There is no tax on gold coins, medals or ingots, but these items must be declared to a Customs and Border Protection (CBP) official. When it is necessary to report a purchase of gold, the dealer will be the one to report it. Form 8300 requires information about the gold purchaser, including name, social security number, address, and license number. If part of the form is left blank, the dealer must still send the form to the IRS.
For those looking to Buy Gold in IRA, it is important to understand the reporting requirements of Form 8300. At the same time, some of the old laws relating to the ownership of gold ingots appear to still apply. These pieces include, among others, gold coins with fractional denominations; American Eagle gold or silver coins; any piece of foreign currency that has not been explicitly mentioned in the IRS's list of reportable items, as well as pieces of U.S. currency that were created after the list was created in the 1980s. For those who buy gold in the United States, there are some federal laws that should be specifically aware of the rules governing what gold purchases should be made, the government informed.
Don't fund your precious metals IRA with fractionated gold or silver, as they are also unnecessarily expensive. That law was repealed in 1974 and is only relevant today with respect to certain cases of buying gold. In another example, someone walks into a local gold coin store and uses cash (paper money) to pay for gold coins. Reportable sales (again, customer sales to dealers) apply to 1-ounce Gold Maple Leafs, 1-ounce Krugerrands, and 1-ounce Mexican ounce in quantities of twenty-five or more in a single transaction.
The amount of gold purchased, how it is purchased, the time frame within which it is purchased, and other legal points will determine the reporting requirements for gold purchases.
