The information given is correct, but incomplete. It only covers the reporting status of gold and silver products that that company deals in.
There are a few other items that DO generate a 1099-B report when sold to a dealer in specific quantities or greater, and many other common bullion products that DO NOT generate a 1099-B report when sold to a dealer in any quantity.
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Keep an open mind, or get financially repressed -Zoltan Pozsar
Private silver bullion ( IRS 1099 Form exempt ) consists of any quantity sold to a dealer of the following items:
- American Silver Eagle Coins
- Canadian Maple Leaf Silver Coins
- Austrian Philharmonic Silver Coins
if the regs haven't changed, they should change to include the 5oz pucks.
<< <i>Answers from a dealer >>
The information given is correct, but incomplete. It only covers the reporting status of gold and silver products that that company deals in.
There are a few other items that DO generate a 1099-B report when sold to a dealer in specific quantities or greater, and many other common bullion products that DO NOT generate a 1099-B report when sold to a dealer in any quantity.
If you've built a relationship with a dealer, the 1099 issue goes away.
That's what you get when you build a great relationship with a "good" B and M dealer....
Good Article