1099 "able" Transactions PDF Print E-mail
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Tuesday, 13 October 2009 14:39

IRS reporting is a fact of life for most Americans, and precious metals dealers are no exception.

We are pleased to put out this list of items that are subject to1099 reporting to the IRS.

The sale of these items, in the quantities specified, will generate a 1099 being sent to the IRS.

Items to be Reported (Broker reporting 1099-B)
Gold Bars Minimum Fineness Minimum Reportable Amount
Gold Bars .995 Any size bars totaling 1 Kilo (32.15 troy oz.) or more
Silver Bars .999 Any size bars totaling 1000 troy oz. or more
Platinum Bars .9995 Any size bars totaling 25 troy oz or more
Palladium Bars .9995 Any size bars totaling 100 troy oz. or more
Gold 1 oz. Canadian Maple Leaf as minted 25 1 ounce coins
Gold 1 oz. Krugerrand as minted 25 1 ounce coins
Gold 1 oz. Mexican Onza as minted 25 1 ounce coins
U.S. 90% Silver coins as minted any combination of dimes, quarters, or half dollars totaling $1,000 face value or more

 

 
Last Updated on Wednesday, 09 December 2009 15:01