Who are reputable dealers of American Eagle 1-ounce silver coins (and not proofs) in the USA? Thank you for your help.
There are countless reputable bullion dealers in the states... swing a stick and you may hit one. Seriously though, check local dealers first, and if you cannot get what you want at a price you're satisfied with, try one of the major online vendors.
An out-of-state dealer "might" save you the sales tax, and the larger the purchase, the more the sales tax will exceed postage. The dealer can easily ship 50 eagles in a small flat-rate Priority box ($5.80), plus insurance. Some dealers have private insurance and will not charge a volume customer for coverage.
Each state's sales tax is different. Some states, such as Texas, do not charge any sales tax on any volume of coins/bullion. Other states only charge sales tax on purchases less than $1000, etc. That's something to consider as well. I would check if you have any local coin stores. After you have found a store but before you purchase, read any reviews online as to the character of the owners and any previous problems they may have had. Lastly, when purchasing from a local dealer, I would be extremely cautious as to handing over money and waiting for delivery. I have come to expect dealers to have inventory on hand. There are too many cases of dealers getting charged with fraud from taking orders and not delivering. In those cases the purchaser is out their investment (no refund, no product). I do not mean to scare you out of a purchase but rather help protect you. Any reputable dealer will not be offended by that.
Strongly agree. CASH and COINS trade hands on the spot, not even one hour's delay. Anything else is high-risk nowadays.
If you are looking for online dealers, I have purchased from APMEX, Provident, ModernCoinMart and Gainesville Coins, all with no problems. If you sign up on their sites, they often send coupons/special offers via email (like free shipping) that can help make the prices competitive. If you have a local coin shop available to you, that may be best depending on price of course. Walk in w/ cash, walk out with coins... no US Postal Service to give you stomach acid or delays. Good luck.
What is the current threshold for reporting (via Form 1099) a cash transaction? Anybody know? Is it $3,000 or $10,000? Once you're on the books, you never get off.
You must be kidding. I hope you're kidding. If the reporting threshold is $3,000 cash, why not buy (say) $2,800 worth instead of $3,200 worth and keep your holdings a secret? Nothing illegal about that. Why intentionally create a paper trail, when you can legally avoid it?
The threshold is $10,000 within 48 hours. That means that you cannot come in Tuesday at 3:30PM and purchase $9,000 then come in Wednesday at noon at do another $9,000. The IRS views that as an $18,000 cash transaction. However, doing $9,000 on Monday at noon and another $9,000 on Friday at noon is fine. Also, note what the IRS considers cash. Cashiers checks & money orders count as cash, where as a bank check (out of your checking account) does not.
Thanks! I hope all the CT-er's READ and understand this IRS rule and its various consequences for your privacy. Can you give us a .gov URL that sets out the whole regulation?
Sure thing. This link goes to the pdf found on the IRS.gov website. http://www.irs.gov/pub/irs-pdf/f8300.pdf EDIT: Btw, the 1099 is to report income. The form you are referring to on reporting cash is a 8300.
