Do we have report to the IRS how much gold we are own?

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We don’t !!! It’s not a requirement. But yes it does when selling gold, it is crucial to adhere to specific reporting criteria for bars, rounds, and coins. The reporting requirements depend on the purity and quantity of the precious metal products being sold, as outlined by the IRS to monitor potential tax obligations.

For gold bars and rounds, the purity threshold is a minimum of .995, and the total quantity must be 1 kilo (32.15 troy ounces) or more to trigger reporting obligations. Silver bars and rounds, on the other hand, require a purity of .999, with a total quantity of 1,000 troy ounces or more for reporting.

Palladium and platinum bars or rounds have slightly different criteria. Palladium must have a purity of .9995, and the minimum total quantity for reporting is 100 troy ounces. Platinum requires a purity of .9995, and a minimum sale of 25 troy ounces triggers reporting.

Moving on to coins, specific guidelines exist for reportable transactions. Notable coins include the 1 oz Gold Maple Leaf, 1 oz Gold Krugerrand Coins, 1 oz Gold Mexican Onza, and US coins with 90% silver content. Selling these gold coins requires reporting when the sale involves a minimum of 25 pieces. For 90% silver content US coins, transactions exceeding a face value of $1,000 must be reported.

It is essential to note that certain bullion products are exempt from reporting rules. Gold coins with fractional denominations, for instance, are not subject to reporting. Additionally, sales of Gold or Silver American Eagle Coins do not constitute reportable events. Familiarity with these specific criteria ensures compliance with IRS regulations when engaging in precious metal transactions.

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