In this video I talk about buying silver and buying gold and why you do not want to purchase more than 10k at once. This video is a warning to all silver stacker out there. I know that not everyone can say that they plan on ever purchasing more that 10 thousand dollars worth of silver or gold at once, but if you have ever considered it then you need to think again. I talk about the IRS form 8300 which has all of your personal information on it and when this form will be filled out and sent to the IRS. I also talk about how to avoid the form all together. Most people who are purchasing gold and silver want to remain anonymous. I do not want prying eyes on my purchases especially when I am buying bullion. All precious metals purchases will be subject to the IRS form 8300 unless you purchase less than 10k at once. Please subscribe for more gold and silver related videos.
Warning to All Silver and Gold Buyers (Part 2) – Don’t Sell Large Amounts!
Warning to All Silver and Gold Buyers (Part 3) – Taxes on Silver and Gold
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Topics I cover in this video: silver, gold, silver warning, gold warning, silver and gold warning, gold and silver warning, buying silver, buying gold, buying gold and silver, buying silver and gold, silver stacking, buy silver, buy gold, purchase silver, purchase gold, silver stacker, silver stack, precious metals, buying bullion, irs form 8300, when to fill out irs form 8300, tax on silver, tax on gold, silver irs reporting, gold irs reporting, making a large silver purchase, making a large gold purchase
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LEARN MORE ABOUT: Precious Metals IRAs
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
REVEALED: Best Investment During Inflation
Think ahead when you want to sell your metal . Unless you sell to a private person the coin dealer will probably be required to send some kind of form in on you at that point and you would have to if audited be able to provide proof of what your cost was at purchase . If you can’t prove that then they prob will charge a big capitol gains tax on the whole transaction
Do these dealers accept large checks? I paid taxes on every cent in my checking account. What's the problem with it being reported if I have all my income taxes and it shows all my earnings?
Is that $10,000 per year?
The 10k limit can be a bit of a misnomer around various jurisdictions. I understand from bankers in my jurisdiction that if you transact less than $10k (e.g. $9,990) they have the discretion to still report the transaction, especially if there is a history of similar transactions (e.g. every 6 months or so a purchase of $8k). Many will do this as there is no consequence for reporting but there are consequences for not reporting.
your wrong on the bitcoin exchanges. you need to do more homework
first if you have bitcoin on a foreign exchange they dont have to give the irs anything
second if you but metals from a wallet only you control then technically you would fill out the form if you choose to do so that is.
This was a great video. Thanks a lot.
The IRS as well as the FED are both private companies that were started in 1913. The IRS got it's charter in Puerto Rico. Both were never ratified by congress. The US Constitution says that silver is the currency, not fiat currency. You can find out all of this information on Rumble, Brighteon and other free speech platforms.
I've made several large purchases in cash with my local LCS. My local LCS didn't have me fill out any paperwork at all. What they did was fill out several forms that were all under 10k so I wouldn't be tracked. I didn't have to show them any identification at all. One of my purchases was over 100k just after last Christmas 2021. I've been dealing with the same LCS for a few decades so we have a good relationship which is very good. Some of the other LCS around me are difficult to deal with. I've almost purchased from them but then decline due to the paperwork they want me to submit to. I flat out refuse in a polite way but walk out the door without a sale or trade made. My bank which is a credit union asked me what I was going to spend the money on. I first told them that they didn't need to know because it was my money. They insisted so I told them a new truck. They didn't press me further and eventually gave me all my cash that day but it took about an hour and a half and 4 people helping me including the managers of the bank. That's why I only keep $20 bucks in my account and then once a month, after I write my checks, I deposit the total amount I need to cover the checks. I only use my bank for writing checks. Other than that, I pay cash for everything. I'm my own bank by being a stacker. I recommend to be debt free as you gain freedom from financial bondage unless you know how to use debt to your advantage like Robert Kiyosaki does.
Be careful with those $9999 transactions. It can be considered something called "structuring."
Can you just buy with the cash physical cash how are they going to track that down
When the Communists took over Russia in 1917, they confiscated all silver and gold. If you didn't have any they would think you were hiding it and killed you and your family.
It Clearly depends if it's on sale… then you buy a lard sum of it.
What if you pay using crypto.. and in increments. Like a 2k per month, 1k the next. Would that get you noticed??
Thought the new reporting is $5k now
I see no reason why they shouldn’t know what you’re purchasing. They are here to prevent criminals and create a safer society.
Why would you not want them to know? Sounding like a conspiracist!
Gold and silver are tumbling down. Maybe we are heading into the times where it says in the Bible that people will toss their gold and silver in the street because it becomes worthless.
You talk to damn much..
I used to work for a bank the bank can send the 8300 for any reason if they see something for 9999.99 they will send one just cause i wouldnt recomend doing one so close i would stay below 9 k
Warning to silver and gold buyers, stop buying or your wealth will continue to bleed out!
Good advice.
I like this guy