In general, Physical Gold & Silver is a non-reported asset purchase. Transactions between brokers and individuals are private which means there is no reporting required by the U.S. government. However, there are a few exceptions when it comes to selling precious metals and here is a brief summary of what metals are reported upon liquidation by a broker.
The IRS 1099 series is a set of forms used to report all profits made by non-corporate sellers. This allows IRS to prevent tax evasion to keep track of individuals selling items as a source of income.
If you have additional questions, please consult a tax professional for details on your specific tax situation.
WHAT ITEMS ARE IRS-REPORTABLE ITEMS FOR BROKERS?
The IRS has specific rules related to reportable transactions that require a Form 1099-B to be filed and those rules are included in the Form 1099-B instructions on the IRS website. The following are guidelines provided by ICTA (International Council on Tangible Assets) related to Precious Metal sales, and these guidelines, as well as the IRS rules, are subject to change at any time without notice.
|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|
Feel free to contact us at (715)-38-4653 with any questions on privacy, reporting and other information.