Is 10K gold worth anything?

If you buy or deposit anything over $10,000 does the IRS get mailed something? What if with a check?

• I know they send out forms for cash if you deposit over $10,000, but what about if you deposit checks? I know it sounds kind of shady, but I buy & sell gold & silver coins a lot (did not really make any profit but more as a hobby/collection). Often the coins sell for over $10k and people give me checks and I deposit them. I'm kind of concerned because I had a really busy trading year and I was wondering if the IRS gets sent something every time I deposit or spend over $10k in the form of a PERSONAL check? I just don't want to get audited, not that there is anything to hide. I just don't want the experience of that even though its all explainable. Anyway, do they mail out a form every time a CHECK over $10k is deposited or spent? Thanks

• Answer:

  You are basically correct. Report is only required for $10,000 cash or cash-like instruments, such as foreign currency, money orders, travelers checks, jewelry, precious metals, etc. Traceable instruments, such as personal checks, etc. are not necessarily reported. Please note that, contrary to advice often given here, splitting up transactions to under 10K will just cause the bank to file a Suspicious Activity Report. Google "Eliot Spitzer resignation" to see how the governor of New York was forced to resign for paying his hooker in $9,999 increments. Incidentally, these reports go to the Treasury Department, not the IRS. Edit- in looking further at your question, you may have a different problem. The bank may not file a necessarily file a CTR. However, because you are dealing in a cash-like instrument (coins), YOU may be required to file a FinCen 104 form. You may wish to consult with a lawyer on this.