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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Alex who wrote (71437)	6/10/2001 2:45:23 PM
From: goldsheet	Read Replies (2) \| Respond to of 116753

The reporting is a US law intended for reporting cash transactions over $10,000, but it indirectly provides the US federal government with the names and addresses of those buying bullion. It gets reported on a Form 8300. There are also rules regarding a dealer buying coins/bullion reported on a 1099B to the IRS, so you pay your capital gains taxes. Individual states also have very confusing rules regarding sales tax on bullion. There may be similar Canadian banking or tax laws regarding the reporting of cash which may affect buying/selling bullion. I will see what I can find, and get back to you. Here's some good information on the US rules: certifiedmint.com

To: Alex who wrote (71437)	6/10/2001 2:51:25 PM
From: Claude Cormier	Read Replies (3) \| Respond to of 116753

<Do you have any idea if this is just in the U.S.A., or does it also go for Canada?> Alex. I don't think that this apply in Canada.

To: Alex who wrote (71437)	6/10/2001 5:53:57 PM
From: IngotWeTrust	Read Replies (1) \| Respond to of 116753

Alex, 2 ans. U allow me to quoting the latest ed. of my book, Thrift Store Prospecting, C 2000, pg 67, 68. OPEN QUOTES: " Precious metal ownership does NOT become reportable income for the IRS purposes until it is SOLD to another party. Then the buyer wil, under current law, report the transaction to the IRS, if they are reputable that is. "If they aren't, they won't be in business for long, because the IRS is in hot pursuit of this nation's "precious metals dealers" currently not in compliance. Especially is this true on the West Coast so I have been informed. Oregon Washington and Utah were the initial test case regions for this enforcement action, under the Commodities Futures Trading Act authorized by Congress. "It has since spread to all other states. This enforcement action has caused such controversy, that special rules have been written up and are now "law of the IRS landscape." Said rules LIST which gold items are okay to buy and sell withOUT paperwork, and which must have paperwork. Not only is gold bullion the target, so is the regulation some coin dealers were evading regarding the reporting of transaction exceeding the $10,000 in 24 HOURS rule. [Please note this is more stringent than the 12 month application by BJohnson] Coin dealers and gold/silver bullion buyers assumed that this $10,000 rule was only enforceable against the banking industry. This is simply not the case. It is due to the expanded IRS definitions of what constitutes a "commodity" and when the size of said commodity, in this discussion, gold, silver, platinum and palladium, constitutes $10,000 worth of reportable value in a 24 hour period." END OF QUOTE. So, being a Canadian friend and neighbor is all well and good, Alex. However, I know for a fact, that Canadian broker dealers in the EQUITIES side of your venture gold et al stock markets up there are " voluntarily reporting positions of USA addressed customers" et al to the USA IRS and have been for several years. I wouldn't be the leeeeeast bit surprised to learn that the "Canadian Coin Dealers" are also being cooperative. This discussion reminds me of the fellows who tried to buy up Canadian silver a few years ago and physically took it to the Bank of Canada in Toronto to cash it in and collect their hefty premium for a few months work on their scheme. Bank of Canada dug out a little known regulation that forbid "foreigners" from pulling this stunt in any amount over $100 face, and shoved the rest of the bags back across the banker's desk and back into the lap of the US opportunists. To assume there is NOT cooperation between the governments and brokerages and dealerships in gold, silver, platinum and palladium coinage, Alex, is a risky assumption and one I'm not personally willing to take. So, report the appreciation, and sleep well. NOW, some of you are catching on why I recycle gold and teach others how to keep it in its non-reportable until sold dore' form. Ditto, placer gold. Ditto specimen gold. Only way to hold this stuff is in these manners unless paper gold equities is your game. Regards, mailto:origppress@aol.com gold_tutor.....ayup, that's smee, on SI, eBay, Yahoo, SH, TN, LT, GS, GM, and a few other choice discussion boards...