Warning to All Silver and Gold Buyers (Part 1) - Don't Make Large Purchases!
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- Опубликовано: 14 окт 2024
- 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 ...
Warning to All Silver and Gold Buyers (Part 3) - Taxes on Silver and Gold
• Warning to All Silver ...
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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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Let's not forget that we're talking about spending and withdrawing OUR OWN MONEY! We are not free people.
It gets more sinister. If you’re planning on putting away your gold/silver for some years, you may be surprised to find out that with the introduction of digital currency, the IRS will also be able to track when, where and how much silver you sold. I was always worried about the paper trail when buying. In the future, it will also trigger when selling. Total government control.
the sheep don't care. As long as they have their cell phone and social media they have no problem giving up all other rights. pathetic lemmings.
@@johne5563that is exactly why I will borrow against my silver/gold in the future, rather than selling it for a capital gain
I hate the IRS
I hate the Federal Reserve
I hate this criminal extortion system
It’s criminal how few likes this comment has...
Ditto. Our gov't is corrupt and evil. Where's Hunter?
I'm a medical card holder but didn't start that way. Join the club
Nothing but a bunch of crooks that want to keep us poor
I hate the IRS more.
Anything that combats the IRS is always sound advice 🙏🏼
Say hello to 87,000 more IRS Agents,
Biden's Building Back Better Baby!!!!1!!11
@@IanMikrut 87,000 ARMED agents.
Just by watching this video we are all flagged
Grandpa grew up in depression era. He had goal to save 10,000. And then retire. It was a reasonable thing in that time. He got there in mid 70’s. Bought his wife a very nice car. 10k ain’t what it used to be
That ten thousand is worth $177,410.78 now
Near the end of the '60s my parents purchased a nice home for around $10k and a few years later less than $9,000 for a brand new loaded Buick. Can't people these days see something wrong with that picture?
very true inflation wrecks buying power especially over long periods of time 💪🏽🔥🐉
@@donh5794 Today I know couples who make over $5,000. a month and they're crying that they can't pay their bills. I never buy anything I can't pay for in a month, so my monthly expenses now are $450. This is a lesson learned in the '60s too.
@@pouglwaw5932 The lesson was actually a lifestyle before the introduction and expansion of easy credit after going off the gold standard in '71. Before that was the layaway option until a person could save up enough to purchase a specific item. Unlike credit, the item was not received until the layaway account was paid.
It's about time they raise the 10k limit. It was made in the 70's and has never been adjusted for inflation.
well, in the 30's you had $10,000 bills circulating, then in the 70's all you could get was a $100 bill, the $100 bill today is worth 1/100th of what it was in the 30's (gold double eagle $20 coin now sells for around $2000).
they knew that going in, now more and more transactions must be reported
Biden wants to make it $600.00 yes $600...
Same as your income tax. The brackets never go up only more people pay higher rates.
About 6 or 7 years ago a guy I know who has several businesses told me the bank is very leery to deposit cash. I thought he was full of it until I tried to deposit $1000 in cash. I was told they wouldn't take it. Remember just a few months ago the government tried to get banks to report any transaction over $600. It failed but they tried.
You need to watch out for "ducking" too. If a bank/seller thinks you lowered your amount just to avoid the $10k limit, then they still have to report it. So $9,999 may still get reported; $8,000 probably won't.
The limit in Germany is only 2k€. Roughly only 1oz of gold. Big brother is watching you
that’s why you always pay with cash! 🔥🐉
My sister who works for a large bank, told me that there are 3 benchmarks that they need to report. One is the 10K that we all know. The other two, she did not tell me and I did not ask. My bank actually fired me as a customer since I regularly exchanged atm cash for large bills.
How about we don’t worry what this rogue illegitimate 6overment is doing and we the people take our country back and live freely?
We have the same rules in Canada, I've taken out over 8k before with no problems. But, I'm probably still on some kind of list. Tellers are required to ask questions here, so I usually use an excuse that I'm buying a car/dirt bike/PC or whatever.
everyone just needs to join together and stop paying income taxes at the same time
You will be watched after this 👀 😆
Well the government just pass a bill to hire 87,000 armed IRS agents just think about that for a minute the IRS is going to be sending armed gangsters to take money that you've earned! People burying their silver and gold doesn't sound so stupid anymore huh?
That would absolutely work out great but there is one big problem with that.......There are way too many cowards in this country
@@tonyhoman6604 just need to spread the message until it goes viral so everyone knows they are not alone in doing it
move somewhere with no taxes and tell us how great it is
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.
I've been questioned by the bank pretty hard about pulling my own money out. Wanted to buy a truck but it's none of their business why I wanted it. Said it was for coke and strippers. That wasn't a good enough answer so it's so I can close out my account, just give me all of it then. Suddenly it wasn't a big deal
If you don't put your money in the bank in the first place, you don't have to worry about them not giving it back to you.
@@Markyellowcake It happened in Greece in 2015. It happened in Venezuela in 2017. It happened right here in America during the Great Depression.
If you put money in the bank, it's no longer your money. It's the bank's money.
@@mandoperthstacker where are you located? In the US they make you feel like a criminal for taking your OWN money. They even ask where the money came from when my pay check drops in the same bank account.
haha nice always threaten to just close it 💪🏽 great move 🔥🐉
Even if I could afford to make purchases like that I wouldn't. I'm pretty sure that suspicion of the government is one of the first things you learn as a stacker so solid advice. Thanks!
haha yes indeed my friend! 🔥🐉
Spend 10k on medicinal😂
@@spfein what a waste of 10k
@@davidortiz3094 how is 10k worth of the most versatile plant a waste. You do realize it would out perform all pm's in shtf right. Food fuel, clothing, medicine, even currency. They do that in jamaica today
@@davidortiz3094 especially if that's 10k in grow equipment
As a former bank teller, there are a looot of things done behind the scenes people don't realize. Everyone knows the 10k thing, but we also have to report it if it's just under the limit, especially if we believe it was done intentionally. The 10k is a 24 hour thing too btw, so if you deposit or withdrawal 8k at 10am on Tuesday, and then withdrawal 3k at 9am on Wednesday, it still counts. We also had to watch accounts for atm deposits and withdrawals (kiting risk). Wires are reported on different limits based on if they are domestic or international. Plus, questions are always being asked. Sometimes its obvious, but often it just seems like smalltalk. It may seem like you have a great relationship with your bank, and maybe you do, but tellers are always listening to their gut to flag anything that may be suspicious.
Good to know....thanks
People have gotten in trouble for multiple deposits, government said they were trying to mislead or circumvent rules. Even though bank told them to do so to prevent paper work
If thats true i would have been flagged 100 times
Rats
It's like in The Simpsons Movie when the government finally catches one person after wasting millions of manhours and billions of dollars.
I don’t have 10,000 to spend on gold or silver but I think this is very informative and I’m gonna put it on my great information video list because more people should know how to protect themselves. Thank you so much for the awesome information. You’re the best!
thanks so much for watching! you never know one day you may have that scratch to spend 👍🏽🔥🐉
It's pretty sad when we have to protect ourselves against those we elect to serve us.
Thank yiu for this information. I have heard about this. The government has no business knowing what I am buying so long as I am not breaking the law.
buying something over 10,000 dollars without a report is breaking the law, you silly goose.
@DrSchor oh I see what you did there. I guess I am a silly goose.
A $9,999.99 purchase is almost certainly going to be reported by your dealer so that they avoid being hassled by the IRS if they notice that they didn’t report essentially a $10k purchase. Reporting a $10k purchase is the “minimum” requirement of dealers, but they usually report purchases where it seems like the person was ducking the $10k regulation amount.
no they did not collect any additional information for the $9,999.99 purchase with cash 🔥🐉
They can report whatever they want but if you don't shoe them id, they cannot use your name as the buyer.
@@SilverDragons47 They can (and do) report without you getting a copy.
It’s referred to as “structuring” and people have been prosecuted for doing it.
Buy just below the threshold enough times over a short enough period and I guarantee you’ll be of interest to our overlords
I agree with the logic. There are only three people who should ever know what I buy: my, myself, and I.
what about the fourth person, me?
First new vid I got from you after subscribing and wish I did way sooner. I’m about a week into learning about investing in metals and you’re one of my best resources.
Good advice! I agree with you entirely. One of the main things I love about Gold & Silver is the anonymity it provides. 87,000 new IRS agents, they are obviously preparing for something HUGE related to tax, tracking, and tracing.
Nope. What they are doing is rehiring all the lost jobs that were removed during the last administration. The IRS is currently at about 40% staff of what it was in 2010.
@@HappyBuddhaBoyd No, replacing people only accounts for about 70% of the new hires. The rest is an expansion of their ability, along with the computers and programs they are using to make themselves more productive on an individual level.
@@HappyBuddhaBoyd this is why people like you still love Biden 😆
@@HappyBuddhaBoyd Where did you hear that? MSDNC?
or mslsd
Great info! Kept thinking about a monster box. Guess I’ll stick with 5 rolls at a time.
yeah that’s a much better way to do it 👍🏽🔥🐉
I bought an empty monster box back in February. I'm filling it very slowly. I don't gave a big stack, and what I do have is a mix of a lot of different stuff. It would be great to actually fill it with eagles though.
@@katieandkevinsears7724 Nice to see you both trust each other enough to have separate accoun-
The IRS is corrupt. They will try to get rid of cash sooner than later they are already trying to do it. Cash is King.
Sincere question: Isn't is just as conspicuous having a RUclips channel displaying your consistently growing stack?
yeah i’m screwed but that doesn’t mean I can’t help everyone else 🔥🐉
@@SilverDragons47 hahaha Good Man S.D.
NO
Just have a bunch of bogus auctions or giveaways 🤣
@@adams0960 display all fake coins/bars?
Cash in the door of my LCD [Local Coin Dealer] and out with my metal, thank you. Think like a farmer when you ask how many acers do you farm, a good farmer will say something like not enough on a good year and to many on a bad year. Never give out how much metal you have, my close friends know I stack but none of them know how much I have, if you ask my wife she doesn't even know but she does know where I stack it and that's good enough for me.
Holding a large amount of fiat currency at this particular time is more concerning to me than the prying eyes of the government. I personally believe that we are on the verge of a major economic crash and therefore bank bail-ins that seize your deposits are a much more eminent threat than IRS audits.
Here's everything you need to know about precious metals.
1. The government doesn't just want to tax you into oblivion. It wants you to be poor.
2. The government knows that Americans have been stacking precious metals.
3. The IRS is hiring 87,000 agents which it can and will train for searching homes.
4. The government can and will at some point declare that possession of certain precious metals is unlawful. If the government can transition to a digital currency, which it will, it can certainly declare the possession of precious metals unlawful and subject to confiscation.
5. Think about what those 87,000 armed IRS agents will be doing once possession of precious metals is declared unlawful. They ain't gonna be pushing paper
The U.S. is heading towards CBDC. Central Bank Digital Currency. The UK and other countries are already testing this out. China has it in place as well as a social credit system. If you do something they don't like or if you are buying products that they deem unhealthy then you will be penalized for it. This also will go for your carbon footprint. It will all be digitized so you won't control your money.
Precious metals are the only way to hedge against the dollar and inflation. De-centralized crypto currency is another but that is like the wild west right now.
@@mykey39 Yeah, right up until the government makes possession of precious metals unlawful and goes door to door seizing it
@@LostBeagle They gotta find it first. lol
But they did do it in the past where they gave people cash for their gold and silver and it was mandatory to turn it in. But if they don't know where it is then they can't get it.
@@mykey39 They can and will search homes
@@LostBeagle Not without a search warrant they won't. That's even if people keep them at home. If you are smart you will keep it off site. I don't think it will get to that point unless the dollar collapses which right now, it can't. Until all countries move to CBDCs we won't see govts clamoring to get their hands on your precious metals.
I’m sure with all the new irs agents coming they will be scrutinizing everything down to farts.
They will coordinate with the EPA, which has already done extensive research on cow farts.
You can almost guarantee that
OOPS! To late for me.Bought 3200 ounces of silver at 17 a ounce total including premium when it fell in 2020.I did use three diffrent dealers over a few days.
I buy 1-2 bullions a week, it’s affordable and I can keep stacking without any worries or problems
Any transaction of cash $8500 and up in any direction will get you reported by bank. It's called a currency transaction report. It is sent to the IRS. It includes you SS#, name, address, etc. It is accumulative over a 24 hour period. Key is to know what time of day it starts. All businesses are different. In casino's they start tracking at $2.5K and report to IRS at $10K. You must provide ID at that point.
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.
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In Australia it’s the same. Any transaction that is $10K and over, no matter what the purchase, has to be reported to the government.
Now if you were to say buy $5k to day and next week spend 8K then the next day say $2K in metals the person in the shop has the option of reporting these transactions as suspicious. Even if you spend $9999 you can be reported. It’s all as you said for money laundering.
Sometimes the shop doesn’t even have to report you as the government is automatically told of your spending or if you withdraw money from your bank account if it’s suspicious or the computer program cross references your purchases. Now that can’t happen if you use cash to buy metals but it’s still recorded by the bullion dealer.
The $10K cash limit does not affect the sale of second-hand goods between private individuals.
@@chrish4469 correct
and in the meantime the corrupt elite store their wealth in offshore accounts away from prying eyes.
@@chrish4469 Except when the seller deposits the 10K in the bank.
Thanks for this, I had no idea. I just stumbled upon a goose egg a d was literally planning on getting a large quantity of precious metals. Slowly over time it is.
Makes a whole lot of sense to me! Thank you again for info!
Food for thought. Let's assume for a moment that gold has perfect parity with inflation.
Take $1000 and turn it into $1000 worth of gold. Wait 10 years and turn it back to dollars and it's worth $2000. You get to pay taxes on a $1000 "profit".
Take $1000 and put it in a checking account. Wait 10 years and you still have $1000 but the price of everything has doubled. You now have half the purchasing power as before but you can't write off losses due to inflation (devaluation of currency).
Governments love inflation.
Yes they do; because by their simply printing more dollars from thin air they dilute the purchasing power of what’s currently out there. Those newly created dollars (debt dollars) are taking up the value off the deflating dollars. You then physically have created more dollars circulating in the system. In truth a larger available quantity. That excess then becomes available in the market to be borrowed, loaned and spent which then opens that formerly existing value that was locked in as purchasing power in the former existing dollars to now be taxed, subject to fees and all the rest.
The bottom line is the government has reached in and taken (without your representation or approval) monies in the form of reducing your purchasing power.
Essentially an unseen and/ or unrecognized tax.
I can't wait for the day I'll actually be able to worry if I'm going to buy too much metal at once!
Me too
Great Advice, particularly with the new IRS Expansion Act with 86,000 new agents.
Omg this is the first I’ve ever heard you say this. Yikes! I had no idea these dealers had to do this reporting. No bueno!
yeah most of the time it’s the bank that does the reporting but still someone is doing it 🔥🐉
$9,999.99 is even more suspicious!
no it is not when you pay with cash which is what I did literally no one would be the wiser… that being said I personally have this youtube channel so they already know about me haha but you all can still protect yourselves 🔥🐉
@@SilverDragons47 if you take cash out of the bank, you also can be reported on. And they check if it's over several days or weeks. Then your bank will send you a letter telling you about the reporting rules.
@@SilverDragons47 Bear in mind the reporting requirements are a minimum standard. there is nothing to say the bank can't make a voluntary suspicious transaction report on you.
We don’t have to declare this in Australia and we don’t pay tax on precious metals either
@@luciad6771 you are very lucky in this sense.
First time watching, it was very helpful. How many days in between purchases if I was wanting to purchase a large amount do you think wise to wait? Every other day, if by cash?
We all have a short window to get cash out of the bank. Do your best to become your own bank. Don’t worry too much about this if you have a lot of cash. It’s better to get it out than try to be sneaky. Some people need to move a lot more than $10k a month for years to divest from banks.
agreed. if you have earned the cash then don't worry about it being reported..... take as much out as you need. Preferably call the bank prior and make sure they have the cash on hand if youre getting a large amount out.
@@Fanta.... agree.
Yeah. I recently did three bank wires and I'm pretty sure my bank will probably report all three of the bank wires. Then again, what's the IRS going to do even if they have that information? Nothing much perhaps. Selling PM is a different story though. That would definitely get the attention of the IRS. I have no plans to sell anytime soon since I just got into PM.
Hello FBI agent, I can not afford precious metals and only view videos related to these metals out of morbid curiosity, I think.
Didn’t Yankee recently talk about if you made a deposit or withdrawal of 833.33/month, the IRS would Times that by 12 and so it hits that $10K number that might throw up a red flag? Just a thought but why is it the regular folks try to make smart decisions with their $ and the Fed has to tax us every damn time!?
soon it will all be tracked and traced 🔥🐉
Yankee talked about this concept with his LCS owner Tim. You are correct. The government is degenerate.
@@SilverDragons47 And TAXED !!! I'm sure that they see the EU getting 20% on Bullion/Coin purchases (their "sales" tax).
Extremely helpful thanks Silver Dragons.
Unfortunately, California makes us pay sales tax on silver, so they will always know how much you're buying if you live here.
@John Doe thisssss!
In California $1,500 is the way to go. Buying more at once=lower premiums and no taxes.
They are going to (or are) eyeing $600 purchases, which at the rate we are going could be groceries.
Trouble with 1oz Gold coins if the SHTF and you gotta run there like 100$ bills and silvers the change when you start bartering all your gold will go and you will be left with a pile of silver probably 1oz gold to 100oz silver
This was a great video. Thanks a lot.
" All precious metals purchases will be subject to the IRS form 8300 unless you purchase less than 10k at once." This is false.
Cash does not include:
Personal checks drawn on the account of the writer.
A cashier's check, bank draft, traveler's check or money order with a face value of more than $10,000.
I purchased 2 boxes of silver Maples on Friday and a form 8300 will not be filed. I paid with a personal check, therefore this is not a cash transaction by IRS definition.
However, my bank will file a FinCEN Currency Transaction Report, or CTR, as it it commonly known.
Same cat, different method of skinning. 🐯
Thanks for the reminder, just inherited some dry powder and almost made a huge mistake. Oh well, I might miss some of the current dip but maybe not. I sure hope it pays to be patient.
Agree gold is a lot easier to transport but if you ever want to buy or barter say for a buggy full of groceries, some ammo or other smaller purchases your silver is going to be much better for this. Both have advantages.
In a pinch I'll bet .22 ammo will also be a medium of exchange. Early in a SHTF scenario, brass and lead will hold a lot of value.
@@Hawkeye2001 People will give you gold for it.
@@Hawkeye2001I might barter a gold eagle for a rifle but as far as bullets go, I'm probably going to use silver eagles instead to barter for a hundred bullets or more. Gold wouldn't be worth it since it's worth so much more than bullets. One gold eagle can buy thousands of bullets. That's a lot of bullets.
Gonna give my experience with the whole 10k bank thing, I have spent over 10k in precious metals from Apmex a couple of times with a check from my bank and I have never had any single issue with it from anyone. Those purchases have been years ago and I’m pretty sure I would have heard something by now. On the same token probably 15-20 years ago I sold some items that I had (four wheelers, camping trailer, camping gear, etc etc), to several different people over several different weeks. Most of the buyers paid in cash and over the course of about 3 months I had deposited somewhere between 18k to 19k in cash with no deposit being over 5k in cash at any time. Never had an issue from my bank when I deposited the cash but at the end of the 3rd month the bank headquarters was calling me asking where I got the cash, how I had accumulated it etc etc. I guess they have programs that not only track one time deposits over 10k in cash, but also quarterly deposits over 15k in cash. Being the huge a***ole that I am, I wasn’t very kind to the nosy buggers and they told me they were going to report it to the IRS, and I told them to go ahead. Never heard a thing about it to this day and I don’t imagine I will. 🤷♂️just my two cents of experience.
With 87,000 new IRS agents to be hired, heavily armed and ready to take someone’s life, aren’t you at all worried? I would be. Not saying this to be an a hole but we should all be worried right now, especially with posting anything on RUclips or any other social media because they are all watching. Good luck
In the gestapo future this makes sense.
No worries. The bad guys (Mule Party, etc.) are preoccupied with targeting their political enemies these days. The FBI and IRS and so many other gov't agencies are deeply (Deep State) evil for sure. Hell was created for good reasons.
@@ALPHAJACK78 give me 100lbs of weed none walk out sober or even awake
@@ALPHAJACK78 nah not at all worried, in my opinion the government is just getting ready to roll out the government backed crypto next year (2023) and beefing up the IRS agents numbers in order to be able to automatically do everybody’s taxes through crypto. Just like everything the government does it’s going to be a cluster**** of epic proportions.
It's going to be much worse than that with the new bill that just past. 600 dollars / year with 86,000 new IRS agents to in force it!!! BIG BROTHER WILL BE WATCHING!
Some states have a sales tax on gold/silver if the value is under a certain amount but not if the value is higher than that amount. If you have to pay sales tax when buy and/or sell, physical metals may not be a good inverstment. It's best to move to a better state.
It all depends on how you buy. If you purchase a little every payday then the taxes really hurt. If you can save up till you have enough to make a large enough purchase and avoid taxes. My state it's only $1,500 plus you get lower premiums buying rolls vs 1,5,10 At a time.
@@PHUCKyoutube689What state are you in?
Ebay reports you to the IRS when you sell $600 or more in a year
So does Facebook marketplace
Hey, Silver Dragons. You should do a video about canadian junk silver. It's cheaper than american, it's easier to understand (every $1 face value is .6 troy ounces), and they have silver dollars that aren't massively overpriced.
I've always wondered about canadian junk silver. I had a bunch passed down to me and never really took much time to research it.
Canadian silver is only 80% pure, but not popular enough to require high premiums. I've bought it a few years ago for a $0 premium including silver dollars.
I was hurt crippled and I borrowed a lot of cash from friends and family and when it was time to pay them all back I wanted to pay them back in cash 💸 💰 🤑 which is what they gave me when I was hurt. The IRS is a bunch of pole games manipulators and don't understand sometimes you need cash to survive when you are crippled
You can give anyone up to $15,000 and vice versa without having to report it.
@@ypcomchic Yes a long time ago my father won a large settlement because his job exposed him to cancer ♋️ at a high level. He gave all of his children 10k just to be nice and spread the money 💰 around
Pawn shops usually add an extra dollar to the premiums but worth it if you want to remain undiscovered
That 10k number is at least 10 years outdated and the number is much less and even 8k is reported by the bank. My bank manager was freaking out once when I had to withdraw 24k in 8 k increments and was getting messages from the IRS all day long for 3 days. She told me that cash 💸 transactions are better if you do one 24k than 3 8ks in a.row.
Now the IRS wants banks to report transactions over 600 dollars, so they're still tracking us. I went from buying two tubes at a time to buying one tube at a time. I never buy less than full tubes.
its not banks, its democrats. the democrats passed that law this year to lower the reporting threshold to $600 to squeeze the middle class for their reckless spending socialist ideas
Great video. Look at that LOTR clip slipped in there by Silver Baggins. 😁
👍
Great information and advice.
Great advice. Thanks
Good Afternoon My Good Bro & Sis Silver Dragons 🐉🐉
I’m sorry, I have a serious gambling/ drug problem, I lost all my gold to a bookie / drug dealer.. 🤷♂️, I’m in 12 step recovery program right now. A day at a time.
Attaboy!👍
What about purchases of silver in a Roth IRA?
@@swmita You think the honest politicians over at the People's Republic government are going to respect your IRA gold/silver when the fiat currency begins to collapse?
You will never see any of that IRA gold that you think is safe and stored away in a vault somewhere.
Paper purchases aren't really backed by gold or silver. That is what is said and it makes sense because there is a limited physical supply so how could they be backed by anything? If you don't hold it you don't own it supposedly.
I think I heard $600 is the new number they are looking at if its on record.
they are doing it for under 10k too, my moms bank just hemmed her up on a 7k silver purchase
8300 is only mandatory for cash purchases or payment by cashiers check. If you pay by personal check or wire transfer it is exempt and you can spend as much as you want. The bullion dealer is not obligated to fill out anything. Your bank will see where you spent it, but that's about it.
Hey brother, do you have any great info like this about purchases in Canada... how much till we get flagged by big brother??
Gold & Silver is NOT an investment it’s a preservation of value….especially in a reset 😉
So, if in a rush to buy a lot of metal, could one split the putchase up among different shops?
How did you get it to a penny under ? That’s more impressive than buying the gold to me.
Probably bought plastic pouches or containers, and maybe a $0.05 sticker is my guess
Congress just passed a bill to hire more IRS agents. I wonder why we need more prying eyes? This could change for the stackers as they go over bullion sales. I buy about 10oz a month.
I purchase low premium gold fractional monthly, easy to purchase and easy to liquidate🤗
Great video. You may cover this in part two but a couple of things to add. My understanding is: many banks have their own internal limits before reporting and most are below the $10,000 IRS limit. For example, B of A's internal limit is around 6,500. Also, be careful spreading out your purchases or other cash transactions to avoid filling out form 8300. If it can be proved that you're trying to avoid the $10,000 limit, this crime is called Structuring. Even if the cash is legit, you've paid taxes on everything, and you're doing nothing wrong, the act of purchasing over time to avoid the $10,000 limit is a crime in and of itself. Seems stupid to me, but we can thank the drug dealers out there for this BS. Cheers!
Which is why I ignore the 10k rule. I do bank wires and they're typically large transactions that are well in excess of 10k that it would make 10k look puny by comparison.
In the US 3,000 non cash gets reported as well. Has been for quite a few years now. Probably is even lower by now.
Many banks are becoming stingy on large cash withdrawals.
I know 🫣 just take out $300 every chance you get 🔥🐉
They question me if up to 10k withdrawn. They tell me I need to make a special appointment for any amount over 10k and I suspect they report it.
Very informative, thanks!
This was helpful, thanks. Now I just need to know what are the best types of coins to diversity my portfolio with.
That is why I have been buying 1/10th oz gold.
When I cash in it will not trigger bells.
i dont get it, a one ounce coin will not trigger bells and you get more bang for your buck
Great video. If anyone doubts that our government as it now exists isn't interested in helping itself to the wealth of it's citizens, then they haven't been watching the news for the last year and a half. Silver? What silver ?
guns? What guns?
@@pouglwaw5932 Boating accident.
Oh I’m glad the bank draft doesn’t count as cash. If you’re buying from Money Metals or something like that, you normally have to spend more than $10K to get the best unit price.
Thanks for the info!
In Australia if you go to your LCS and spend over 5k they must see your photo ID.
And I'm assuming all transactions online are recorded by the tax office, maybe not reported but I'm sure it's there for anyone who wants to find it.
wow that’s crazy! 5k isn’t even that much 🔥🐉
Lol my dad one time wanted to deposit like $100 cash into my bank account at the bank and they asked him for his id 😒👀 how crazy. In the US lol
They don’t know what you have just cause you bought it. You could have sold it, lost it or given it away. Also if you are paying out of your bank account who cares if you spend over 10k. The money in your bank account has already been taxed and is traceable to where it came from anyway. Unless where you’re from you pay taxes on bullion none of this even matters. I’m from Canada and there’s no taxes on bullion.
Even if you do keep your purchases under 10K at an online bullion dealer they maintain a record of every purchase you make. I guess forever? Is that good or is that bad I don't know. I guess when you sell you'll always know your baseline? Do they share their records with the Gov? I don't know.
they will fight tooth and nail to never release any of your information but if they are subpoenaed they have to release information obviously 🔥🐉
These days I would think any records would be shared. I have read enough of the fine print that most businesses say people don't read. I don't expect any privacy. Even in cases where a subpoena is needed, that probably would not be a barrier.
My LCS does not know my name, address or phone number. They recognize the cash I spend. I wonder about some comments regarding record keeping of cash transactions less than 10k. If my LCS dealer would require my ID, then I would either adjust or cancel the transaction on the spot.
@@howardcurtiss5048 your LCS have security cameras, correct? What’s to stop IRS or police from taking those video footage of you, and then track you back to your home via traffic cams, etc? If the IRS/police/FBI/govt really, really want to go after you, they will. Unless your nickname is DB Cooper and you have the ability to vanish into thin air. 😆
@@stormforge68 You got me there SS. I agree that no person can truly expect to evade a focused effort by the IRS or any other investigative agency to successfully track all aspects of ones life. The subject of this thread is to discuss the 10k reporting rule. The suggestions regarding keeping transactions below that amount are not to enable illegalities, but to purposefully transact business in a relatively private manner. If, for some other reason, you are the subject of an investigation, it would be difficult to imagine how a legitimate purchase or sale with your LCS (in any amount) would add to your pre-existing troubles. Be that as it may, you are correct to state that if you end up on THEIR radar screen, they can tear apart the fabric of your world in a relentless pursuit of YOU. I enjoy the fact that I know that I pay my taxes, don't fear an audit, do not rob, steal or harm, and conduct my business in an intentional manner to keep a low profile in all my transactions. Just to be on the safe side. Cheers to the 10k reporting rule. Slow and steady is the order of the day.
I just made a large purchase yesterday and now you have the video ! 🥵
This isn't the first time he has covered this topic. Nor will it be the last.
at least you are moving your cash into precious metals at the end of the day it’s still better than doing nothing I think 🔥🐉
@@GrungeGirl314 having a lawyer on speed dial is important if you are making waves in any way. It's also important to not lie to law enforcement, because they will use it against you... even if you did not mean to lie.
@@davidweikle9921 Good advice, don't lie. In America you have the 5th use it. They will use all lies, no matter how small as leverage against you. Even if you aren't doing anything wrong but panic. Make them do their job, don't make it easy for them.
I did 3 bank wires. I'm not too concerned if the bank reports all 3 bank wires. What's the IRS going to do with that information? Nothing much. At most, they'll just be wondering where that money went.
The same applies to selling your precious. Keep it under $10,000.
If you make multiple transactions just under reporting thresholds your bank will write a suspicious activity report on you. It doesn't necessarily do anything to you, but it's discoverable to the government. It's literally better to just make the large purchase and do the paperwork.
So... i have never had 10 thousand dollars in my life. Lol but i see where you're going with this, small increments is best! I like what another guy on here said, 8k is a safe number.
In Cali, we have to pay sales tax on purchases under $1500 so it's best to save up and buy I'm bulk to avoid tax.
By local, with cash. No receipt. No taxes. No documentation. A couple hundred bucks at a time.
If you have to bug out, needing a ride and only having 6 gold coins, that ride will be expensive. A couple of generic rounds works out to be a lot cheaper in long run.
you forgot to add the caveat to this. If you keep purchasing just under the 10k amount on purpose, the IRS can still seize your assets for a audit. I know 2 stackers that kept buying just under 10k and the IRS said it was intent to avoid taxes so they audited them.
Good thing I was always too much of a wimp to place big orders. No way I'm gonna risk losing that much in the mail!
Any reputable precious metals dealer like SD Bullion, Apmex, etc.. fully insure their shipments.
I bought enough gold that my dealer sent them in 16 small boxes. I got all 16 boxes. A bit tedious but that's how a dealer in Utah handles high value shipments.
This video has dangerously bad advice because it's missing critical information!
Specifically avoiding the $10,000 requirement is called "structuring" and is illegal. This is a law that's commonly investigated and charged. I'm not defending it, it's not right, but that's the reality.
If you make payments of any amount that could feasibly look like you're avoiding the 10k limit, you will be investigated for structuring and looked at to see if you're money laundering.
This *should* have been mentioned in this video. Without this, the video is a "how to break the law" tutorial in the eyes of the government.
Read about AML (anti-money laundering) rules for bank employees. They're not messing around. Please please please be careful with this.
Exactly. The 9,999.99 would hang you if they decided to mess with you. Same actually goes for deposits into a bank btw.
🤣 there is no such thing as law when dealing with corporate government...only company policy...that's why the IRS needs guns...because people are becoming more aware of the truth and not complying with their policy 😏
@metalmike3371 I did 3 bank wires just to buy PM from a dealer. I'm pretty certain that my bank will report all 3 of bank wires to the IRS. But beyond that, the IRS would have to try to figure out where all that money went
They DO NOT want you to stop playing with their Monopoly Money and instead to use Real Money ! That's the only reason.
Facts
Nah. Their monopoly money is still king
amen although eventually the monopoly money will be worthless 🔥🐉
That is the very amount I lost due to an unfortunate boating accident.
In 2017 I went to my credit union to withdraw $11,000 to buy a car. I got the money, but they're required by law to ask what the money is for and fill out an official form stating the particulars. When I complained, they said the (Federal) law was created because of major drug dealers moving large sums of cash (in the 70's and 80's). For any amount withdrawn under $10,000, I wouldn't have to report it. What a joke. When cash and coins are (eventually) declared obsolete and illegal, I hope I'm gone before that dark day.
Great video. I like the subject. Quite informative
get a address in Delaware, no sales tax, such as a PO box...buy and send your metals to that PO box and dont even worry about paying tax when buying
Great point, but your numbers are a little off &, unless you've worked in banking, you wouldn't know it.
Within the past few years, the banks/IRS changed the number for filing a Form 8300 from to "$9,000" - OR- "if the teller suspects money laundering &/or terrorism-related." I'm aware this isn't disclosed on the IRS website, and, if you've never worked in banking - you're not supposed to know that's the case, intentionally. I know this, bc up until 3 years ago I was VP of Marketing for a bank & up until 2 years ago - a VP for a credit union. Long story short: They figured out people were cashing checks for $9,999.
I don't know if this applies to individual purchases, but it DOES apply to cash withdrawals (even multiple smaller withdrawals within the same week). Most tellers don't want to file an 8300, at all, so I wouldn't worry too much about your teller ratting you out if they "suspect money laundering" but more people need to know this bc it is absolute fact. I've sat through hours of meetings on this.
ALSO - I'd suggest purchases under $600. The IRS will now receive a form for all account transactions $600+, or, for accounts that have a cumulative annual balance of $6,000+. That's most of us. Right now, those forms don't include purchase details, bc they're more focused on catching tax cheats. But, like the ban on owning your own gold, it can happen again. If you don't think that rule was passed with the knowledge a CBDC was coming, you're misguided.
They passed it first, bc it wouldn't be palatable to do so AFTER we move to a CBDC (this part is conjecture, I have no proof to this effect.). So for me, I'd suggest that if you're buyinga kilo of silver or 1oz of gold today...you're probably OK. But remember, IRS audits go back 3 years, so...maybe it's worth the extra premiums to break that kilo up into multiple 10ozs.
I don't know if the $600 transaction flag will ping PMs but I have seen NOTHING to lead me to believe that if they can, they won't.
Hope this helps; if you have any questions around the Form 8300 & reality vs. narrative just lmk. I promise you, this isn't smoke up your butt.
Thank you so much! I took out 20K out of chase in 2020 and they interrogared me as to why i wanted my OWN money out of their fine institution, they filed some paperwork on me as well, it makes me want to take all my $ out. You are now presumed guilty no matter what.
Thank you for your teaching 👍
I wonder how my bank will report the 3 bank wires that I have done to get into PM
Well, here in France it's illegal to purchase gold in cash and you have to give you identity. Plus it's heavily taxed when you sell it. Luckily you can sell it in others countries and government doesn't have the money to hire agents and steal the gold from citizens.
I once had to fill one out at a lcs that was my first time there. They never asked for ID I wrote fake name,address, SS number, etc
based
wow that is one way to do it! 😲🔥🐉