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IRS Reporting Requirements For Precious Metals

When purchasing gold or silver in any form or quantity from a Precious Metals Dealer there is no requirement for reporting your purchase transaction to the IRS by either you or the dealer.

Your investments of such purchases are private at this point.

However when you sell a portion of, or all of your gold and or silver there could be tax reporting events that would require the Precious Metals Dealer buying your metals to report the transaction to the IRS and issue you an IRS Form 1099 – B. For US. Residents.

Let’s go through what will trigger an IRS Form 1099 –B reporting on your behalf and what will not.

Depending upon what form of gold or silver you sell back i.e. Bullion, Bars, Coins or Rounds and the specific quantity will determine the IRS 1099 –B being issued to you or not.

 

SELLING YOUR SILVER

Personal silver coins, are exempt from IRS Reporting and the issuance of an IRS Form 1099-Bin any quantity for the following coins only:

  • American Silver Eagle Coins
  • Canadian Maple Leaf Silver Coins
  • Austrian Philharmonic Silver Coins

Silver bullion, which must be reported and will trigger an IRS 1099 B Form to be issued, isrequired on .999 fine silver bars/rounds sold in quantities:

  • 1000 oz or more per transaction (100 oz bars, 10 oz bars, 1 oz bars, 1 oz rounds)

 

SELLING YOUR GOLD

Personal gold coins, are exempt from IRS Reporting and the issuance of an IRS Form 1099-B in any quantity for the following coins only:

  • American Gold Eagle Coins 1 oz, 1/2 oz, 1/4 oz, 1/10 oz
  • American Gold Buffalo Coins 1 oz
  • Gold Austrian Philharmonics 1 oz, 1/2 oz, 1/4 oz, 1/10 oz

Gold bullion, which must be reported and will trigger an IRS 1099 B Form to be issued, isrequired on, these specific foreign gold coins sold in the following quantities:

  • Canadian Gold Maples – 25 ounces or more.
  • South African Krugerrands – 25 ounces or more.
  • Mexican Onzas – 25 ounces or more.

Gold bullion, which must be reported and will trigger an IRS 1099 B Form to be issued, isrequired on, fine gold bars sold in the following quantities:

  • Any amount that weighs one kilo (32.15 troy oz) or more per transaction.

The above information regarding reporting requirements for IRS Form 1099 B is from May 2011.