|
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 consultants.
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 the powers that be require
us as a bullion dealer 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?
The following covers
private investor sales of
bullion products we currently offer at GoldSilver.com.
1099 EXEMPT PRIVATE SILVER BULLION
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
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:
- American Gold Eagle Coins
- American Gold Buffalo Coins
- Gold Austrian Philharmonic Coins
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 May 2012.
Stay tuned to GoldSilver.com
for any future news or proposed
changes to the current IRS 1099 gold and silver reporting requirements.
|