Dealers are required by law to report certain bullion purchases and sales to the Internal Revenue Services through the 1099-B IRS form. The following table shows the bullion types and minimum quantities that require a 1099-B IRS form to be filed for reporting. Please note that this information is here to help you but is not intended to be your sole source; for any additional questions, you may wish to consult with a tax professional for more specific details on your tax situation.

Reportable Item Minimum Fineness Minimum Reportable Amount
Gold Bars 0.995 Any size bars totaling 1 Kilo (32.15 troy oz) or more
Silver Bars 0.999 Any size bars totaling 1000 troy oz or more
Platinum Bars 0.995 Any size bars totaling 25 troy oz or more
Palladium Bars 0.9995 Any size bars totaling 100 troy oz or more
Gold 1 oz Krugerrand as minted Twenty-five (25) 1 oz coins
Gold 1 oz Maple Leaf as minted Twenty-five (25) 1 oz coins
Gold 1 oz Mexican Onza as minted Twenty-five (25) 1 oz coins
U.S. 90% Silver Coins as minted Any combination of dimes, quarters, or half-dollars totaling $1,000 face value or more

Additionally, dealers are required by law to report on any transaction totalling over $10,000, or any series of transactions totalling over $10,000.

Failure to comply with reporting procedures can result in the IRS issuing fines or even criminal charges against both the dealer and the customer.

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