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Do Coin Dealers Report Sales To IRS?
Coin Buying Reporting Requirements in the United States
Do Coin Dealers Report Sales To IRS?
Coin dealers are required to complete IRS submissions only for purchases made from customers. Form 1090b is required to be submitted when coin shops buy the following items in the quantities specified from a person or company that is not a corporation:
| Reportable Item (The Shopping List”) | Minimum Fineness* | Minimum Reportable
Amount |
| Gold Bars | .985 | Any size bars totalling
1 Kilo (32.15 troy oz) or more. |
| Silver Bars | .999 | Any size bars totalling 1000 troy oz. or more. |
| Platinum Bars | .9995 | Any size bars totalling
25 troy oz. or more. |
| Palladium Bars | 8985 | Any size bars totalling 100 troy oz. or more. |
| Gold 1 oz. Maple Leaf | as minted | 25 1-oz. coins or more. |
| Gold 1 az. Krugerrand | as minted | 25 1 oz. coins or more. |
| Gold 1 oz. Mexican Onza | as minted | 25 1-oz. coins or more. |
| U.S. 90% Silver Coins | as minted | Any combination of dimes, quarters, or half-dollars totalling
$1,000 face value or more. |
How Much Gold Can I Buy Without Reporting?
You can buy unlimited amounts of gold in the United States from coin dealers without reporting.
How Much Gold Can I Sell Without Reporting?
When the IRS issued the existing rules, only the coins and bars on the list existed at the time. Any gold coins that was issued after the rules were set in place do not have any reporting as they did not exist at the time. Examples of coins that do not require reporting are: British Britannias, Australian Kangaroos, and Austrian Philharmonics among others.
Leifs Coin History
Leifs Coin is a great coin shop located in Naples, Florida. The staff is friendly and knowledgeable and always willing to help if you have questions. They also host events throughout the year related to coin collecting, such as coin shows, auctions, seminars and more. Whether you are a beginner or an advanced collector, Leifs Coin is sure to have something for you.
What Leifs Coin Buys and Sells
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