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 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.