Gold and silver bars weighing 1 kilogram or 1,000 troy ounces must also be submitted. The filing of Form 1099-B is not required to sell American Gold Eagle coins. But not every purchase or sale of precious metals needs to be documented and reported. With Bullion Exchanges, you can learn how to sell and buy gold and silver tax-free without losing your privacy.
Note that IRS reporting requirements may vary by state and change. So always check the information about where you live before you buy. Don’t finance your IRA precious metals with fractionated gold or silver, they too are unnecessarily expensive. Not too long ago, I received an email from a person who was told by a so-called “IRA specialist” to deposit Gold Eagles into his IRA account and avoid regular issuance of Gold Eagles, as the latter were reportable and the former did not comply with government rules.
Gold and silver bars may attract unwanted attention or require special declarations for financial instruments, but a gold chain is, well, just another gold chain. These pieces include, but are not limited to, fractional gold coins, gold or silver coins from American Eagle, any foreign currency pieces not specifically mentioned in the IRS list of reportable items, and pieces in U.S. currency created after the list was created in the 1980s.