IRS Reporting Rules for Cash Transactions and Precious Metals

 http://www.coinweek.com/news/industry-insider-irs-reporting-rules-for-cash-transactions-and-precious-metals/

The question of what is reportable when buying or selling precious metals is the most popular of all investor questions today at California Numismatic Investments (www.golddealer.com). And as you can tell by the title this commentary is our third revision at understanding what the government had in mind when IRS reporting rules for cash transactions came up on the radar screen more than 30 years ago.
This subject has to be one of the most misunderstood and misrepresented in the trade today so I can’t figure out why you don’t see more about these rules? The reason might be that these mystical directions while holding sway over dealers are a poorly written mess which should have been avoided or at least provided with updating options. But instead this bureaucratic process produces mountains of paper work which may have been relevant years ago but today does not include America’s most popular bullion choices. So over time these rules were asked to do more than intended without further oversight or revision. What we have today is a bottom up application of government thinking without the required rule maker and so disputes might become a nightmare.