I am in the process of moving some of my savings to gold but don’t want to trigger the IRS reporting or anything else for that matter. If I withdrawal $3,500 a day or a few times a week, will that cause problems? I have been saving for a while, and so it is definitely out of the ordinary for me to withdraw that kind of money frequently, however, I did tell them what I was doing, and even inquired about safety deposit boxes to store the gold I am buying.
As others already said, avoiding reporting is considered a crime, regardless of whether what you do with the money is or isn’t a crime itself.
If there’s a reason for the withdrawals (e.g. the seller puts a quota on how much you can buy daily/weekly) that’s legitimate, but splitting the transactions of your own accord could carry aditional headaches as opposed to filling out the report.
Although, I’d recommend using a direct credit transfer as that’s more traceable so you’ll be safer. Firstly if the IRS sends someone to inquire they’ll have a trail if the money, and secondly if anything happens with the gold/seller you’ll also have evidence to back up your claims.
Have you ever had your kitchen remodeled? Those withdrawals wouldnt even begin to cover the deposit to start the work. I can’t imagine anyone is going to ne shocked by that amount (not saying it’s not significant money, just that such transactions, even in cash, happen often).
IRS doesn’t care when you buy gold, only when you sell it. At that point, it’s treated like capital gains on any other investment.
You’re more likely to get flagged for AML/KYC by your financial institution. Which usually just results in a phone call.
There’s no trick or window to getting around IRS reporting. If it was a taxable event it’ll get reported to the IRS.
You’re much better off just doing it in one go. What you are considering doing is called structuring, and will, unlike making a large transfer, result in mandatory reporting and a money laundering investigation.
Contrary to popular misunderstanding, [the reporting requirement] does not apply to checks or electronic transactions. Financial institutions suspecting deposit structuring with intent to avoid the law are required to file a suspicious activity report (SAR).