U.S. Treasury: We Won’t Tell You What’s Reportable
Mark Nestmann (July 13, 2011)
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4 Responses to “U.S. Treasury: We Won’t Tell You What’s Reportable”
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Since 1990, Mark Nestmann has helped hundreds of clients seeking wealth preservation and international tax planning solutions. He is the author of many books and reports dealing with these subjects and a popular public speaker.
Beginning his career as an investigative journalist in 1983, Mark now serves as President of The Nestmann Group, Ltd., an international consultancy assisting individuals to achieve their wealth preservation goals. Mark divides his time between offices in Vienna, Austria and Phoenix, Arizona.
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July 15th, 2011 at 8:00 pm
Just Yesterday, noted FED chairman testified before congress that gold is not money. So that seems definitive, right?
July 15th, 2011 at 9:07 pm
Not yet! But I intend to shortly. I will of course report it once it is done.
July 20th, 2011 at 2:07 am
I transferred my IRA 43000 (reported in IRS filing) and savings of 77000 out of USA via online Telegraphic Transfer. Do I need to report on 105 or has it been done for me via my credit union?
October 7th, 2011 at 2:38 pm
I actually got a chance to talk with a FinCen representative last August regarding gold & silver coins and the definition of “monetary instruments”. He actually was very helpful, much more so than Customs person I talked to. He said that at least according to their own guidelines, gold and silver bullion coins shouldn’t qualify as currency because they do not circulate nor are they regularly used as a means of exchange (as per the definitions in the article above). He said that’s how he interprets it, and he did mention there was a specific clarification or case in their records that specified that Gold Eagles do not count as monetary instruments, though didn’t see any specific mention of any other gold or silver coins.
This was all part of trying to get a straight answer from US Customs as to whether gold coins are reportable at face value or intrinsic value. The long and short answer from the Customs rep was that she was not sure, but said I should report the intrinsic value as that’s “probably the right answer” (and she was part of their question and answer team!). She said that FinCen are the ones that really determine that, so I called them. However the FinCen guy was kinda puzzled because according to their own definitions gold coins shouldn’t be reportable as currency at all, so he didn’t have an answer as to why Customs views gold coins as currency.
What I got from it all was this: the rules are deliberately vague, so therefore it’s reportable if the Customs guy says it is and it is valued as he/she sees fit. In the event of a dispute you might try to prove your case using logic, FinCen rules/definitions, and common sense, but it’s highly likely the Customs agent will simply sieze it regardless and let the people up the chain deal with the mess. So I make the assumption they’ll assume intrinsic value and adjust the amounts of gold I carry accordingly.