Tax Reporting Requirements for the Purchase, Sale and Exchange of Precious Metals ( Part 1) ... What sales are reported to the IRS on Form 1099BEffective January 2012, all sales of precious metal of any kind in excess of $600.00 will be reported on Form 1099B. Before Januar... [ more ]

Tax Reporting Requirements for the Purchase, Sale and Exchange of Precious Metals ( Part 2) ... Reporting Cash Transactions One or more related transactions with payments aggregating $10,000.00, when paid in currency, traveler’s checks, money orders, and/or bank originate... [ more ]

Tax Reporting Requirements for the Purchase, Sale and Exchange of Precious Metals ( Part 3) ... What is a taxable sale of precious metals? A taxable sale occurs when the investor relinquishes legal title and possession to his or her precious metal investment, in any form in retu... [ more ]

Exchange of Precious Metals ( Part 4) ... Permissable Exchanges. An actual trade through a dealer, either in person or over the internet, does not qualify as a legitimate tax deferred exchange. Certain technical formalities must be followed, including executing an exchange agreement w... [ more ]

How to Exchange Precious Metals ( Part 5) ... Are all Cases and Rulings equal or How do I know what law(s) courts are required to follow in enforcing 1031 exchanges. ... In the U.S. legal system, there are 2 kinds of legal authority: binding authority and persuasive authority. Bindin... [ more ]

State of the Current Law on 1031 Exchanges (Part 6) ... Statute: Section 1031of the US Tax Code provides that when a property is sold and the proceeds are used to purchase a property that is like kind, the investor can defer the taxable gain by following the requirements of Section 1031. Tax ... [ more ]

Why can’t I just exchange my precious metals (Part 7) ... Section 1031 is unique in the U. S. Tax Code. It is not a self help provision. Every exchange must involve an Exchange Company to authenticate the exchange and to carry out the technical requirements of Section 1031. Failure to ad... [ more ]

Financial and Tax Reporting ( updated thru March 15, 2011) Current federal and state tax law requires that Businesses and Individuals report their taxable income annually, including tax deferred transactions. In addition, recent tax statutes and regulations require that businesses and... [ more ]