Prediction: There Will Be In The Future Reporting on Gold, Silver, Platinum & Palladium No Matter Which Coinage or Bars You Own
In the gold and silver markets, taxes and the IRS are just as certain as banker manipulation and numismatic scams. Rightfully so, many individuals concern themselves with tax and privacy issues when buying and selling gold and silver. Indeed, in the United States today, an individual who profits on a precious metal purchase is on the hook with the IRS for 28% of that profit. As demonstrated here, it is much worse in other countries. Furthermore, as most bullion retailers are under the Patriot Act considered “dealers,” they then have to conform to the standards of a bank in many cases. This means they must collect sensitive data in the case of IRS inquiries. To boot, much of the Patriot Act is marred by bureaucratic technicalities and so unclear to the public.
Some precious metals dealers acknowledge this and offer their customers a guideline on bullion purchasing. Under current laws, when an individual sells certain gold and silver products, the transaction is considered a reportable event. Many dealers, such as GoldSilver, steer their customers away from those products they would currently have to report when the time comes. But, will the reasoning in this hold true over time? I think not, and that these reporting requirements reflect only the current reality.
The government has attempted already to impose reporting requirements on all transactions above $600 in the form of a 1099 addendum through the healthcare act. Gold and silver are long-term investments when considering that they are hedges against an agenda implemented by elitist technocrats based on incrementalism. Furthermore, the manipulation in the markets also make them a long-term investment in most cases. This implies that, by the time for a precious metals holder to liquidate their position, the laws will be significantly changed. And many of the new and altered laws will be focused on data gathering.
What follows is the guidelines that appears on a number of bullion dealers websites. In terms of silver bullion, the national government minted coins carry higher premiums than do their privately minted cousins. These nationally minted coins are the ones which do not carry the reporting requirements of the privately minted coins and bars.
Many individuals spend thousands of dollars extra on, say, Silver Eagles over privately minted rounds due to their understanding of the law. It is their belief that, since they do not have to report Silver Eagles on the form 1099b, then this is the best way to preserve their privacy. And, whilst this understanding of the current situation is correct, it is my feeling that when the time comes for them to sell their bullion holdings the laws surrounding precious metals buying and selling most likely will be radically changed.
You see, here we have three coins. The first is the Silver Canadian Maple Leaf. On the obverse there is the inoffensive Maple Leaf. But, on the obverse, something very offensives looks off into the distance in the fascist way. It’s Queen Elizabeth II. This coin does not have to be reported when sold. Neither does the Silver American Eagle minted by the United States government or the very musical Silver Austrian Philharmonic.These nationally minted silver bullion coins are exempt in regards to 1099 form in any quantity. They all have in common that they have been minted by national governments.
These privately minted coins and bars are not exempt in regards to 1099 form in any quantity. They all have in common that they have been minted by private refineries. They include the 1 oz round, bar, 10 oz bar,100 oz bar and 1000 oz bar.
These nationally minted gold coins are exempt in regards to 1099 form in any quantity. They all have in common that they have been minted by national governments. They include the Gold American Eagle, the Gold American Buffalo and the Gold Austrian Philharmonic.
These coins, minted by national governments, are not exempt in regards to 1099 form in any quantity. They all have in common that they have been minted by national governments. They include the Gold Canadian Maple Leaf, the Gold South African Krugerrand & the Mexican Onza. A large issue with these coins is namely the ugly nature of the Krugerrand and the Canadian Maple Leaf; that is, the mug of the Queen and Paul Kruger. Yikes!
These privately minted gold bars are not exempt in regards to 1099 form in any quantity. They all have in common that they have been minted by private refineries. They include the 1 oz gold bar,10 oz gold bar & the Kilo Gold Bar (32.15 ounces)
Here is a photo of the 1099 B form:
And so these are the guidelines as I understand them. My advice? Completely forget about them. In this day-and-age bureaucratic legislation is being implemented like automatic weapon fire. The political, social and legal landscape, etc. of the land, of all lands, is dramatically changing year-by-year. The laws as they currently stand, so long as you do not need to quickly trade-in and out of the gold and silver markets, will not be the laws when you sell your gold, silver, platinum or palladium. Instead, the laws will have changed to a point beyond recognition, in a tempest of total regulation.
My focus would be on privately minted silver because the privately minted silver comes with the lowest retail premium when compared with the national government minted coins. Save your cash now, and do not speculate with the higher premium coins that the government will stay out of our business, if only we could get this Regime out of the Oval Office in favor of a new one. The President is not the same as the Presidency. The President is mortal, whilst the Presidency is immortal provided the country remains. The Presidency is bought-and-paid for by the transnational cabal sowing the seeds of dystopia.