Do you keep your bullion receipts?

[madfranks]

I used to be more pertinacious in keeping my receipts than I am now, but lately when I hit the coin shop and buy a roll of dimes or a couple oz of silver, I haven't been keeping my receipts, I just toss them. I used to keep them diligently, mainly because I liked having a record of what I paid back then. For instance, I have an old receipt from 2005 invoicing my ten 1/10 oz gold maple leafs at $58 each. It's kind of cool to look back and realize the gains that have been made. But other than the novelty factor of watching the price rise, I thought it would also be good to have a record of purchases in case something ever got stolen. Having actually been the victim of a PM theft in the past, my receipts were pretty much useless, however a spreadsheet I kept of the contents proved valuable, but that's another story. Anyway, as I see it, there are two sides to this argument. One is that a detailed record of your purchases, including receipts, is valuable in case you ever have to prove ownership for whatever reason. The other argument is that you hold it, so you own it, and no proof other than possession is required. Thoughts and/or opinions?

[Dogman]

I keep all receipts, but in a place that no one but myself can access or find!

Just in case!

[Neuro]

I've never gotten any receipts with my purchases! Turkey is different! But for you Madfranks wouldn't it make more sense to keep the receipts of your more recent purchases, since the nominal value would be higher, I am thinking for tax purposes if/when selling?

[madfranks]

Regarding the tax question then, if you sell a piece of silver that you bought years ago and don't remember what you paid, what are your tax liabilities?

[horseshoe3]

Regarding the tax question then, if you sell a piece of silver that you bought years ago and don't remember what you paid, what are your tax liabilities?

I think the IRS will say the whole thing is gain since you can't prove any purchase price to subtract.

[mamboni]

There are only two reasons for keeping reciepts:

1. proof of ownership for insurance purposes.
2. assessing accurate gains when selling.

Item one requires you to report your metal holdings to an insurance company to keep it on file for God knows who to see. I consider this unacceptable risk and compromise of security. If you can't physically secure your metals you shouldn't hold them.

Item two assumes you will declaring your metals sales to the IRS. Enough said.

I happen to have most of my receipts. I keep them locked away with the metals.

[osoab]

I have never been offered a receipt.