GMRgold currently does not collect any sales tax on Gold, Silver, Platinum, Palladium or other Precious Metals. For items other than Precious Metals as well as jewelry items, there may be a tax, depending on your state or location. You can see clearly at checkout whether GMRgold will add a tax amount to your purchase.
Are Precious Metals Taxable?
Yes. The 1099-B IRS form is where the proceeds of customer sales of all Precious Metals on the IRS Reportable Items List are reported. Consult a tax professional to learn how this form affects you in your individual tax situation.
Is there a tax form for reporting precious metals?
Sales of precious metals made by individuals are reported to the IRS on the 1099-B form. The IRS can use this information to determine if individuals who are selling precious metals to increase their income have indeed reported the income from their sales to the IRS. For more information on this form and what it means to you, consult your tax professional.
What is the purpose of the 1099-B IRS form?
Dealers file the 1099-B whenever a customer sells the minimum amount of any of the precious metals items on the IRS Reportable Items List. The reporting details vary with the specific product sold. Please consult a tax professional for more information on how this affects your personal tax situation.
When do dealers file the 1099-B form?
The 1099-B instructions on the IRS website explain the rules about which transactions you need to report on the IRS form 1099-B. The guidelines below, provided by the ICTA, are used to report precious metals on the 1099-B. These details may change without notice.
- Gold bars of .995 fineness totaling 1 kilo (32.15 troy oz.) or more.
- Silver bars of .999 fineness totaling 1000 troy oz. or more.
- Platinum bars of .995 or purer totaling 25 troy oz. or more.
- Palladium bars of .9995 or higher totaling 100 troy oz. or more.
- Gold 1 oz. Krugerrand totaling 25 or more 1 oz. coins.
- Gold 1 oz. Canada Maple Leaf totally twenty five or more 1 oz. coins.
- U.S. 90% silver totaling $1000 face value or more of a combination of dimes, quarters or half-dollars.
Which items are on the IRS Reportable Items List?