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.