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.
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