Reporting Requirements When Selling Precious Metals
IDC Coin & Bullion · Seller Information
Reporting Requirements When Selling Precious Metals
Understanding IRS Form 1099-B reporting requirements when selling gold, silver, platinum, palladium, coins, and bullion to a dealer.
When you sell precious metals, certain transactions may be subject to federal information reporting requirements. These rules help determine when a dealer or broker must report qualifying transactions to the Internal Revenue Service.
IDC Coin & Bullion provides this general information to help customers understand the reporting process before selling their valuables.
Important: Reporting Is Not the Same as Tax Liability
A transaction that does not require Form 1099-B reporting is not automatically tax-free. You may still have an obligation to report taxable gains on your federal or state income tax return.
Consult a qualified tax professional regarding your individual circumstances.
The Basics
What Is IRS Form 1099-B?
Form 1099-B is an information return used to report certain transactions involving securities, commodities, and other reportable property.
What Is Reported?
A reportable transaction may require the broker or dealer to furnish information about the transaction to the IRS and the seller.
Not Every Sale Qualifies
Precious metals reporting depends on the type and form of metal, applicable regulated futures contracts, and transaction quantity.
Taxes Are Separate
The absence of a Form 1099-B does not eliminate a seller's responsibility to determine and report taxable gains.
Current IRS Guidance
When Does a Precious Metals Sale Require Reporting?
The IRS bases precious metals reporting on Commodity Futures Trading Commission (CFTC)-approved regulated futures contracts.
- Eligible metal form. The form of gold, silver, platinum, or palladium must be one for which CFTC-approved regulated futures contract trading exists for this reporting rule to apply.
- Minimum quantity. Even when a product is an eligible form, a sale below the applicable minimum contract delivery quantity is generally excluded from Form 1099-B reporting under this rule.
- 24-hour aggregation. Precious metals sales for the same customer within a 24-hour period must be aggregated when applying the quantity exception.
- Anti-avoidance rule. The quantity exception does not apply when the broker knows or has reason to know that transactions are being arranged to avoid reporting.
2026 IRS Guidance Update
The IRS corrected the precious-metals section of its 2025 and 2026 Form 1099-B instructions. The correction removed an earlier example and clarified the governing reporting language.
For the latest authoritative wording, see the IRS correction notice .
Precious Metal Categories
Gold, Silver, Platinum & Palladium
Reporting considerations can differ by metal, product specification, and applicable contract. The following categories illustrate the types of products that may require review.
Gold Coins, Bars & Rounds
Certain gold bullion bars, rounds, and qualifying gold coin products may fall within precious metals reporting rules.
Product specifications and applicable minimum contract quantities must be checked.
Silver Bullion & U.S. Coinage
Certain silver bars, rounds, and qualifying forms of silver coinage may require reporting analysis.
The applicable rule depends on the product and relevant regulated futures contract specifications.
Platinum Bullion
Qualifying platinum bars or other eligible forms may be subject to reporting when the applicable contract requirements are met.
Palladium Bullion
Qualifying palladium products may require reporting analysis based on their form, specifications, and applicable quantity.
Historical Industry Reference
Traditional Precious Metals Reporting Thresholds
The table below preserves the historical industry thresholds referenced in IDC's earlier guidance. These figures are provided for background only.
Do Not Use This Table as a Current Reporting Determination
These are historical industry guidelines, not a verified list of current CFTC-approved contract specifications. Product eligibility and minimum quantities must be confirmed under applicable current requirements.
| Metal | Historical Product Category | Historical Threshold |
|---|---|---|
| Gold | Bars or rounds with fineness of .995 or higher | 1 kilogram (approximately 32.15 troy ounces) |
| Gold | 1 oz Canadian Gold Maple Leaf coins | 25 coins |
| Gold | 1 oz South African Krugerrand coins | 25 coins |
| Gold | 1 oz Mexican Gold Onza coins | 25 coins |
| Silver | Bars or rounds with fineness of .999 or higher | 1,000 troy ounces |
| Silver | 90% U.S. silver dimes, quarters, and half dollars | $1,000 combined face value |
| Platinum | Bars or rounds with fineness of .9995 or higher | 25 troy ounces |
| Palladium | Bars or rounds with fineness of .9995 or higher | 100 troy ounces |
Historical reference only. These figures do not establish whether any particular transaction must be reported today.
Seller Responsibilities
Do You Owe Taxes When Selling Gold or Silver?
A seller's tax obligations are separate from a dealer's information reporting requirements.
Reporting by the Dealer
Form 1099-B is an information reporting requirement that may apply to certain qualifying transactions.
Whether a form must be issued depends on applicable law and the circumstances of the transaction.
Tax Reporting by the Seller
A seller may need to report taxable gains even if no Form 1099-B is issued.
Relevant factors can include original purchase cost, acquisition date, selling price, and other tax-basis considerations.
For inherited precious metals, gifts, business inventory, or substantial collections, consult a qualified tax professional about the appropriate treatment.
Additional Considerations
Other Transaction and Identification Requirements
Form 1099-B is not the only reporting or recordkeeping rule that may apply to a precious metals transaction.
Depending on the transaction, dealers may have obligations under federal, state, or local laws relating to identification, transaction records, payment methods, or other reporting.
Requirements can differ from Form 1099-B rules. Customers should not assume that a transaction exempt from one reporting requirement is exempt from every other applicable requirement.
Official Resources
IRS Reporting Guidance & References
Use these resources to review the official reporting requirements and related guidance.
Frequently Asked Questions
Precious Metals Reporting FAQs
Does every gold sale require a Form 1099-B?
No. The precious metals reporting rules depend on eligible product forms and minimum quantities under applicable CFTC-approved regulated futures contracts.
Does every silver sale require reporting?
No. Not every sale of silver coins, bars, or rounds requires Form 1099-B. The product and transaction quantity must be evaluated under the applicable rules.
If no 1099-B is issued, is my sale tax-free?
No. The absence of a Form 1099-B does not determine whether you owe tax on a gain. Consult a tax professional about your circumstances.
Are multiple sales combined for reporting purposes?
The IRS requires precious metals sales for one customer within a 24-hour period to be aggregated when applying the quantity exception. The anti-avoidance rule may also apply.
Are gold coins treated differently from gold bars?
They may be. Different product forms can have different eligibility and quantity requirements under regulated futures contract specifications.
Are the historical quantity thresholds always current?
No. Historical industry guidelines should not be treated as a substitute for current IRS rules and applicable contract specifications.
Can IDC provide personal tax advice?
This page provides general information, not individualized tax or legal advice. Consult a qualified tax professional about your reporting and tax obligations.
Where can I sell precious metals to IDC?
Visit our Sell to Us page to learn about selling gold, silver, coins, and other valuables. You can also browse our locations directory for store information.
