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Precious metals reporting act

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Source:  Google

Consumers must report the purchase of the following products to the IRS:

  • Lots larger than 25 Krugerrands, Mexican Pesos, or Canadian Maple Leaf coins.
  • One-kilo or 100 oz gold bars.
  • 1,000 oz silver bars.
  • $5,000 face value (five bag lots) of 90% silver coins.
  • 50 oz platinum.
  • 100 oz palladium.

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rated:
Yes, but have you heard of the Pacific Tree Octopus?

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Google is not a source.

I guess my Australian kangaroos and Chinese pandas are safe. Lulz. ?

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https://www.jmbullion.com/reportable-bullion-transactions-infographic/

1099-b is required for some transactions according to this source. But it is the dealer responsible for the reporting.

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I couldn't find another legitimate-looking source confirming what is written on that page.

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If it's real, you should be able to find something from the ICTA about it.

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Pesos? are these like some ancient silver pesos that are worth more than nine cents each?

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soundtechie said:   Pesos? are these like some ancient silver pesos that are worth more than nine cents each?Gold and silver rounds -- the Mexican equivalent of the American Eagles.

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scripta said:   I couldn't find another legitimate-looking source confirming what is written on that page.
  
My apologies, guys.  Looks like I got punked.  Worse, I'm still not certain how it happened.

I saw "Precious Metals Reporting Act" in something I was reading online.  I had never heard of the precious metals reporting act, so I googled the phrase.  Sure enough, Google cheerfully obliged me with the details in the OP, which I posted thinking others would be interested.

Going back now, trying to salvage the situation, I'm unable even to locate the place I first saw the term!  Takeaway:  FWF denizens are more reliable than Google.  

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According to APMEX, one of the largest gold and silver traders, they will generate a 1099 for the following conditions:


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.

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 1000 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

http://www.apmex.com/faq/tax-information-on-gold-silver-buying 

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Interesting.  Thanks JepJepJep.

One thing I failed to mention.  I did find a reference to reporting, and also taxation I think, related to and hidden deep within the ACA . . of all places!!  

I did not post it because I was already in enough trouble on this so-called PMRA, and also anything related to the ACA immediately creates a firestorm based on politics.  

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The government isn't coming for your gold. This is about information returns for tax compliance, similar to those required of stockbrokers, except small amounts don't have to be reported.

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You should update the OP to say that dealers must report, not consumers, and link to Jep's post as source.

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