What is a 1099-B IRS Form?

One of the purposes of IRS Form 1099-B is for a precious metals dealer to report the proceeds of customer sales to the dealer of any of the precious metals from the IRS Reportable Items List. If you have additional questions, please consult a tax professional for details on your specific tax situation.

Why is this form required to be filed?

The 1099-B form is used to report any proceeds paid to a non-corporate seller to the IRS. This reporting enables the IRS to determine whether individuals who may be selling items as a source of income have properly reported the income from those sales on their tax returns. If you have additional questions, please consult a tax professional for details on your specific tax situation.

When is a 1099-B filed?

Dealers are required to file a 1099-B form when a customer sells the minimum quantity of any precious metals product that is included on the IRS’s Reportable Items List. Reporting specification varies depending on the specific coin or bullion piece(s) sold. If you have additional questions, please consult a tax professional for details on your specific tax situation.

What Items are IRS Reportable Items?

The IRS has specific rules related to reportable transactions that require a Form 1099-B to be filed and those rules are included in the Form 1099-B instructions on the IRS website. The following are guidelines provided by ICTA related to precious metal sales, and these guidelines, as well as the IRS rules, are subject to change at any time without notice.