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****Check our Notices**** OPEN most Fridays 9:30-2:00 call before driving from a distance to verify! WE ARE WELL STOCKED FOR BULLION! *NOW IS THE TIME TO BUY*
PREMIUMS WILL BE RISING AS DEMAND INCREASES. BUY SOON!
ALL SALES ARE AT OUR PHYSICAL STORE IN CHARLESTON, SC USA - There are Scammers using our name in South Africa and Malaysia, and on WHATNOT App.
These reporting requirements are related to when a dealer must tell the IRS (form 1099) that you have made a sale. It is related to making sure you pay your taxes. Regardless of whether we need to file a 1099, it does NOT exempt your from paying tax on your gains. We advise you to consult a tax professional for any tax implications on a sale. Nevertheless, here are the industry guidelines for when we will file a 1099 to the IRS when you sell to us. Guidelines: Gold Bars or Rounds
Maple Leaf Coins (1 ozt coins only)
Krugerrand (1 ozt coins only)
Mexican Onza (1 ozt coins only) Silver
Bars or Rounds
90% US Coinage Platinum
Bars or Rounds Palladium
Bars or Rounds Whether or not we issue a 1099, you should consult a tax professional to understand your tax implications upon any sale. The guidelines we give above were negotiated by the bullion and coin industry’s trade group (ICTA) in the early 1980s. However, one can find a variety of information in both the IRS rules and CME rules book regarding 1099-B reporting requirements. IRS rules for the sale of precious metals can be found on page four of this publication, while the list of manufacturers whose bullion bars and coins can be delivered against a RFC (regulated futures contract) can be found in an excel file (Service Providers.xls) in a CME document here (last page has the link as of 10/8/2014).
Reporting Requirements : Selling to Us
What we are required to tell the government
When you sell to us
Bars and Coins that require the issuance of a 1099-B
Fineness of 995 or higher
and totaling 1 kilo (32.15 ozt) or greater
Any brands
Fineness: As minted
and must be 25 1–ozt coins or more
Fineness: As minted
and must be 25 1–ozt coins or more
Fineness: As minted
and must be 25 1–ozt coins or more
Fineness of 999 or higher
Any size bars totaling 1000 ozt or more
fineness: as minted
Any combination of dimes, quarters, or half dollars totaling $1000 face value or more
Fineness of 9995 or higher
Any size bars totaling 25 ozt or more
Fineness of 9995 or higher
Any size bars totaling 100 ozt or more