These reporting requirements are related to when a dealer must tell the IRS (form 1099) that you have made a sale. It is related to making sure you pay your taxes. Regardless of whether we need to file a 1099, it does NOT exempt your from paying tax on your gains. We advise you to consult a tax professional for any tax implications on a sale before you sell to us. Nevertheless, here are the industry guidelines for when we will file a 1099 to the IRS when you sell to us.
The guidelines we give above were negotiated by the bullion and coin industry’s trade group (ICTA) in the early 1980s. However, one can find a variety of information in both the IRS rules and CME rules book regarding 1099-B reporting requirements. IRS rules for the sale of precious metals can be found on page five of this publication ( https://www.irs.gov/pub/irs-pdf/i1099b.pdf ), while the list of manufacturers whose bullion bars and coins can be delivered against a RFC (regulated futures contract) can be found in the CME rulebook.
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