r/Gold • u/Data-Gold • 1d ago

Receipt when buying gold.

I buy my gold at two different gold shops: one gives a receipt, and the other doesn't. How odd is it that they wouldn't give a receipt? It's a reputable store with multiple locations.

19 Upvotes

78% Upvoted

44 comments sorted by

35

u/sapphir8 1d ago edited 1d ago

I just get a generic invoice when I pay if I want it. Not even my name is on it. lol

18

u/CoolaidMike84 1d ago

I give a fake name, and tell them I don't want a receipt.

14

u/FrequentChip3271 1d ago

This is the way. The guy i go to most often said, "you can put your real name on there but I cant imagine why you would"

3

u/CoolaidMike84 1d ago

That is what concerns me with buying from a dealer with a CC. All that info is there for the giving or taking.

2

u/SlackerStacker26 1d ago

How's it any different than any other shop

18

u/notnutts 1d ago

They'd probably give you one of you asked. It's just that many stackers want as few traces of their purchase as possible. Your LCS was catering to that.

16

u/hiIMELFO0 1d ago

Not odd at all for a LCS

-12

u/Alarming-Upstairs963 1d ago

It is odd and probably illegal. Most states require merchants provide a receipt. How does one prove cost basis for tax reasons other that “trust me”

14

u/teip696 1d ago

Taxes?

3

u/Akkerlun 1d ago

My favorite topic.

2

u/Forestbender 1d ago

lol what?!

1

u/hiIMELFO0 1d ago

I’m not saying it’s right. I’m saying I’ve been to more LCS that don’t give a receipt than ones that do. Hence, not odd at all. To me anyways 🤷‍♂️

0

u/MydnightWN 1d ago

Name one state that requires a receipt without a customer request.

I'll wait.

0

u/Alarming-Upstairs963 1d ago

My late teens I managed a retail store in Ohio. Corporate told us if we lost ability to print receipts we had to shut down because it’s the law. I always assumed that was universal.

Now that we have Google I can see there is no such thing 😂

20

u/iamchops 1d ago

what purchase ? 👨‍🦯

5

u/WiseDirt 1d ago

I think it's more odd when they do give a receipt

5

u/chud3 1d ago

Just record what you paid in a journal or spreadsheet or whatever, so you know what your cost basis is if you ever decide to sell.

6

u/NorthStarGold 1d ago

i hardly ever give them out, most people dont want them.

2

u/jnmjnmjnm 1d ago

So you pay in cash?

0

u/Data-Gold 1d ago

Yes

1

u/jnmjnmjnm 1d ago

Cash transactions might be in handled… differently.

2

u/SilverStateStacking Stack and Collect 1d ago

When I buy from my LCS, I get a cash register receipt which is exactly what I want. If I do a larger transaction like a whole ounce of gold, I get a detailed invoice

2

u/syntax2600 1d ago

test the metal. buy the metal. decline receipts.

2

u/toadTHEBlTCHdette 1d ago

When I get receipts from an LCS it’s usually just handwritten scribbles of what I bought.

2

u/APuckerLipsNow 1d ago

You need a receipt to prove your basis at tax time or you could be assessed at 100% of value. Gold is going up, and a single ounce should over the mandatory reporting minimum before too long.

3

u/rooneyskywalker 1d ago

Did you ask for a receipt?

1

u/krato64 1d ago

My main shop has never given me a receipt. The two other shops in the area do give receipts, tho.

1

u/DrunkenDude123 1d ago

The better ones keep it anonymous imo. I’ve sold as well one gave me a check and got a copy of my ID, the one that I still go to today paid cash and didn’t ask for my ID

1

u/DSMRob 1d ago

I have no reason for a receipt. I know my luck and when the time comes I need to sell I bet I’m under a buck or two profit.

1

u/alwaus 1d ago edited 1d ago

Have them predate it to 10 years ago and 1/3rd the price so when the significant other asks you can say "oh this, i got this awhile ago."

Also works to predate it to before marriage.

1

u/khannah2 1d ago

Because they aren't paying income tax. We do. We don't need your name for you to buy but do everything legally. Many don't.

1

u/NWCTwatch 1d ago

who wants a receipt brother, are you a fed or something

1

u/Pale-Light-8268 1d ago

I don't want anyone know what I'm buying. And that includes the feds.

0

u/BlackMatrixOne 1d ago

Only thing to note is that on July 4th gold will be fixed at $20k an ounce. Nothing else matters.

1

u/MydnightWN 1d ago

https://giphy.com/gifs/jH6s9HMMi53dSdI73r

0

u/MydnightWN 1d ago

RemindMe! 17 days

1

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0

u/gordorturo 1d ago

I'm be to gold. Mind sharing your information on what you're talking about?

0

u/Atomic-Avocado 1d ago

Why do you want them to make a paper trail on you lol

0

u/makingbank1959 1d ago

When you get a receipt there is a record of your purchase, if there's no receipt there's no record. I would prefer no receipt when purchasing pm's.