Are silver sales reported to the government?

Tax obligations for the sale of precious metals do not expire at the time the sale takes place. Instead, sales of physical gold or silver must be reported on Schedule D of Form 1040 of your tax return. If you are looking to convert your IRA to gold, sales of American Silver Eagles, privately minted Silver Eagles and 100 ounce silver ingots are not reported, regardless of quantity. Other precious metal products are declarable, but are not included here because the average investor doesn't trade them. However, not all purchases or sales of precious metals need to be documented and reported.

With Bullion Exchanges, you can learn to sell and buy gold and silver tax-free without losing your privacy. Keep in mind that IRS reporting requirements may vary by state and change. Therefore, always check the information where you live before buying. Don't fund your precious metals IRA with fractionated gold or silver, as they are also unnecessarily expensive.