selling silver

[mcmhome6015]

I sold some silver bars last year. The dealer that purchased them says they don't file any info with the government, so nobody knows that I sold them. I'm concerned about capital gains tax but if the state does not know about the sale, how would I be taxed?

[Bsch4477]

tax in our system is self reported and not reporting income is a crime. Aside from tax forms that report income to the IRS, the IRS can look at bank deposits, for example, and question where the money came from. But in the end it comes down to you deciding what is right. 

[JamesG1]

The income may be reported even if you did not receive an IRS form 1099-B or other IRS form.

You are subject to tax on worldwide income from all sources and must report all taxable income and pay taxes according to the Internal Revenue Code.

In TurboTax Online Premium, you may enter the income by following these steps:

• Down the left side of the screen, click Federal.
• Down the left side of the screen, click Wages & Income.
• Scroll down to Investments and Savings and click the down arrow to the right.
• Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
• Click Add investments.
• At the screen Save time and connect your financial accounts, click Enter a different way.
• At the screen How do you want to add your docs?, click Type it in myself.
• At the screen OK, let’s start with one investment type, select Other.  Continue.
• At the screen Tell us more about this sale, enter the information. Click Continue.
• At the screen Now, enter one sale, enter information. 
• Select Other for What type of investment.
• Click Continue.
• Repeat as necessary by clicking Add another sale.  Click Continue.