Do I have to report my overseas gold account?

Gold Investing Strategies

Do I have to report my overseas gold account?

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For US citizens who want to protect their wealth, storing gold overseas is a great option. It gets your money out of the rapidly declining dollar, and it gets it out of the reach of the US government.

Unfortunately, you still may have some reporting requirements that you aren’t aware of. If you fail to file these documents by their deadlines, you may find yourself looking at fines and possibly even jail time. There’s nothing more that the government loves to do than to make an example of “those evil people hiding their money offshore”.

Here are situations when you’d need to report gold that you hold overseas:

Gold in an overseas brokerage account

If you’ve purchased physical gold, or gold funds, and they are held in a brokerage account, where your broker can sell them, it would be included on your TD 90-22.1 (FBAR). This needs to be filed by June 15th, if the total amount of all your overseas accounts combined ever had a value of more than $10,000 during the year. That includes all brokerage accounts and bank accounts.

You also need to check the box on the Schedule B of your federal income tax forms that says you have overseas accounts.

If you have more than $50,000 in overseas accounts, then there are new reports you will need to file, thanks to the recent FATCA regulations. These were originally going to be required starting on January 1, 2013. However, the dates have been changed to 2014 or 2015, depending on the type of account. If you have your gold in an online gold account, like GoldMoney.com, these are considered accounts that need to be reported.

Physical gold held overseas

If your gold is physical gold, coins or bullion, and are held in a way that someone else has access to them (so they can sell your gold for you, without you picking it up yourself), then this is considered a managed account that needs to be reported just like above.

If you have your gold in a safe deposit box that can’t be opened without you showing up and using your key, then you wouldn’t need to include that on your FBAR report. However, if it were worth more than $50,000, then it would be considered “overseas assets” that need to be reported under FATCA.

Overview

If you aren’t sure about reporting your overseas gold, check with a lawyer or accountant who is familiar with the laws and regulations. They will probably be conservative and tell you to report everything, even if it isn’t clear that you are required to. They would rather have you fill out an unnecessary form that face fines of tens of thousands of dollars.

Ultimately, you need to stay aware of the ever-changing regulations. The US government is constantly adding new reporting requirements for all overseas assets, not just gold. Don’t get yourself in a situation where you need to worry about legal problems about the gold you own.

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