Information the IRS Will Require When reporting a gold purchase is required, the dealer will report it. Form 8300 requires information about the gold buyer, including name, social security number, address, and license number. As explained in “Reportable Purchases”, purchases of precious metals are not reported unless the cash reporting thresholds are exceeded. Investors wishing to avoid reportable sales should buy American Eagles.
Precious metal reporting policies were first developed by the National Treasury in the 1980s as a means of monitoring commodity exchanges within the United States. When large cash purchases of precious metals are not reported, traders and investors are bypassed who should pay taxes on their sales and purchases. Keeping track of these transactions allows the IRS to avoid any potential money laundering scheme, which could harm the US economy. Bullion dealers are not required to report to any government agency any compliant bullion purchase transactions.