Gold hit another all-time high today.

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.

Most people are not buying physical gold. Thats a lot of gold coins to buy to make real money.

FYI - The same tax rules apply to paper gold such as gold funds.

And that is risky IMHO because I don’t believe these gold funds have as much gold as they claim. I think it is a big Bernie Madoff-type scheme.

There is another alternative: www.goldmoney.com
That’s what I do with 20% of my retirement portfolio.

Now I comment.
To agree.

COINS ARE A SCAM…imo people need to do there home work if they are buying gold!

1394.00

Depends on where and who you buy your gold coins from. There are gold coins and then there are… “GOLD coins”. All are not created equal and some are worth more than the quantity of gold in the coinage.