<<Not that I enjoy disagreeing with you in public, Bob, but the crack
down on gold coins and coin dealers was NOT due to the 1984 war on drugs>>
You do not have to disagree with me, because I did not make the above statement. The 1984/1988 crackdown was on CASH transactions, which eventually found its way into your local coin dealer. It was not, nor did I say it was, a crackdown on gold coins or coin dealers per se. ICTA (Industry Council for Tangible Assets) was formed to address these concerns, along with other sales tax and other issues.
Actually there are few reporting requirements for gold coins, the reporting is for the cash. Some coin dealers use this fear to sell buyers common European gold coins at a premium (good profit margin) or numismatic U.S. gold coins. The other URL I posted is helpful on this topic:
certifiedmint.com
> And it is $10K in 24 hours, not in 12 months for coin dealer reportings
Read the IRS URL I posted earlier, since I think they might disagree with you.
irs.ustreas.gov
"A designated reporting transaction is the retail sale of any of the following: A collectible (a work of art, rug, antique, metal, gem, stamp, or coin</a>). "
"You must file Form 8300 to report cash paid to you if it is: Over $10,000, Received as: Other previously unreportable payments that cause the total cash received within a 12-month period to total more than $10,000. "
$10K of cash to buy coins in 12 months looks reportable to me. |
