Form 1099-B

IRS Form 1099-B (Proceeds from Broker and Barter Exchange Transactions) is the tax document that precious metals dealers file with the IRS and send to customers when a qualifying sale is made. It reports gross proceeds — not your profit — and the IRS uses it to cross-reference income on your tax return.

Which Precious Metals Sales Trigger a 1099-B?

Under IRS regulations, dealers are required to file Form 1099-B for sales of the following specific bullion items:

• Gold: Gold bars or rounds (any quantity), and specific gold coins in quantities of 25 or more (American Gold Eagles, Canadian Maple Leafs, Mexican Onzas, Austrian Philharmonics, South African Krugerrands)
• Silver: Silver bars or rounds of 1,000 oz or more; 90% junk silver bags of $1,000 face value or more
• Platinum: Platinum bars or rounds of 25 oz or more
• Palladium: Palladium bars or rounds of 100 oz or more

Most retail coin purchases do not trigger 1099-B reporting from the dealer. However, you are still legally required to report capital gains on your tax return regardless of whether you receive a 1099-B.

Capital Gains on Precious Metals

The IRS classifies physical precious metals as collectibles, subject to a maximum long-term capital gains rate of 28% — higher than the 15%–20% rate for stocks held over one year.

What to Do When You Receive a 1099-B

If you receive a 1099-B from GoldBuller, report the transaction on Schedule D and Form 8949 of your federal tax return. You'll need your original purchase records (receipts, invoices) to calculate your cost basis and determine actual gain or loss. Keep all purchase documentation permanently — precious metals are long-term holdings and you may need records years later.