To report or not to report? That is the question.
Many folks get confused with what is reported to the federal government when you sell coins to a dealer. Federal law requires all dealers to complete a 1099-B form to report to the IRS any sale of gold, silver, platinum, or palladium that exceeds the following thresholds in a 24-hour period. Remember, these rules cover 1099 reporting when selling coins/bars TO a dealer. There are no 1099 reporting requirements when you buy coins from a dealer. For a PDF Download of this chart, click here.