IRS 1099 Gold Reporting - Private Gold? - Private Silver Bullion?

Mamboni comments: as gold and silver prices climb into the stratosphere during the coming months and years, this information will be useful to some of you. I suspect most of you are in the same position as I am, having lost all my metal in a tragic boating accident.



IRS 1099 Gold Reporting - Private Gold? - Private Silver Bullion?

GoldSilver.com
MAY 14, 2012



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Before we begin, the following information covers aspects of investor privacy, not an investor's responsibility to pay income tax gains on any profits made from the purchase and sale of investment grade bullion products. For tax questions, please seek professional tax consul.

We know investor privacy is very important to physical silver and gold purchasers and confidentiality is one of the values we covet most along with our customers.

For some bullion investors, ensuring themselves a private sale is their most important objective and we understand the myriad of reasons as to why this is so.

That being said, we must always adhere to the rules of our industry.
Being a bullion dealer, we are often asked by customers questions like…

- Are my transactions private?
- When I sell my gold bullion or silver bullion, is it a private transaction, or is it reported to the IRS?

First, when a customer buys from our dealership, the transaction is private.
We have specifically designated the current payment method options on our website so that investors who buy bullion from us, do so in confidentiality.

Secondly, when an investor sells their gold bullion or silver bullion to a dealer like us, some of these trades are private while some are not.

Depending upon what you are selling will depend upon whether the powers that be require us as a bullion dealer to fill out something called an IRS 1099-B Form.

IRS 1099 Gold Reporting & Silver Reporting

When you sell your bullion back to a dealer, the pertinent questions for a dealer are:
1) What form of gold and or silver bullion are you selling?
2) What amount of silver bullion and or gold bullion are you selling?

The following covers private investor sales of bullion products we currently offer at GoldSilver.com.

1099 EXEMPT PRIVATE SILVER BULLION

Private silver bullion ( IRS 1099 Form exempt) consists of any quantity sold to a dealer of the following items:
- American Silver Eagle Coins
- Canadian Maple Leaf Silver Coins
- Austrian Philharmonic Silver Coins

1099 REQUIRED SILVER BULLION

Reported silver bullion ( IRS 1099 Form required) consists of 1000 ounces or more sold to a dealer of the following items:
- .999 fine silver bullion bars (any sizes)
- .999 fine silver bullion rounds (any sizes)

1099 EXEMPT PRIVATE GOLD BULLION

Private gold bullion ( IRS 1099 Form exempt) consists of any quantity sold to a dealer of the following items:
- American Gold Eagle Coins
- American Gold Buffalo Coins
- Gold Austrian Philharmonic Coins

1099 REQUIRED GOLD BULLION COINS

Reported gold bullion coins (IRS 1099 Form required ) consists of 25 ounces or more sold to a dealer of the following items:
- Canadian Gold Maples (1 oz)
- South African Krugerrands (1 oz)

1099 REQUIRED GOLD BULLION BARS

Reported gold bullion bars ( IRS 1099 Form required ) consists of 32.15 ounces or more soldto a dealer of the following items:
- .999 fine gold bullion bars (any sizes)

***

These are the IRS 1099-B Form reporting requirements for the bullion products we offer at GoldSilver.com as of May 2012.
Stay tuned to GoldSilver.com for any future news or proposed changes to the current IRS 1099 gold and silver reporting requirements.

http://goldsilver.com/article/irs-10...ilver-bullion/

what is the IRS ?

i have a STRAAAAAAAAAAAAAANGE mental block that keeps me from remembering.

it's the oddest thing. it's like selective Alzheimer's.

i wonder if there is a medical term for this condition ?


let me guess - Fuck the US Government - itis ? :)

Government can attach anything they find in their plane. There is no exception.

If you are worried about it then figure out a way to take your stuff out of the plane that they work in.

Quote:

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Originally Posted by gunDriller

what is the IRS ?

i have a STRAAAAAAAAAAAAAANGE mental block that keeps me from remembering.

it's the oddest thing. it's like selective Alzheimer's.

i wonder if there is a medical term for this condition ?


let me guess - Fuck the US Government - itis ? :)

---

IRS = Institution for the Reappropriation of your Stash

Anyone wonder what happened to the Obama 1099 $600 reporting law they slipped into Obamacare?

A friend that was selling some Krugerands asked me recently about taxes on them. A dealer he spoke with told him he'd better sell before 2013 or he'll have to report the sale.
I told him not to worry and set him up with another dealer.

FYI that tax law was repealed back in March of 2011.

Posted at 05:23 PM ET, 04/14/2011 TheWashingtonPost
Obama signs repeal of health-care law’s ‘1099’ tax-reporting rule
By Felicia Sonmez

President Obama on Thursday signed into law a measure that repeals the unpopular 1099 tax-reporting provision of the national health-care law.

The move marked the first successful effort by Congress to repeal a portion of Obama’s signature health-care legislation.

The Senate earlier this month voted 87-to-12 to repeal the 1099 provision. The House passed the measure in March on a bipartisan 314-to-112 vote.

The White House released a statement announcing the Obama had signed the measure, which it said “repeals the expansion in the Affordable Care Act of requirements for businesses to report information to the Internal Revenue Service on payments for goods of $600 or more annually to other businesses and increases the amount of overpayment subject to repayment of premium assistance tax credits for health insurance coverage purchases through the Exchanges established under the Affordable Care Act.”

Obama’s signing of the legislation into law marks the end of a nearly eight-month-long effort by lawmakers to do away with the 1099 tax-reporting provision. Sen. Mike Johanns (R-Neb.) had led the effort in the Senate, but each time repeal seemed close, the parties reached an impasse over how to pay for the repeal, which would result in the loss of an estimated $22 billion over the next decade.

The law signed by Obama on Thursday would pay for repeal by forcing greater repayment of health insurance subsidies for families whose income unexpectedly exceeds certain thresholds.

Johanns lauded the signing in a statement Thursday evening.

“Job creators can finally celebrate: the 1099 tax paperwork mandate is officially off the books,” Johanns said. “Because of the resilience of small business owners everywhere in keeping this issue at the forefront, because of the good judgment of my colleagues in both houses in recognizing the foolishness of this mandate, and now because of the President’s signature, our job creators can go about their business without fear of being hammered by mountains of additional, unnecessary tax paperwork.”

i wonder why philharmonics get the same status as SAE and GAE

Quote:

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Originally Posted by Twisted Titan

i wonder why philharmonics get the same status as SAE and GAE

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Yes that is weird, does the elite bankers hold them in great amounts?

Quote:

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Originally Posted by Twisted Titan

i wonder why philharmonics get the same status as SAE and GAE

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Good question.

I think it's good to note that these are pretty high quantities being sold at once that calls for a dealer to report - 1000oz silver, 25oz gold ++ etc.

I can think of dozens of ways to circumvent these systems.

Quote:

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Originally Posted by DMac

I think it's good to note that these are pretty high quantities being sold at once that calls for a dealer to report - 1000oz silver, 25oz gold ++ etc.

I can think of dozens of ways to circumvent these systems.

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It is the patriotic duty of every American to proudly pay capital gains on precious metal holdings, even if those gains are entirely due to dollar devaluation and the metals have remained static in purchasing power.








/sarc

Quote:

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Originally Posted by Twisted Titan

i wonder why philharmonics get the same status as SAE and GAE

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http://gold-silver.us/forum/showthre...Germany-s-Gold

Agreement of pecking order in the leasing of gold.

Quote:

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Originally Posted by palani

Government can attach anything they find in their plane. There is no exception.

If you are worried about it then figure out a way to take your stuff out of the plane that they work in.

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Exactly.