Record Keeping??

[HCA1961]

Unobtanium's post about IRS reporting of bullion sales brings up a question I really had not put much thought into: how careful and thorough do I need to be in my record keeping for purchases of bullion? I have records of "lot" purchases, but is there a need for itemized recording?

Any advice?

Thanks!

 

[white&yellow999]

from the Unobtanium post:

For tax questions, please seek professional tax consul.

 

[rblong2us]

most here would try to cover their tracks as much as possible and do cash transactions whenever possible but if you are using trackable means of payment you need to keep records of them.

purchasing boats is now an allowable expense as it is seen as essential equipment for stackers.