Gold and Silver American EaglesSubmitted by Brando on Thu, 03/08/2012 - 16:57
I realize there have been quite a few new gold and silver posts in the forums lately. I am still new to the game and had a few questions for you guys if you don't mind answering.
I plan on buying gold bullion coins from places like goldsilver.com, apmex.com, ebay, and local dealers. What my concern was is reporting this to the IRS. I have read on a few websites that anything over $10,000 has to be reported to the IRS, but the IRS doesn't consider gold and silver eagles to be currency therefore you don't have to report purchasing them. I'm really not sure how truthful this is so I figured I would ask you guys what the low-down is on buying and selling eagles and what steps you take as far as dealing with the tax collectors.
Also, I read that there was a guy in Nevada that owned a business and began paying his employees with Gold and Silver Eagles and that because there is a monetary value of $50 on the gold eagles and $1 on the silver eagles that it lowered the employees tax brackets to where they paid low taxes etc. Is this true and how legal/illegal is this? Actually found this link here on the DP from 2008:
Thanks for taking the time to answer.