Are Precious Metals Purchases Reported or Private?

1099b, 1099-b, IRS formQ: Can I buy precious metals anonymously?

A: Buying gold and silver is one of the most private investments possible. Dealers do not share any information with the government when a customer buys gold or silver unless the customer uses more than $10,000 in cash. Whatever you buy is between you and the dealer.

Selling to a dealer is also generally anonymous, except for a few exceptions:

  • Any sale of more than 25 ounces from a private party to a dealer involving one ounce Gold Maple Leafs, one ounce Krugerrands, or one ounce Mexican Onzas triggers a 1099B IRS form.
  • Selling bars and rounds over 1,000 ounces to a dealer triggers a 1099B report.
  • Selling collectible coins to a dealer in excess of $10,000 per day in cash is reportable.
  • Any profit or gain from a sale is your responsibility to disclose to the IRS on your tax returns.

Many dealers use privacy concerns to scare customers into buying over-priced collectible coins, but in reality many bullion coins are completely private and carry very low premiums compared to the collectibles.

The most private investment for an investor to make without reportable sales is gold and silver American Eagles.

These are the rules. Most of what you will likely do with precious metals is extremely private.