Gold hit another all-time high today.

Sept. 11, 2010

Because the value of gold soared to record levels while the value of many other investments plummeted, the buying and selling of gold coins became increasingly popular from early in the 2000s. The Internal Revenue Service long required taxpayers to report most gold coin sales on their tax returns,

In Publication 544, “Sales and Other Dispositions of Assets,” the IRS states that gold is a capital asset when held by a taxpayer. Any gain or loss that the individual sustains when he sells the gold is regarded as a capital gain or loss.

Taxpayers are required to report these transactions on Form 1099, where gains are reported as ordinary income. Taxes are paid to the federal government based on how long the gold was held, the initial price when the gold coins were bought and the sale price when the gold was sold


It could go to $10,000 an ounce and you won’t be taxed a penny.
You have no duty to report ownership of gold.
You have no duty to report purchases of gold.
You are not required to send the seller a 1099.
You are legally permitted buy gold completely anonymously.
You are legally permitted to hoard gold completely anonymously.

Nick is Right…also my gold buyer takes my gold gives me cash and I walk out no 1099, no names ect…move on with life!

Precious Metals and Stones, Stamps, and Coins

Gold, silver, gems, stamps, coins, etc., are capital assets except when they are held for sale by a dealer. Any gain or loss from their sale or exchange generally is a capital gain or loss. If you are a dealer, the amount received from the sale is ordinary business income.

Brian Kelly, your IRS link doesn’t contradict my statements, it supports them.

And your admitting tax fraud on an open board.


Michael, You are free to buy gold anonymously (and not report the transaction to anyone) and hoard it anonymously (and not report the ownership to anyone) regardless of how much it goes up. All perfectly legal.

I can explain it to you over and over, but I can’t understand it for you.

So when you deposit 10,000, or more, into your account, where do you tell the IRS it came from?

Not if you are caught.

And since you are not ignorant of the law, well you know…

Unreported income is just that.

Now I am all for starving the beast but it dangerous.

ccurrins asks:

What does that have to do with this conversation? There are lots of reportable events. Buying gold and hoarding it aren’t two of them.

Buying gold and hoarding it is not income (and so need not be reported), even if the price of gold goes to $100,000.000.00/ounce.

As I said earlier. “until you go to sell it” :roll:

Then you agree? There is no duty to report the purchase or ownership of gold and no tax is levied on it as it goes up in value inside your wall safe.

Never said there wa. Teh problem is when you try to used the gold to buy something.

It is a taxable event.

If all you are going to do is hoard it you would be better off stocking beans and franks or something useful like a machine tool.

I agree Nick.

But I am not hoarding anything at this time. :slight_smile:

I had a wild idea that maybe someday you were going to sell it, my bad.

I’d say hoard guns and ammo first.

You’ll need th guns to protect the gold.

… or to protect your wife and daughters from mobs on shtf day.