What gets reported to the IRS when you buy or sell gold and silver in the US: Form 8300 for large cash payments, 1099-B for certain bullion sales, and what you must report yourself.
Short answer: buying gold or silver is not reported to the IRS as a purchase, and owning it is not a line item on a normal tax return. The IRS gets information in two situations: a dealer receives more than $10,000 in cash (Form 8300), or you sell certain large quantities of bullion to a dealer (Form 1099-B). Separately, you are responsible for reporting any gain when you sell. This is general information, not tax or legal advice. Rules change, so check current IRS guidance.
Any business, including a bullion dealer, that receives more than $10,000 in cash in one transaction, or in related transactions, files Form 8300. For this form, "cash" means currency and, in some situations, cashier's checks, money orders or traveller's checks. Personal and business checks, wire transfers and credit cards are not treated as cash for Form 8300, though dealers have their own anti-money-laundering procedures and may ask for identification for large orders in any payment form.
Two points matter for a buyer:
Treasury regulations list certain precious metals products that, when a customer sells them to a dealer in specified quantities, require the dealer to report the sale. The thresholds are widely summarised as follows. They are for reference only, so confirm against current regulations.
| Product | Commonly cited reporting threshold |
|---|---|
| Gold bars | 1 kilogram or 100 oz, 0.995 fine or better |
| Silver bars | 1,000 oz, 0.999 fine |
| Gold Krugerrands, Canadian Maple Leafs, Mexican Onzas | 25 or more coins of one type |
| US 90% silver coins (dimes, quarters, halves, dollars) | $1,000 face value or more |
| Platinum and palladium bars | 25 oz or more |
Notably, popular US Mint products such as American Gold and Silver Eagles are generally not on the reportable list. That does not make sales of them tax-free. It only means a dealer isn't required to file the form.
Whether or not any form is filed, a sale of gold or silver held as an investment is a capital transaction you report on Form 8949 and Schedule D. Your gain is the sale price minus your cost basis, which includes the price you paid plus premiums and shipping. Bullion held for more than a year is taxed as a collectible at a maximum rate of 28%; see our guide to capital gains tax on gold and silver in the US.
The simple rule is that the IRS taxes gain, not purchases, and relies on you to report it. That is why a clean record of what you paid and when is the most useful thing you can keep. See how to calculate your cost basis.
Dealers keep transaction records, and larger purchases may involve identity checks under anti-money-laundering rules. A dealer isn't allowed to ignore a required report, and a reputable one won't. Other than the forms above, dealers generally do not send the IRS a list of what customers buy. Privacy policies differ, so read the one for any dealer you use, and see how to keep a collection private for the sensible limits.
If you keep metal in a vault outside the US, additional reporting rules may apply, depending on how it is held and whether a foreign financial account is involved. These rules are separate from the dealer forms above, so get current advice before storing metal abroad.
BullionKeeper tracks each purchase with its date, weight and cost, so when you sell, your cost basis and gain are already worked out. The record-keeping checklist lists what to save.
Buying gold or silver is not itself a taxable event, and there is no line on your tax return for purchases. What you must report is any gain when you sell, whether or not a dealer sends the IRS a form. A dealer may be required to file a form for very large cash payments.
Form 8300 is a report that businesses, including bullion dealers, file with the IRS and FinCEN when they receive more than $10,000 in cash in one transaction or in related transactions. Cash includes currency and, in some cases, cashier's checks and money orders. Personal checks and wire transfers are not treated as cash for this form.
It is a form a dealer may file when you sell certain bullion to them in amounts that meet reporting thresholds set by Treasury regulations, such as large bars or 25 or more of certain one-ounce gold coins. Most ordinary sales of American Eagles and smaller lots are not covered, but you still owe tax on any gain.
No. Paying with cash is legal. Splitting a purchase into smaller payments to avoid the $10,000 reporting threshold, called structuring, can be a crime, so do not do that.
Owning gold does not have to be listed on a regular US tax return. Gold held in a foreign account or vault can trigger separate foreign reporting rules, so check the current requirements if you store metal outside the US.
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