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Before we begin, the following information covers aspects of investor privacy, not an investor's responsibility to pay income tax gains on any profits made from the purchase and sale of investment grade bullion products. For tax questions, please seek professional tax consul.
We know investor privacy is very important to physical silver and gold purchasers and confidentiality is one of the values we covet most along with our customers.
For some bullion investors, ensuring themselves a private sale is their most important objective and we understand the myriad of reasons as to why this is so.
That being said, we must always adhere to the rules of our industry.
Being a bullion dealer, we are often asked by customers questions like…
- Are my transactions private?
- When I sell my gold bullion or silver bullion, is it a private transaction, or is it reported to the IRS?
First, when a customer buys from our dealership, the transaction is private.
We have specifically designated the current payment method options on our website so that investors who buy bullion from us, do so in confidentiality.
Secondly, when an investor sells their gold bullion or silver bullion to a dealer like us, some of these trades are private while some are not.
Depending upon what you are selling will depend upon whether we as a bullion dealer are required to fill out something called an IRS 1099-B Form.
IRS 1099 Gold Reporting & Silver Reporting
When you sell your bullion back to a dealer, the pertinent questions for a dealer are:
1) What form of gold and or silver bullion are you selling?
2) What amount of silver bullion and or gold bullion are you selling?
1099 EXEMPT PRIVATE SILVER BULLION
Private silver bullion ( IRS 1099 Form exempt ) consists of any quantity sold to a dealer of the following items:
1099 REQUIRED SILVER BULLION
Reported silver bullion ( IRS 1099 Form required ) consists of 1000 ounces or more sold to a dealer of the following items:
- .999 fine silver bullion bars (any sizes)
- .999 fine silver bullion rounds (any sizes)
1099 EXEMPT PRIVATE GOLD BULLION
Private gold bullion ( IRS 1099 Form exempt ) consists of any quantity sold to a dealer of the following items:
1099 REQUIRED GOLD BULLION COINS
Reported gold bullion coins ( IRS 1099 Form required ) consists of 25 ounces or more sold to a dealer of the following items:
- Canadian Gold Maples (1 oz)
- South African Krugerrands (1 oz)
1099 REQUIRED GOLD BULLION BARS
Reported gold bullion bars ( IRS 1099 Form required ) consists of 32.15 ounces or more sold to a dealer of the following items:
- .999 fine gold bullion bars (any sizes)
These are the IRS 1099-B Form reporting requirements for the bullion products we offer at GoldSilver.com as of June 2013.
Stay tuned to GoldSilver.com for any future news or proposed changes to the current IRS 1099 gold and silver reporting requirements.
Mike Maloney is the founder of GoldSilver.com, which was one of the first websites ever to sell bullion online. It is well known for outstanding customer service and competitive prices. If you need help buying gold and silver, his team is standing by to answer all your questions and make it easy.
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