Tax Requirements On Bullion?

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.

(Coins)

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):

Gold Eagles
Gold Buffalos
Fractional Denomination Gold
Silver Eagles
Foreign Currency Not Mentioned
Pre 1980 before the reportable list was created (anything not mentioned).

 

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