There is no federal limit on how much gold a person can legally own in the United States. You can buy and hold as many bars, coins, or rounds as you can afford, with no cap, license, or registration tied to the gold itself. What the law does require is reporting on certain large cash purchases, reporting on certain large sales, and paying tax on your gains when you sell.
Private ownership has been unrestricted since December 31, 1974, when Public Law 93-373 took effect. Before that, Executive Order 6102, signed by President Franklin D. Roosevelt in April 1933, required Americans to surrender gold coins, bullion, and gold certificates to a Federal Reserve bank at $20.67 per ounce, with narrow exceptions for small holdings, industrial use, and rare collector coins.1The American Presidency Project. Executive Order 6102 – Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates That restriction ended more than fifty years ago, and no law since has reimposed any ownership limit.
Reporting Rules When You Buy
You do not have to report your gold purchases to any government agency. The dealer, however, does, if you pay in cash above a threshold. When a buyer pays more than $10,000 in cash for gold in a single transaction or a series of related transactions, the dealer must file IRS Form 8300 within 15 days, listing the buyer’s name, address, and Social Security number. The dealer must also send the buyer a written statement by January 31 of the following year confirming that the report was filed.2Internal Revenue Service. Form 8300 and Reporting Cash Payments of Over $10,000
“Cash” here is broader than paper currency. It includes U.S. and foreign bills and coins, plus cashier’s checks, bank drafts, traveler’s checks, and money orders with a face value of $10,000 or less. Personal checks, wire transfers, and credit card payments do not count as cash for Form 8300 purposes and do not trigger the filing, no matter the amount.3Internal Revenue Service. Instructions for Form 8300 (Rev. December 2023)
Breaking a large cash purchase into smaller payments to stay below $10,000 is called structuring, and it is a federal crime on its own, even when the underlying purchase is entirely legal. Precious metals dealers are also required to run written anti-money laundering programs that identify suspicious transactions and keep customer records, so a dealer may ask questions about a large purchase or decline it even when the amount sits below the Form 8300 line.4eCFR. Rules for Dealers in Precious Metals, Precious Stones, or Jewels
Reporting Rules When You Sell
The sell side surprises people. When you sell certain quantities of gold to a dealer, the dealer must file IRS Form 1099-B reporting the sale. The thresholds track the minimum delivery quantity for CFTC-approved regulated futures contracts, which in practice means the dealer must file a 1099-B when you sell:5Internal Revenue Service. Instructions for Form 1099-B (2026)
- Gold bars or rounds totaling one kilogram (about 32.15 troy ounces) or more, at .995 fineness or higher.
- 25 or more one-ounce sovereign coins of reportable types like Krugerrands, Maple Leafs, and Mexican Onzas, in a single transaction.
Sales to the same dealer within a 24-hour period are added together and treated as a single transaction. Jewelry, scrap gold, and other forms without a CFTC-approved futures contract are generally not reportable on 1099-B.5Internal Revenue Service. Instructions for Form 1099-B (2026)
One point matters more than any threshold: whether or not a 1099-B is filed, you are legally required to report your capital gain on your tax return. No form from the dealer does not mean no tax from you.
How Gold Is Taxed
The IRS treats physical gold, and most gold-backed ETFs, as collectibles. That classification changes the rate.
Sell gold you’ve held for one year or less, and the profit is a short-term capital gain taxed at your ordinary income rate. Hold it longer than a year, and the long-term collectibles rate applies: a maximum of 28%, instead of the 20% ceiling that covers most other long-term investments.6Internal Revenue Service. Topic No. 409, Capital Gains and Losses If your regular tax bracket is below 28%, you pay at that lower rate; the 28% cap only matters to investors whose marginal rate would otherwise be higher.
Your taxable gain is the sale price minus your cost basis, which is what you paid plus associated costs like dealer premiums and shipping.
Inherited Gold
Gold received through an inheritance gets a stepped-up cost basis equal to its fair market value on the date the original owner died.7Internal Revenue Service. Gifts and Inheritances If a parent bought gold at $400 an ounce and it was worth $2,500 on the date of death, your basis is $2,500 and you owe tax only on gains above that. The 28% collectibles ceiling still applies to any long-term gain after you inherit.
No Wash Sale Rule
Physical gold has one tax advantage over stocks. The wash sale rule in IRC Section 1091 disallows a loss when you sell a security and repurchase it within 30 days. Gold is not a security and falls outside that rule, so you can sell at a loss, buy back immediately, and still claim the loss on your return.
Carrying Gold Across the Border
Ownership rules are one thing; moving metal through customs is another. Gold coins that qualify as currency are treated as monetary instruments. Carry more than $10,000 worth into or out of the country and you must file FinCEN Form 105 with U.S. Customs and Border Protection. The $10,000 threshold applies to a family or group traveling together, not per person, and failing to file can lead to seizure and criminal charges.8U.S. Customs and Border Protection. Money and Other Monetary Instruments
Gold bullion bars and gold jewelry are not monetary instruments under federal regulations and do not trigger FinCEN Form 105.9U.S. Customs and Border Protection. Definition of Negotiable Monetary Instruments for Currency Reporting Requirements They still have to be declared to a CBP officer as merchandise. No duty is charged on gold bullion, but undeclared items can be detained or seized.
Keep Your Purchase Records
The most common problem gold owners create for themselves is poor record-keeping. When you sell years after buying, you need to prove your cost basis to calculate the taxable gain. Without receipts, you have nothing to subtract from the sale price, and the IRS can treat the full proceeds as gain.
For every purchase, keep the receipt showing the date, quantity, form, purity, price per ounce, and any premiums or fees. If you inherit gold, document the date of death and the fair market value on that date. These records don’t go to any agency. They just need to exist on the day you sell.