IRS Form 8300 (reporting of purchases >$10,000)

[BearBones]

This topic has been touched upon elsewhere but not really elaborated upon. (http://gyroscopicinvesting.com/forum/ht ... 737#p27737) Since important, IMO, I thought this was worth posting.

If a secondary goal of holding physical gold is privacy and minimizing risk of confiscation, it would seem prudent to avoid mandatory reporting requirements by gold dealers for transactions >$10,000. This requirement only applies to a cashier's check, bank draft, traveler's check, or money order. From my reading, it appears that personal checks and bank wires are exempt from mandatory filing of form 8300.

http://www.irs.gov/pub/irs-pdf/f8300.pdf
http://www.irs.gov/businesses/small/art ... 55,00.html
http://www.irs.gov/businesses/small/art ... 21,00.html
http://www.irs.gov/publications/p1544/ar02.html

[dualstow]

This requirement only applies to a cashier's check, bank draft, traveler's check, or money order. From my reading, it appears that personal checks and bank wires are exempt from mandatory filing of form 8300.

That was my experience. I mean, I've only done such a big purchase once, but I used a personal check for more than 10K worth of krugs, and confirmed with the dealer that no report was necessary on his end or mine. I guess it's to avoid money laundering. But, I suppose one could use cash and go to multiple dealers along Jeweler's Row...