How Much Gold Can I Sell Without Reporting?

• If you buy and sell gold coins, bars, or rounds, or other gold bullion, you don't have to report the transactions to the IRS.
• Buying and selling gold coins, bars, and rounds, or other gold bullion, is a nontaxable event.
• If you sell gold to fund a business, you must report the sale to the IRS.

There is no set limit on the quantity or value of the gold that you can buy or sell without having to report the transaction to the IRS. However, if you are a professional gold trader, or if you plan to sell gold to fund a business, you must report the purchase to the IRS.

IRS Rules on Gold Sales

Under U.S. tax laws, there are a few ways to sell gold. The IRS deems that "exchange" transactions are taxable. All other transactions are considered "non-exchange." The most common ways to sell gold are through:
The sale of jewelry

The sale of bullion bars

The sale of coins

Taxpayers With Gold in IRAs

As of 2017, individual taxpayers who own gold in Individual Retirement Accounts (IRAs) are allowed to report gold gains or losses on Form 8949. However, only gold or gold bullion held in an IRA is eligible to be reported on Form 8949.
For an IRA to hold gold bullion, it must be either:

1. Gold bullion in the form of a round, coin-shaped bar with a minimum weight of 1 troy ounce (31.1035 grams).

2. Gold bullion in the form of a round, coin-shaped bar with a minimum weight of 1/2 troy ounce (15.5495 grams).

For an IRA to hold gold certificates, it must be either:

1. Gold certificates issued or guaranteed by the U.S., foreign governments, or their political subdivisions with a minimum face value of $5,000.

2. Gold certificates issued or guaranteed by the U.S., foreign governments, or their political subdivisions with a minimum face value of $250.

Gold Sales to Repatriate Funds

Gold sales to a repatriation fund are purchased and liquidated on a U.S. dollar basis, which means that foreign exchange rates are not applicable.
Gold Sales to Other Countries
Licensed banks can buy and sell gold to and from other countries. Since there is no U.S. dollar limit, gold sold to other countries must be liquidated in U.S. dollars.
Gold Sales to Individuals
Individuals buying and selling gold from a U.S. bank must have a U.S. bank account. If the transaction is valued at more than $10,000, the individual must file a report with the Financial Crimes Enforcement Network (FinCEN).

Selling Gold to Bring Funds Back Home

You can sell an unlimited amount of gold bullion without reporting the transaction on your taxes. However, this does not apply to gold jewelry.
Gold Bar Jewelry
When selling gold jewelry, you will need to report the sale. This is significant because the sale of gold jewelry is assessed a 28% tax, but the sale of gold bullion is assessed a 21% tax.

Gold Sales to Diversify Assets

If you are a retail investor and your gold is in your own name, then you can sell no more than $1,500 worth of gold or gold coins (or items containing gold) in a 30-day period.
Selling More than $1,500 in a 30-Day Period
If you are an investor, broker, dealer, or bullion trader (just to name a few examples) and you sell gold or gold coins, you must report the transaction to the IRS.