It’s important to understand the reporting obligations that dealers must abide by when their customers buy and sell precious metals. The IRS has a specific form, 1099-B that applies to certain bullion sales from customers.
Sales of precious metals for a single customer during a 24-hour period must be aggregated and treated as a single sale.
REPORTABLE ITEMS
Gold
Bars/Rounds
Min. Fineness: .995
Min. Reportable Amount
Any size bars totaling
1 kilo or more
Silver
Bars/Rounds
Min. Fineness: .999
Min. Reportable Amount
Any size bars totaling
1000 troy oz or more
Platinum
Bars/Rounds
Min. Fineness: .9956
Min. Reportable Amount
Any size bars totaling
100 troy oz or more
Palladium
Bars/Rounds
Min. Fineness: .9955
Min. Reportable Amount
Any size bars totaling
100 troy oz or more
Gold
Coins 1 OZ
Min. Fineness: As minted
Min. Reportable Amount:
25 1-oz coins
Silver
Coins 1 OZ
Min. Fineness: As minted
Min. Reportable Amount:
25 1-oz coins
Platinum
Coins 1 OZ
Min. Fineness: As minted
Min. Reportable Amount:
25 1-oz coins
Palladium
Coins 1 OZ
Min. Fineness: As minted
Min. Reportable Amount:
25 1-oz coins
Examples of Exempt Coins
Polar Bear & Cub
Fractional Bullion Gold Coins
Canadian Silver Maple Leaf
American Gold Buffalo
Australian Perth Mint
Chinese Panda
