No, it is not illegal for Americans to own gold. Private gold ownership in the United States has been legal since December 31, 1974, when President Gerald Ford signed legislation lifting restrictions that had been in place since the Great Depression .
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Today, U.S. citizens are free to buy, own, and sell gold in various forms—such as bullion, coins, and jewelry—without any federal restrictions or licensing requirements. There are no limits on the amount of gold an individual can possess .
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However, certain transactions involving gold may be subject to reporting requirements. For instance, dealers are required to file a Form 1099-B with the IRS for sales of 25 or more ounces of gold bullion or coins in a single transaction . Additionally, any gold purchase or sale exceeding $10,000 must be reported under the Bank Secrecy Act .
It's important to note that while gold ownership is legal, the IRS classifies physical gold and other precious metals as collectibles for tax purposes. This means that long-term capital gains from the sale of gold are taxed at a maximum rate of 28%, higher than the standard long-term capital gains rate for other investments .
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In summary, owning gold is legal and unrestricted in the U.S., but it's essential to be aware of reporting requirements and tax implications associated with gold transactions.
well, i was wrong but at some point you have to declare what you own to the IRS and file a 28 percent tax if you exceed 10 grand in gold ownership
dosvydanya_freedomz 0 points 3 days ago
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well, i was wrong but at some point you have to declare what you own to the IRS and file a 28 percent tax if you exceed 10 grand in gold ownership