“a private sale between individuals for spot would be pretty attractive for both parties”
I agree......kinda like guns IMO.
I’ve sold many but have yet to sell one to a dealer.....it’s been private buyers every time.....also, although you can’t avoid the tax deal, cars too for that matter if you have the time snd patience....a car dealership will always screw you on a trade in.
It could be the reason for all the IRS agents. They can go out and pose as sellers of gold, jewelry and if the buyer doesn’t ask for ID that is needed for IRS disclosure, then the target gets an audit. Classic entrapment scheme like the covid money.
The idea is to shut down the small cash, garage sale economy and harvest money through audits and prosecutions.
I would think this would also tend to depress gold prices and other commodities as a store of value because you have to report it as regular income subject to tax.
If you’re a seller, how do you prove where and how much you originally bought the gold, jewelry in the first place? Most people other than the most meticulous would not have records of purchases for valuables bought long ago.
It’s like they are treating every seller as professional retailer.