Gold IRS Reporting Requirements: What Dealers File

When selling gold or other precious metals, two separate reporting obligations exist: one for the dealer, and one for the seller. These are frequently confused, but they have different triggers, different forms, and one does not remove the other. This page explains what a dealer is required to report to the IRS, and how that differs from what a seller must declare on their own tax return.

Dealer Reporting: Form 1099-B

A dealer who buys gold from a seller may be required to file Form 1099-B, “Proceeds from Broker and Barter Exchange Transactions,” with the IRS and furnish a copy to the seller. This form reports the gross proceeds of the sale, not the gain or loss. The dealer does not know the seller’s basis, so the form does not indicate whether a gain or loss occurred.

The requirement to file Form 1099-B applies to certain sales of physical precious metals, including gold, silver, platinum, and palladium, when the sale meets specific criteria. Currently, a dealer must file Form 1099-B for a sale of:

• 1 kilogram or more of gold,
• 1,000 troy ounces or more of silver bars, or $1,000 in face value of pre-1965 US 90% silver coin,
• 25 troy ounces or more of platinum, or
• 100 troy ounces or more of palladium.

These thresholds are set by statute and can change; they are not fixed. The IRS updates them periodically, so check current rules for the year of the sale.

If the sale is below these thresholds, the dealer is not required to file Form 1099-B. However, the seller is still required to report the sale on their tax return, regardless of whether a form was issued.

Dealer Reporting: Form 8300

Another reporting requirement applies to cash transactions. If a dealer receives more than $10,000 in cash (including cash equivalents such as money orders or cashier’s checks) in one transaction or in related transactions, the dealer must file Form 8300, “Report of Cash Payments Over $10,000 Received in a Trade or Business.” This form is filed with the IRS and is also used to combat money laundering.

The $10,000 threshold is currently and is set by statute; it has not changed in many years but could be adjusted. The form is required regardless of whether the transaction is reportable on Form 1099-B. For example, a cash purchase of gold coins below the 1099-B threshold still triggers Form 8300 if the cash amount exceeds $10,000.

Form 8300 is filed by the dealer, not the seller. The seller does not receive a copy of Form 8300, but the transaction is reported to the IRS.

The Seller’s Own Reporting Obligation

Regardless of what the dealer reports, the seller is responsible for reporting the sale on their tax return. This is true even if no Form 1099-B is issued. The gain or loss from the sale of precious metals is calculated by subtracting the seller’s basis (usually the purchase price plus any commissions or fees) from the sale proceeds. The resulting gain is subject to tax, and the rate depends on the holding period and the seller’s tax bracket.

For 2025, long-term capital gains on collectibles (which include most bullion and coins) are taxed at a maximum rate of 28%. This rate is set by statute and can change. Short-term gains are taxed as ordinary income.

The dealer’s filing of Form 1099-B does not relieve the seller of the duty to report. The IRS may match the 1099-B against the seller’s return, but a missing 1099-B does not excuse a missing gain.

Comparison: Dealer Reporting vs. Seller Reporting

The table below summarizes the differences between the two reporting obligations.

What People Get Wrong

A common assumption is that if a dealer does not report a sale to the IRS, then the seller does not need to report it either. This is a natural assumption because for many financial transactions, such as stock sales, the broker’s report is the primary record. However, precious metals sales are different. The dealer’s reporting threshold is based on the quantity of metal, not the dollar amount, and it is designed to capture large transactions for tax enforcement. A sale below the threshold is still taxable, and the seller is legally required to report it.

Another misunderstanding is that Form 8300 is a tax form. It is a reporting form for cash transactions, but it is not used to compute tax. The seller still must report the gain on their tax return.

State Sales Tax

Sales tax on precious metals is set by each state, and exemptions vary by state and can change by legislative session. Some states exempt bullion and coins from sales tax, while others do not. The seller should check the rules in their state for the year of the sale, as they are subject to change.

Consult a Tax Professional

Tax rules for precious metals are complex and can change. This page provides general information, not personalized advice. For specific guidance on reporting a sale, consult a CPA, tax professional, or enrolled agent who can apply the rules to your situation.