the sale of gold bars and gold coins to be considered reportable, each individual piece of gold bar must have a fineness of at least. For those buying gold in the United States, there are a few federal laws to follow, in particular regulations that govern which gold purchases must be reported to the government. Don’t finance your precious metal IRA with a fraction of gold or silver, they too are unnecessarily expensive. In another example, someone goes to a local gold coin shop and pays for gold coins with cash (paper currency).
The amount of gold purchased, the way it was purchased, the time period within which it was purchased, and other legal points determine the reporting requirements for gold purchases. These examples include fractional denomination gold coins, American Eagle gold or silver coins, any foreign currency that was not specifically mentioned in the IRS list of reportable items, and US currency pieces created after the list was created in the 1980s.