

In all these cases, you should do more research for your own particular situation.  Circular 230 disclaimer: you should not rely on this general advice to avoid tax penalties.

Thanks for your expert advice JD. It is a pleasure to have aboard.