Gold Au $2466.70 $5.18
Silver Ag $30.41 $0.01
Platinum Pt $1002.01 $0.70
Palladium Pd $962.97 $-1.15

Call us at (469) 498-4600

Reporting Requirements : Selling to Us

 

What we are required to tell the government

 

When you sell to us

 

These reporting requirements are related to when a dealer must tell the IRS (form 1099) that you have made a sale. It is related to making sure you pay your taxes. Regardless of whether we need to file a 1099, it does NOT exempt your from paying tax on your gains. We advise you to consult a tax professional for any tax implications on a sale. Nevertheless, here are the industry guidelines for when we will file a 1099 to the IRS when you sell to us.

 

Guidelines:

   
  • There are only certain coins or bars that trigger the issuance of a 1099-B
  •    
  • When one of the required types of coins or bars are sold, a minimum amount must be sold to us to trigger the issuance of a 1099-B
 

Bars and Coins that require the issuance of a 1099-B

   

Gold    

Bars or Rounds
Fineness of 995 or higher
and totaling 1 kilo (32.15 ozt) or greater
Any brands      

       Maple Leaf Coins (1 ozt coins only)
Fineness: As minted
       and must be 25 1–ozt coins or more      

       Krugerrand (1 ozt coins only)
Fineness: As minted
       and must be 25 1–ozt coins or more           

       Mexican Onza (1 ozt coins only)
Fineness: As minted
       and must be 25 1–ozt coins or more      

   

Silver     

       Bars or Rounds
Fineness of 999 or higher
       Any size bars totaling 1000 ozt or more      

       90% US Coinage
fineness: as minted
       Any combination of dimes, quarters, or half dollars totaling $1000 face value or more      

   

Platinum

       Bars or Rounds
Fineness of 9995 or higher
       Any size bars totaling 25 ozt or more      

   

Palladium

       Bars or Rounds
Fineness of 9995 or higher
       Any size bars totaling 100 ozt or more      


 

Whether or not we issue a 1099, you should consult a tax professional to understand your tax implications upon any sale. The guidelines we give above were negotiated by the bullion and coin industry’s trade group (ICTA) in the early 1980s. However, one can find a variety of information in both the IRS rules and CME rules book regarding 1099-B reporting requirements. IRS rules for the sale of precious metals can be found on page four of this publication, while the list of manufacturers whose bullion bars and coins can be delivered against a RFC (regulated futures contract) can be found in an excel file (Service Providers.xls) in a CME document here (last page has the link as of 10/8/2014).