Tax Reporting
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Tax Reporting
Centennial Gold and Silver
Tax Reporting Requirements for Bullion Transactions
The information provided herein is for educational purposes only and is not intended to serve as financial or tax advice. Please consult your tax professional for advice regarding your individual financial or tax situation.
There are two circumstances in which precious metals dealers are legally obligated to report consumer transactions to the IRS:
- When a consumer sells reportable quantities of specific bullion or coins; and
- When a consumer buys goods from a dealer and pays $10,000 or more in cash for the goods.
The former is a tax issue and will be discussed below. The latter is an anti-money laundering issue and is not the subject of this post. Contact us for personalized help with your tax reporting needs.
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What items are IRS-reportable items?
| Reportable Item | Minimum Fineness | Minimum Reportable Amount |
|---|---|---|
| Gold Bars | 0.995 | Any size bars totaling 1 kilo (32.15 troy oz) or more |
| Silver Bars | 0.999 | Any size bars totaling 1,000 troy oz or more |
| Platinum Bars | 0.995 | Any size bars totaling 25 troy oz or more |
| Palladium Bars | 0.9995 | Any size bars totaling 100 troy oz or more |
| Gold 1 oz Krugerrand | As minted | Twenty-five (25) 1 oz coins |
| Gold 1 oz Maple Leaf | As minted | Twenty-five (25) 1 oz coins |
| Gold 1 oz Mexican Onza | As minted | Twenty-five (25) 1 oz coins |
| U.S. 90% Silver Coins | As minted | Any combination of dimes, quarters, or half-dollars totaling $1,000 face value or more |
Disclaimer: This table is provided for general informational purposes only and reflects commonly referenced IRS reporting thresholds for certain precious metal transactions. Reporting requirements may vary based on transaction type, payment method, or changes in federal regulations. Customers should consult a qualified tax professional or the IRS directly for guidance specific to their situation.
