Near the end of 2016 I started putting money into a GoldMoney.com account. I have not sold anything. Do I need to report any of this?

[tombrokeoff]

If the answer is yes, what and how do I go about reporting this?  Also, once January hit, I redeemed a 10g cube that I retain in my possession.  Will I need to report this come next years taxes?

[MiriamF · Accepted solution]

No. When you purchase an investment, the transaction need not be reported to the IRS. Only sales of investments must be reported.

If you need to report sales transactions on your 2017 taxes, you will receive a form 1099-B from GoldMoney.com. This information goes on Schedule D, Capital Gains and Losses. Currently, this form need not be mailed to investors until February 15.

For more information on the sale of investments, see the FAQ below.

https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Forms/Guide-to-Schedule-D--Capital-Gains-and-...