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Thomas Swartz
Thomas Swartz, Attorney
Category: Legal
Satisfied Customers: 3175
Experience:  Twenty one years experience as a lawyer in New York and New Jersey. Former Appellate Law Clerk.
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I understand that one has to register a form with the

Customer Question

I understand that one has to register a form with the government when one buys more than $10,000 worth of gold or silver. My question is: Is that a limit per person, per married couple, or per family?
Submitted: 1 year ago.
Category: Legal
Expert:  Thomas Swartz replied 1 year ago.


This is a common misunderstanding. You do not have to register anything with the government if you buy more than $10,000 worth of gold or silver.

There is only a reporting requirement if you use cash (or cash equivalents) of $10,000 in a single transaction to purchase something. This reporting requirement applies to all transactions not just precious metal transactions. In that instance the seller is suppose to have you fill out a form with the IRS called Form 8300. On this form you are required to give your name, address, birth day, etc. You can see the actual form here: Form 8300.

Other than this, there is no requirement that you register your ownership or purchase of gold, and there is no limit to amount of gold you can own.