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When To Report Your Gold And Silver Bullion Transactions

In this infographic, JM Bullion provides very useful insights on when to report gold and silver to the IRS.

Consider the following three different scenarios.

(1) A bullion investor visits a local coin shop and pays for $12,000 with a cashier’s check; this is not reportable.

(2) A bullion investor visits a local coin shop and pays $8,000 cash for bullion, he comes back 3 hours later and pays $3,000 cash for more bullion; this is reportable.

(3) A bullion investor places two online orders within a 24 hour timespan, mails two bank drafts (one for $5,000 and one for $6,000); this is reportable. The infographic provides sufficient background to understand which cases are reportable. It is clearly addressing a US based audience.

Source GoldSilverWorlds

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