How does the Government Know I have Gold?

Although new laws enacted after 9-11 are increasingly intrusive there is still no law requiring that the purchase or sale of rare gold coins be reported. However, within the United States gold bullion sales are reportable by the dealer.

So, how does the government know I have gold? By in large they do not know and don’t need to until tax time comes. Although confiscation is a possibility it has not happened yet. Thus individuals can do whatever they please with their gold bullion or rare gold coins, and baring any tax consequences, typically have no reporting liability. There is no current provision of the law requiring the reporting of gold ownership.

There is no current law against American citizens holding gold assets outside of the country. Investors who choose to buy and gold bullion or coins outside of the jurisdiction of the United States may or may not have a reporting requirement in the other jurisdiction. How the US law would view that gold when confiscation occurs is unknown. As in all such matters consulting a competent tax attorney or lawyer is advisable both in the United States and the other jurisdiction.

To do something about the potential for profit in gold investments and reasonable means of reducing confiscation risk, talk to one of our gold experts at 1-800-300-0715.

NOTE: For all decisions regarding the tax consequences of investments be sure to consult a competent tax authority. For all decisions regarding legal reporting requirements consult a competent attorney both in the United States and where gold might be stored.