Reporting on silver and goldSubmitted by usefreedomwell on Fri, 04/18/2008 - 09:55
Since gold dropped today, I've been getting ready. I came across this helpful video on goldsilver.com by Mike Maloney.
I bought a $1000 face value of 90% silver coins, and didn't know that it had to be reported to the IRS if I should sell it to a dealer in a currency crunch.
Also to be reported:
-Any 25 oz. Canadian Leaf, Mexican onza's?, or Kruggerands,
-1000 oz. or more silver, in any form EXCEPT US Eagles (he recommended buying these do the lack of reporting and recognizable since it's clearly 1 oz...the guy at the gas station will understand.
-32 oz. or a kilo or more of any form of gold.
Yes, better to buy locally with no paper trail....