Do US taxpayers have to report their Goldmoney account on IRS form 1040 Schedule B Part III?
The first part of this question is whether Goldmoney is considered foreign. I read here that:
The emphasis seems to be on P2P payments, but does the subsidiary Goldmoney USA also manage the Goldmoney accounts for US taxpayers? My understanding is that if a financial institution has a subsidiary located and registered in the US then that subsidiary is not considered foreign.
But even if Goldmoney is considered foreign, maybe I don't have to report my account. The second part of my question is whether my Goldmoney account qualifies as a bank account, securities account, or brokerage account.
I have a Personal Verified account. Due to the fact that my GoldMoney account only accounts for gold owned by me and stored in a vault, it doesn't seem to be a bank account, securities account, or brokerage account.
Gold is considered a collectible by the IRS. I found this clarification on the irs.gov website pertaining to IRS form 8938 (Statement of Specified Foreign Financial Assets) which does not apply to me regardless because I am below the threshold for reporting:
No. Directly held precious metals, such as gold, are not specified foreign financial assets. Note, however, that gold certificates issued by a foreign person may be a specified foreign financial asset that you would have to report on Form 8938, if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you.
But what does directly held mean? Certainly, if gold were stored in my home, it would be directly held. But what if it is in a safe deposit box or a vault (as with Goldmoney), where I could arrange to pick it up?
Is a Goldmoney account comparable to a gold certificate? If so, then it should be considered as a financial account for tax reporting purposes.