Question: Is Au/AG considered income in the US???

[steyr_m]

I've recently retired from my job [not even 50 -- so not totally retiring] and looking to move to the US.

I have option for a lump-sum pay-out and if I take it, I'll look at dumping 90% of it into Au/Ag.

My question is, if I cash it in at a later time, will it be considered income to the IRA? On that note, are Au/Ag transactions traceable? I know the answer for here in Canuckistan, but not sure about the US.

Thanks for any info.

[Hitch]

If it's physical au and ag in bullion, you can go to any local coin shop and trade it for cash. Deposit the cash into the bank as needed for bills. As of now, that's not really reported, it's supposed to be, but as long as you do that in small amounts nobody would notice.

edit: I don't believe that counts as income, but any gains would count as capital gains, and would be taxed. Should you report it.

[steyr_m]

If it's physical au and ag in bullion, you can go to any local coin shop and trade it for cash. Deposit the cash into the bank as needed for bills. As of now, that's not really reported, it's supposed to be, but as long as you do that in small amounts nobody would notice.

edit: I don't believe that counts as income, but any gains would count as capital gains, and would be taxed. Should you report it.

OK, thanks. Here in Canuckistan, if you want to get some kopeks for your PMs, you have to provide a drivers license at an authorized dealer. They then will issue you a cheque [check], and then you can deposit it into your bank account. I'm calling CRA [Cdn Revenue Agency] and ask it is considered income....

[Hitch]

OK, thanks. Here in Canuckistan, if you want to get some kopeks for your PMs, you have to provide a drivers license at an authorized dealer. They then will issue you a cheque [check], and then you can deposit it into your bank account. I'm calling CRA [Cdn Revenue Agency] and ask it is considered income....

You might want to look into what applies to which state you are moving too. Here in CA, for example, last year I was making a large purchase. I traded some AU for about $8000 cash (if I remember) from my local coin guy. No driver's license needed, he only knows me well by my first name. I walked in with gold coin, and walked out with cash. I took the cash and deposited the cash into the bank, to make the purchase. The bank said nothing. A year later, nobody has questioned anything about that.

Now, I'm supposed to claim any capital gains on the difference from when I purchased the gold, and when I sold it. You are supposed to document that, with receipts, and such. But, as far as the bank knows, I just had cash to deposit.

Hope that helps. Also, congrats on retiring, and your new adventures in life.

[Jewboo]

Here in Canuckistan, if you want to get some kopeks for your PMs, you have to provide a drivers license at an authorized dealer.

Same here in Boise, Idaho. They photocopy your DL and record each transaction for the local police.

[madfranks]

If it's physical au and ag in bullion, you can go to any local coin shop and trade it for cash. Deposit the cash into the bank as needed for bills. As of now, that's not really reported, it's supposed to be, but as long as you do that in small amounts nobody would notice.

edit: I don't believe that counts as income, but any gains would count as capital gains, and would be taxed. Should you report it.

Or keep the cash, no bank, and pay your bills with money orders or other bill pay services. Back when I was a pizza driver, I got paid cash every shift for my work, and I made a system where I put cash into different envelopes for each bill I had to pay. It worked fine.

[Joshua01]

Same here in Boise, Idaho. They photocopy your DL and record each transaction for the local police.
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[Camp Bassfish]

Or keep the cash, no bank, and pay your bills with money orders or other bill pay services. Back when I was a pizza driver, I got paid cash every shift for my work, and I made a system where I put cash into different envelopes for each bill I had to pay. It worked fine.

I have a friend that plays 3 or 4 gigs a week in a local band..... this method has served him well as well. His house is already paid for and other than a couple new car purchases, he's raised not an eyebrow over the last 25 years. Cash is king for most transactions.... unless you count the numerous bullion transactions he and I have had back and forth. I've purchased 2 Les Paul's a 10 piece drum set, and a couple different amps from him. He bought one of my four wheelers, a couple kayaks, and a 12 foot travel trailer from me.... we've never exchanged so much as a single $1. LOL

[ziero0]

will it be considered income to the IRA?
Here the IRA is closely watched for possible terrorist acts based upon their performance in the past.

[cheka.]

I heard that if you are buying/selling bullion that the dealer must get your id. also heard that coin dealers do not have that requirement. think it has to do with bullion = meets commodity standards. coins = coinage act of 1792 standards.

and I think US ira's are only allowed to hold certain types of bullion/coins. and that a third party has to hold it for you.

I too would take the lump sum. annuities get crushed over time by inflation

[ziero0]

I heard that if you are buying/selling bullion that the dealer must get your id

Id is one aspect. Ego is the other. I have yet to have anyone ask me for my ego. If they ever do I suppose I will revert to super-ego.

[Hitch]

Id is one aspect. Ego is the other. I have yet to have anyone ask me for my ego. If they ever do I suppose I will revert to super-ego.

This shouldn't be hard for you to do. :)

[ziero0]

This shouldn't be hard for you to do. :)

Actually it shouldn't be that hard for anyone to do. If you think on the topic you might come to the conclusion that everything commercial deals with identity theft.