How Much Gold Can You Sell Without Reporting?

• The Financial Crimes Enforcement Network has rules about how businesses must record transactions.
• The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S.
• Department of the Treasury, regulates money-related transactions.
• Its regulations under the Bank Secrecy Act (BSA) require businesses to report transactions involving certain dollar amounts or types of transactions.

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, regulates money-related transactions. Its regulations under the Bank Secrecy Act (BSA) require businesses to report transactions involving certain dollar amounts or types of transactions.

Gold Jewelry

Gold bullion, coins, and bars can be sold without filing Form 8300. Furthermore, Form 8300 filing is not required for the sale of gold jewelry that contains gold bullion, coins, or bars. The sale of single pieces of gold jewelry valued at $600 or more, or multiple pieces of gold jewelry valued at $5,000 or more, requires filing Form 8300.
Gold Coins, Bars, and Bullion
Gold bullion, coins, and bars are valued based on their weight and purity. The purity of gold is measured in karats. The purity of gold bullion and coins range from 24-karat to 99.9-karat, and 22-karat to 999.9-karat for bars. You could report the sale price of gold bullion and coins separately or combine the sale price with the cost of the gold bullion or coins to determine the total value.
If you sell gold bullion or coins, you must provide the buyer with one of the following:
A detailed receipt showing the date, amount, and purity of the gold bullion or coins sold

An electronic or digital record of the transaction that shows the date, amount, and purity of the gold bullion or coins sold

A written statement from the seller that discloses that gold bullion or coins were transferred and sold

The seller's statement must disclose the following information:
The date that gold bullion or coins were transferred

The amount of gold bullion or coins transferred

The purity of the gold bullion or coins transferred

The seller's signature

The seller's name, address, and social security number if available

Gold Coins

Coin shops typically sell gold and silver coins, which are legal tender. The limits as to how much you can sell without reporting are set by the U.S. Treasury, not the IRS.
The IRS requires that you report the fair market value of your gold coin purchases when you file your annual tax return. In other words, if you bought $1,000 worth of gold coins, you must report the value of the coins as $1,000.
However, if you sell some of your coins, you don't have to report the difference between what you paid for it and the value when you sell it. For example, you paid $1,000 for gold coins. You later sell them for $1,500. The difference between what you paid and what you sold them for is $500. You are not required to report this $500.
Bullion
The IRS has its own rules for bullion. The IRS defines "bullion" as "a fine metallic substance or mixture, usually of gold or silver, which is manufactured for jewelry, investment, or industrial uses."
The IRS requires that you report the fair market value of the bullion on your tax return. The fair market value means that you take into account any physical wear and tear on the bullion.
You can deduct a loss on the sale of bullion. However, you can only deduct losses on bullion that is worth $600 or less.

Gold Bullion

While the price of gold is public, individual investors are limited to selling 100 ounces (gross weight) of gold bullion in a transaction. This 100 ounces includes the gold seller's cost basis, but excludes any commission charges.
Gold Coins
Gold coins are sold in increments of 1 troy ounce. However, the maximum you can sell in a transaction is 400 troy ounces, or 12,000 coins.

Gold Mutual Funds

The Securities and Exchange Commission (SEC) permits a mutual fund to sell up to 5% of its assets without reporting the action to the SEC. In addition, the SEC allows for a fund to sell up to 25% of its assets in a 12-month period without reporting the action. A fund that exceeds this limit must report the transactions to the SEC.
Gold ETFs
ETFs are not subject to the same rules as mutual funds. ETFs are allowed to liquidate 25% of their shares without reporting the action to the SEC. In addition, ETFs can liquidate all of their shares on the same day without reporting the action to the SEC.

Gold Stocks

A lot of gold stocks have fallen recently, and some miners are even bankrupt. But that doesn't mean there aren't gold stocks left to invest in.
Investors must be careful, however, when investing in gold stocks. The SEC requires that everyone who sells 10,000 ounces of gold or more must have their transaction reported to the SEC.
Gold ETFs
Gold ETFs are a different animal entirely. Gold ETF assets are not physical gold. Instead, they invest in bullion or gold mining stocks. As such, they are not subject to reporting.