What are the US tax issues that may affect my account?

Can my account be levied by creditors or the IRS?


  • GoldmattersGoldmatters Posts: 3,996 Admin
    Goldmoney will advise you to consult with a tax consultant for any tax related questions
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    Do a search on this site for "US tax" and/or "US reporting" .…

    Goldmoney now has a US registered subsidiary, so it may no longer be a foreign account for some reporting purposes. But capital gains must be reported.

    Regarding "levied by creditors or the IRS" … (???)
  • TruthTruth Posts: 3 Tin ✭
    I fell behind on my Federal Income Tax. I have been making payments to the IRS for the past two years to get my account current. Even though I have been making regular payments the IRS has attached several of my accounts including Credit Union account. My question is can the IRS attach my Gold Money account?
  • enduroxendurox Posts: 7 Tin ✭
    In short, it appears they can since it will have to be reported.

    "Well, the Financial Crimes Enforcement Division of the IRS has just issued a new interpretation of the regulations. Bottom line: GoldMoney counts. If another human being or firm takes charge of your gold and holds it in custody, this constitutes an FFA and triggers reporting requirements."

    Link: https://www.sovereignman.com/lifestyle-design/an-important-ruling-on-foreign-financial-accounts-3919/

    Hope this helps!
  • SpontaneousOrderSpontaneousOrder Posts: 299 Bronze ✭✭✭
    @enurox, although an old article from 2011, that's a great find. It's more proof that (for U.S. citizens) Goldmoney Wealth holdings are indeed FFA's (Foreign Financial Accounts) and must be reported on the FBAR in June and also on Form 8938 by April 15th.

    However, I believe that Goldmoney Personal accounts held by Americans do not have to be reported (on FBAR or Form 8938), because these are now held by a U.S. subsidiary of Goldmoney that is fully compliant with FinCen regulations. In other words Personal accounts are no longer Foreign accounts for Americans. So, @Truth I would guess that information about your Personal account has already been provided to the IRS (electronically at least). Can't say whether they will notice and follow up on that.

    Of course, capital gains from the sale of metal have to be reported for all Goldmoney account types.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭

    1) would have been nice if the link provided an actual link to the FINCEN ruling (not your fault, but just sayin')

    2) to further muddy the waters see https://www.goldmoney.com/terms-of-service#USA_TOS

    “Goldmoney”, “we”, “us”, or “our” means Goldmoney USA Limited, a company incorporated pursuant to the laws of Delaware, its parent company, GoldMoney Inc, a public corporation continued under the laws of Canada, and Network subsidiaries, including but not limited to Goldmoney Vault Inc a corporation continued under the laws of Canada and GoldVault Limited, a company incorporated pursuant to the laws of the Isle of Man, GoldVault USA Limited, a company incorporated pursuant to the laws of Delaware, (together, “Goldmoney”)

    The above calls into question whether or not Goldmoney USA Limited is a "Foreign Financial Account"
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @SpontaneousOrder @endurox

    It appears that I never actually submitted my post above.
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