1099-rules-precious-metals

To Report or Not to Report? That is the Question.

Many folks get confused with what is reported to the federal government when you sell coins to a dealer.  Federal law requires all dealers to complete a 1099-B form to report to the IRS any sale of gold, silver, platinum, or palladium that exceeds the following thresholds in a 24-hour period.

Remember, these rules cover 1099 reporting when selling coins/bars TO a dealer.  There are no 1099 reporting requirements when you buy coins from a dealer.

For a PDF Download of this chart, CLICK HERE.

ITEMS TO BE REPORTED

(all items not on the list are not reportable on 1099-B)

Gold
Silver
Gold Bars at least .995 pure – report any sale of any size bars totaling 1 Kilo (32.15 troy oz.) or more. Silver Bars at least .999 pure – report any sale of any size bars totaling 1000 troy oz. or more.
Gold 1 oz. Maple Leaf – report any sale 25 or more of 1-oz. coins U.S. 90% Silver Coins – report sale of any combination of dimes, quarters, or half-dollars totaling $1,000 face value or more.
Gold 1 oz. Krugerrand – report any sale 25 or more of 1 oz. coins
Gold 1 oz. Mexican Onza – report any sale 25 or more of ~1-oz. coins

Platinum and Palladium
Platinum Bars at least .9995 pure – report any sale of any size bars totaling  25 troy oz. or more.
Palladium Bars at least .9995 – report any sale of any size bars totaling 100 troy oz. or more.

* For bars, any hallmark regardless of whether that hallmark is accepted as “good delivery” on any of the commodity exchanges.