Owning gold in the US does not have to be reported to the IRS or any other agency. You report when you sell, by listing any gain on Form 8949 and Schedule D, and when you enter the country, US Customs and Border Protection (CBP) requires gold coins, medals and bullion to be declared, even though no duty is charged on them. Currency and monetary instruments over $10,000 also require FinCEN Form 105.
Owning gold: nothing to report
There is no federal register of privately held gold and no annual tax on owning it. You do not tell the IRS when you buy coins or bars, and metal you simply hold does not appear on your tax return. That is the same whether you keep it at home, in a bank safe deposit box or in a private vault. Insurance is a separate question: standard homeowners policies often cap coverage for coins and bullion at a low amount unless the items are listed separately, so check your policy rather than assuming the metal is covered.
If you hold metal through an account with a foreign financial institution, foreign-account reporting rules such as the FBAR and Form 8938 may apply, depending on how the arrangement is structured. Check IRS and FinCEN guidance or a tax professional for that situation.
Buying: what the dealer reports
- Form 8300. A dealer that receives more than $10,000 in cash in one transaction, or in related transactions, must file Form 8300 with the IRS within 15 days. Cash includes US and foreign currency, and in some cases cashier’s checks and money orders of $10,000 or less.
- Structuring is illegal. Splitting a purchase into smaller cash payments to avoid a report is a federal crime, even if the money is legitimate.
- Anti-money-laundering checks. Precious metals dealers above certain volumes must run anti-money-laundering programs under the Bank Secrecy Act, so expect to show ID for larger purchases and when selling.
Paying by bank wire or check does not trigger Form 8300. Our US bullion dealers page shows the dealers we track and their payment options.
Selling: your tax return
For certain products in certain quantities, a dealer must report your sale to the IRS on Form 1099-B. Many popular items, including American Gold Eagles, are generally not on that list. Either way, you are responsible for reporting any gain yourself on Form 8949 and Schedule D. Gold and silver are collectibles: long-term gains are taxed at a maximum federal rate of 28%, and short-term gains as ordinary income. Keep invoices to prove your cost basis. Our gold calculator shows what your holdings are worth at today’s price.
Traveling with gold
| Situation | What applies |
|---|---|
| Entering the US with gold coins, medals or bullion | Must be declared to CBP; no duty is charged |
| Carrying more than $10,000 in currency or monetary instruments in or out | FinCEN Form 105 required; US and foreign coins and currency count |
| Gold bullion (bars) | Not a monetary instrument for FinCEN 105, but still declared on entry |
| Gold from sanctioned countries, unmarked replica coins | Can be prohibited from import |
Whether gold bullion coins such as American Eagles count toward the $10,000 FinCEN 105 threshold is not spelled out clearly in CBP guidance, and the value used (face value or metal value) is not defined. Check with CBP before you travel. Family members traveling together cannot split currency between them to stay under the threshold, and failure to report can lead to seizure and penalties.
Your destination has its own rules. In the European Union, for example, gold coins with at least 90% gold and bullion of at least 99.5% count as cash, and amounts of €10,000 or more must be declared when entering or leaving the EU.
Shipping gold and estate planning
- Shipping. Shipments of gold into the US are imports and pass through customs with an invoice. Domestic shipments need no declaration, but carriers and insurers set their own limits and rules.
- Gifts. Gifts of gold above the annual gift tax exclusion require a gift tax return (Form 709), though tax is rarely owed because of the lifetime exemption.
- Estates. Gold is part of your estate. Executors include it at fair market value, and heirs generally receive a cost basis equal to that value.
State rules and records to keep
States add their own layer. Many license secondhand precious metal buyers and require them to record the seller’s ID and the items bought, and some require purchases to be held for a period before they are melted. Most states with an income tax also tax gains on gold, and sales tax on purchases depends on your state. Individuals are generally not required to register gold holdings with their state.
- Purchase invoices showing date, product, quantity and price paid, including premiums and shipping.
- Sale confirmations from dealers.
- Copies of any Form 1099-B or Form 8300 notices you receive.
- Customs declarations and FinCEN 105 copies if you traveled with gold.
- Appraisals or estate valuations for inherited gold.
Bottom line
Simply owning gold in the US is not reported. Dealers file Form 8300 for cash payments over $10,000 and Form 1099-B for certain products, and you report gains on Form 8949 and Schedule D. On entering the US, gold coins, medals and bullion must be declared to CBP, and currency and monetary instruments over $10,000 require FinCEN Form 105.
Sources: CBP: Importing bullion, gold coins and medals · CBP: Money and monetary instruments · IRS Form 8300 reference guide · IRS Topic 409
This is general information, not tax or investment advice.
Frequently asked questions
Do I have to report owning gold to the IRS?
No. Owning gold is not reported. You report only when you sell, listing any gain on Form 8949 and Schedule D.
Do I have to declare gold at US customs?
Yes. CBP says gold coins, medals and bullion must be declared on entry, although no duty is charged. Currency and monetary instruments over $10,000 also require FinCEN Form 105.
Does a dealer report my gold purchase?
Only in certain cases: a dealer files Form 8300 for cash payments over $10,000, and Form 1099-B when you sell certain products in certain quantities.
Can I pay cash for gold?
Yes, but a dealer must file Form 8300 if it receives more than $10,000 in cash in one or related transactions. Splitting payments to avoid the report is illegal.
