IRS REPORTING GUIDELINES ON BULLION TRANSACTIONS
The IRS requires all Precious Metal Dealers to report certain transactions using a form 1099-B.
Listed below is the reporting guidelines that we must follow given to dealers from the IRS:
When a consumer sells reportable quantities of specific bullion or coins
When a consumer buys goods from a dealer and pays $10,000 or more in cash for the goods.
Failure to complete the 1099-B can result in fines and deemed as a criminal offense for both the customer and precious metals dealer.
(Bars and Rounds)
Gold – Every piece greater than .995 (pureness) and total purchase quantity greater than 32.15 troy oz.
Silver – .999 (pureness) and greater than 1000 troy oz.
Platinum – .995 (pureness) and greater than 25 troy oz.
Palladium – .995 (pureness) and greater than 100 troy oz.
1 Oz Gold Krugerrand – (25 coins)
1 Oz Gold Maple Leaf – (25 coins)
1 Oz Gold Mexican Onza – (25 coins)
U.S (90% Silver) – $1000 face value
Exempt (Any Quantities):
Fractional Denomination Gold
Foreign Currency Not Mentioned
Pre 1980 before the reportable list was created (anything not mentioned).