“A unanimous Court declared that police should not be held liable for recklessly firing 15 times into a shack where a homeless couple—Angel and Jennifer Mendez—was sleeping.”
“The Prime Minister said introducing new rules for cyberspace would ‘deprive the extremists of their safe spaces online’ and that technology firms were not currently doing enough. The intervention comes after the introduction of the Investigatory Powers Act 2016 – dubbed the ‘Snooper’s Charter‘ – which expands the powers of spying agencies and the Government over the internet.”
“Theresa May is planning to introduce huge regulations on the way the internet works, allowing the government to decide what is said online. The government intends to introduce huge restrictions on what people can post, share and publish online. The plans will allow Britain to become ‘the global leader in the regulation of the use of personal data and the internet’, the manifesto claims. It comes just soon after the Investigatory Powers Act came into law. That legislation allowed the government to force internet companies to keep records on their customers’ browsing histories, as well as giving ministers the power to break apps like WhatsApp so that messages can be read.”
There are many rules to follow when buying, selling, and transporting precious metals in and out of the US to protect one’s privacy and prevent police harassment and/or outright confiscation.
Anyone buying precious metals in the US should ensure that any precious metals purchase with cash banknotes is kept under $10,000. Doing so will avoid triggering the seller’s obligation to file IRS Form 8300.
Anyone buying precious metals in the US should also ensure that cash withdrawals made for a precious metals purchase (or for any other purpose) are kept under $10,000, and not ‘structured’ in a way that appears to be intended to avoid reporting. Doing so will avoid triggering the financial institution’s, or the individual financial institution’s agent’s, obligation to file a FinCEN Form 112, Currency Transaction Report (CTR) or a Treasury/OCC Suspicious Activity Report (SAR).
Anyone buying precious metals in the US through a series of transactions involving cash banknotes or monetary instruments such as cashier’s checks, money orders, bank drafts and traveler’s checks should ensure that the series of transactions does not sum to more than $10,000. Doing so will avoid triggering the seller’s obligation to file IRS Form 8300 regarding the ‘related transactions’.
Anyone buying precious metals in the US should ensure that monetary instruments such as cashier’s checks, money orders, bank drafts and traveler’s checks drawn for a precious metals purchase (or for any other purpose) are kept under $3,000. Doing so will avoid triggering the financial institution’s obligation to enter the transaction into a Monetary Instrument Log (MIL).
For the best price, a US precious metals buyer should buy from a dealer in a state which does not tax precious metals sales, in a state which has no sales tax, or who has no sales tax nexus to the state to which the precious metals are delivered by common carrier. In the latter case, sales tax should not be charged at point of sale but the state may require use tax to be paid by the buyer after delivery if it becomes aware of the sale.
Anyone buying precious metals should always keep purchase receipts to establish capital gains tax basis at the future time of sale, especially since long-term capital gains (when the sale is made one year or more after purchase) on physical precious metals are taxed in the US at the “collectible” rate of 28%, much higher than the 20% long-term capital gains rate for other assets. Regardless of the tax rate, inability to establish basis at the time of sale creates the risk of the basis being assumed to be zero by the tax authority in the jurisdiction of sale. The effect would then be to punitively apply gains tax to the gross sale proceeds.
A US non-corporate taxpayer selling precious metals should avoid selling the following products in the US (subject to revision) in order to avoid triggering a US seller’s obligation to file Form 1099-B.
| Reportable Item | Minimum Fineness | Minimum Reportable Amount |
|---|---|---|
| Gold Bars | 0.995 | Any size bars totaling 1 Kilo (32.15 troy oz) or more |
| Silver Bars | 0.999 | Any size bars totaling 1000 troy oz or more |
| Platinum Bars | 0.995 | Any size bars totaling 25 troy oz or more |
| Palladium Bars | 0.9995 | Any size bars totaling 100 troy oz or more |
| Gold 1 oz Krugerrand | as minted | Twenty-five (25) 1 oz coins |
| Gold 1 oz Maple Leaf | as minted | Twenty-five (25) 1 oz coins |
| Gold 1 oz Mexican Onza | as minted | Twenty-five (25) 1 oz coins |
| U.S. 90% Silver Coins | as minted | Any combination of dimes, quarters, or half-dollars totaling $1,000 face value or more |
Regardless of whether a precious metals sale is reported, a US taxpayer will always owe capital gains tax on any net gain (offset by any losses, subject to limitations). For items classified as collectibles, the maximum US long-term capital gains rate (applicable if the item is held for more than one year after purchase) is 28%. As a practical matter, only the proceeds of transactions that the authorities become aware of can be taxed.
Be aware that carrying any amount of valuables inside the US on one’s person or in a vehicle is always subject to arbitrary confiscation by the police. Appropriate insurance is recommended.
Be aware that carrying any amount of valuables inside the US on one’s person or in a vehicle enroute to an international departure is always subject to arbitrary confiscation by the police or by airport security personnel. Appropriate insurance is recommended.
Outbound transfers of “currency, traveler’s checks, and certain other monetary instruments” in an aggregate amount exceeding $10,000 require that you file a FinCEN Currency and Monetary Instruments Report (CMIR). This may include precious metals coins with a nominal face value expressed in a national currency. A 2011 FinCEN ruling seemed to cryptically indicate that Canadian Silver Maple Leafs were not considered currency. Be advised that even while the aggregate face value of the precious metals coins may be much less than $10,000, the “aggregate amount” as interpreted by airport security, customs, and other authorities may in any instance be instead interpreted as the aggregate fair market value of the precious metals coins so that they can be confiscated prior to departure.
Outbound transfers of certain commodities intended for commercial export are required to be reported on a Census Bureau “Shipper’s Export Declaration.” You must complete this declaration when you transport certain “commodities” (including gold and silver) out of the United States if the shipment has a value of $2,500 or more. Failing to file the declaration can result in not only confiscation of the commodities not declared, but also a fine up to $10,000 and possible imprisonment. Unfortunately, precious metals do not fall into the safe harbor definition of ‘personal effects’ that would exempt them from treatment as having been intended for commercial export, so the authorities are allowed a great deal of discretion if receipts for personal purchases are not carried.
When carrying precious metals across international borders, the rules in every connecting jurisdiction will need to be observed. For example, when entering European countries, typically “commodities of exceptional value” with a total value exceeding EUR 10,000 require reporting to avoid confiscation.
Be aware that carrying any amount of valuables inside the US on one’s person or in a vehicle enroute to an international departure is always subject to arbitrary confiscation by the police or by airport security personnel. Appropriate insurance is recommended.
Inbound transfers of precious metals must observe the same FinCEN CMIR filing requirements as above.
Inbound transfers of investment-grade precious metals for import are, astoundingly, not subject to import duty, but they must be declared to the authorities in any case. Carrying Cuban, Iranian, or Sudanese precious metals coins into the US is illegal.
Be aware that carrying any amount of valuables inside the US on one’s person or in a vehicle enroute to a shipping outlet is always subject to arbitrary confiscation by the police. Appropriate insurance or an arranged pickup is recommended.
The only common carriers that will ship precious metals to arbitrary international destinations are UPS and FedEx. UPS is known to arbitrarily refuse insurance claims for lost packages. The USPS can be utilized, but destination or transit countries may ban mailing precious metals, rendering insurance claims impossible. Outbound transfers of precious metals via common carrier must observe the same FinCEN CMIR filing requirements as above.
For large amounts of precious metals, armored carrier is preferable since full insurance and reporting is included in the delivery price.
When purchasing precious metals for investment, always consider the following:
Doing so will constitute a proper end-to-end wealth plan for a precious metals investment.
“Steve Cook is a prime example of a mid-twentieth century mindset trapped in an era of evolving understanding of human nature and criminal justice. The AP continues by reporting that, at the behest of Cook, the ‘DOJ’s new policy encouraging harsher punishments for criminals is now turning his attention to hate crimes, marijuana and the ways law enforcement seizes suspects’ cash and property’.”
“The 6,700 page document excoriated US torture policies after 9/11, and noted that not a single incident of a terrorist attack had been foiled because of the torture.”
Read more: http://news.antiwar.com/2017/06/02/trump-moves-to-keep-cia-torture-report-secret/
“The massive US arms deal with Saudi Arabia signed last month by President Trump is continuing to drive up arms makers’ stock, though at present the exact dollar values for specific companies are a matter of some speculation. These companies and other well-connected US arms makers are all expected to make quite a bit of money off this new arms deal with Saudi Arabia, as well as more money off of President Trump’s planned military spending increases. As the chance of peace suddenly breaking out looks more and more remote, the arms makers are expected to continue raking in money hand over fist.”
“After destroying a hospital yesterday in the same part of Raqqa, the US has not publicly commented on today’s strike. Such incidents rarely make it into the official Pentagon list of civilian casualties in the two nations, which is usually around 10% of the actual death toll as calculated by private NGOs.”
Read more: http://news.antiwar.com/2017/06/03/us-airstrikes-hit-apartments-in-raqqa-kill-43-civilians/
“The Islamophobes see themselves as politically incorrect truth-tellers; as bold and blunt opponents of the radicals and the extremists. The reality is that they are the accomplices, the unpaid agents, of those very same radicals and extremists. Every terrorist needs a Katie Hopkins. It is one of the great ironies of our time — those who shout loudest about the threat posed by ISIS are often the biggest propagandists for ISIS.”
“A British tabloid columnist faced calls for a police investigation on Tuesday after she used the term ‘final solution’ to describe how the country should respond to the deadly bombing in Manchester. The phrase is the well-known euphemism used by the Nazis for the genocide of the Jews. In late 2015, during the U.S. presidential election, Donald Trump praised Hopkins on Twitter as a ‘respected columnist’ and thanked her for her ‘powerful writing on the U.K.’s Muslim problems.'”