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If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.

 
A_Historian
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User ID: 22596999
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11/15/2012 10:33 AM
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If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
Recently, I purchased some silver in the form of American Silver Eagles. That was my first larger purchase. Since then, I have been researching the Precious Metals market including visiting the sites of several retailers.

I also came across this very good site which compares the prices of all major retailers that are online.
[link to comparesilverprices.com]


[link to libertycpm.com]
Is a link to Liberty Coin and Precious Metals IRS reporting page.

They are the only dealer I have found that goes into detail on what needs to be reported to the government regarding the buying and selling of PM's.

From the link..

1099 B Form

To most gold, silver, platinum and palladium investors, privacy is a very important aspect of their buying and selling experience. Having been in business for several years, Liberty Coin & Precious Metals acknowledges this. We too covet these values and respect our customers privacy. Liberty Coin & Precious Metals does, however, act within the boundaries of the United States law, international law and all laws governing transactions in any state in which Liberty Coin & Precious Metals conducts business. Liberty Coin & Precious Metals keeps all transactions private to the extent that the law allows. We are required by law, however, to report any suspicious transactions as well as the sale of certain products.

Read more at the link.
[link to libertycpm.com]
Anonymous Coward
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11/15/2012 10:37 AM
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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
isnt so called "for taxing purposes only" buying silver just an exchange of currency. therefore those trying to tax you are in violation of the rico act
Anonymous Coward
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11/15/2012 10:40 AM
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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
isnt so called "for taxing purposes only" buying silver just an exchange of currency. therefore those trying to tax you are in violation of the rico act
 Quoting: Anonymous Coward 27801553


You can't use "buy' and 'exchange' in the same sentence its one or the other ..

You 'buy' and 'sell' with federal reserve notes (mark of beast)

You exchange property with Lawful money (USNotes)
A_Historian (OP)

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11/15/2012 10:43 AM
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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
isnt so called "for taxing purposes only" buying silver just an exchange of currency. therefore those trying to tax you are in violation of the rico act
 Quoting: Anonymous Coward 27801553


Unless I am misunderstanding the article, it states that they must report certain transactions to the IRS. For example Private mint Silver rounds are reportable whereas American Silver Eagles are not.

How that would affect someone (I think) is that if they purchased Silver rounds way back when silver was $8.00 or so and sell it now at $34.00, all the monies gained as profit would be taxable income. Again, I am not certain about that but that is how I am reading it.

Here is the IRS 1099-B Form
[link to goldsilver.com]

Last Edited by A_Historian on 11/15/2012 10:46 AM
A_Historian (OP)

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11/15/2012 10:53 AM
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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
This should stay around for a little bit so everyone has a chance to read it.
wisc_natureboy

User ID: 27668390
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11/15/2012 11:15 AM

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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
isnt so called "for taxing purposes only" buying silver just an exchange of currency. therefore those trying to tax you are in violation of the rico act
 Quoting: Anonymous Coward 27801553


Unless I am misunderstanding the article, it states that they must report certain transactions to the IRS. For example Private mint Silver rounds are reportable whereas American Silver Eagles are not.

How that would affect someone (I think) is that if they purchased Silver rounds way back when silver was $8.00 or so and sell it now at $34.00, all the monies gained as profit would be taxable income. Again, I am not certain about that but that is how I am reading it.

Here is the IRS 1099-B Form
[link to goldsilver.com]
 Quoting: A_Historian


ASE's are lawful money in this country.
Bullion coinage is not.
.
-
.

We all breathe the same air.
.-.. --- ...- . / .- .-.. .-..
(love/all)
A_Historian (OP)

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11/15/2012 11:22 AM
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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
Here is another very good article on taxation and reporting PM's to the IRS.

[link to goldandsilverblog.com]
Anonymous Coward
User ID: 1259549
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11/15/2012 11:29 AM
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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
I didn't hit the links, but I would suspect they have to report anything over $10K. I know banks have to report all transactions over $10K. Since gold and silver are really their own currency they probably fall under the same rules.
A_Historian (OP)

User ID: 22596999
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11/15/2012 02:05 PM
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Re: If You Buy Silver or Gold, your retailer may have to report transaction to IRS...Read here.
I didn't hit the links, but I would suspect they have to report anything over $10K. I know banks have to report all transactions over $10K. Since gold and silver are really their own currency they probably fall under the same rules.
 Quoting: Anonymous Coward 1259549


I thinks it's $25,000 in some cases.

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