Does the IRS know if you buy gold?

The IRS generally does not automatically know when you buy gold. Purchasing physical gold, whether coins or bars, from a dealer is not typically reported to the IRS at the time of purchase. There is no federal requirement for dealers to report most gold purchases.

However, some situations do create paper trails. Cash transactions over $10,000 must be reported on Form 8300. Large cash purchases, especially in bulk, can also trigger anti-money laundering scrutiny.

Selling gold, rather than buying it, is more likely to trigger reporting requirements, particularly for certain coins or bullion sold in specific quantities, which dealers must report on Form 1099-B.

So buying gold with a check, credit card, or smaller cash amounts usually stays private, but very large cash purchases are not.