IRS Reporting Requirements

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I have to give you a little warning before we start reviewing the reporting requirements. Here’s the caveat: the information we are about to cover are aspects covering investor privacy, NOT an investor’s responsibility to pay income tax on any profits made from the purchase and sale of investment grade bullion products.  For ALL tax questions, please seek a licensed tax professional.

This is the the “cliff notes” version, if you want a bit more detail and some FAQs about IRS reporting requirements CLICK HERE for our more detailed page – IF this information does address your question(s).

Trust me, I know your privacy is very important to especially when it comes to physical silver and gold purchases and sells. 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.
With that being said we must always adhere to the rules of our industry, the laws and regulations.

There’s rarely a day go by that we are not asked questions like:
“Are my transactions private?”
“When I sell gold [and/or silver] bullion, is it a private transaction, or is it reported to the IRS?

First and fore most, when you buy from Pacific Coin Exchange everything about the transaction is private, period.
Secondly, when you sell your gold [or silver] bullion to us some of these trades are private while some are not. I am about to explain the difference…

Here’s the deal, 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.

Here are the rules:
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?

Let’s start with SILVER:

Below are the 1099 EXEMPT PRIVATE SILVER BULLION:
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Private silver bullion (IRS 1099 Form exempt) consists of any quantity sold to a dealer of the following items:
American Silver Eagle Coins
Canadian Maple Leaf Silver Coins
Austrian Philharmonic Silver Coins

Below are the 1099 REQUIRED SILVER BULLION:
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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)

Now let’s look at GOLD:

Below are the 1099 EXEMPT PRIVATE GOLD BULLION
2013_gold_eagle_1_oz 2013_Gold_Buffalo Gold-Philharmonic-2.2
Private gold bullion (IRS 1099 Form exempt) consists of any quantity sold to a dealer of the following items:
American Gold Eagle Coins 
American Gold Buffalo Coins 
Gold Austrian Philharmonic Coins

Below are the 1099 REQUIRED GOLD BULLION COINS
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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)

Below are the 1099 REQUIRED GOLD BULLION BARS:

Buy Gold Buy Silver

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 rules and the regulations for IRS reporting when you buy gold and/or buy silver and sell gold and sell silver.

Now that you know the rules give us a call or stop by Pacific Coin Exchange today to get more metal for your money and more money for your metal. We have the best prices anywhere, if you find a better price call us, we’ll beat it.

 

Call us today 1-877-917-5266 – You’ll be glad you did!

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