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Does apmex send me tax forms? Or is it self report?

FreddieHFreddieH Posts: 88
in Precious Metals
It's tax time, and I was wondering if apmex sent me the tax forms for selling to them?
I know paypal and amazon already send the forms, however I can't find any info if apmex does? It's just more convenient if they send out the form, I'm going to pay either way.

Any insight?
Looking forward to learning more about coins from fellow well respected numismatists

Comments

  • gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Call the free 800 number and ask the nice folks at AMPEX


    Call Us Toll Free
    800.375.9006
    Avid collector of GSA's.
  • OPAOPA Posts: 17,121 ✭✭✭✭✭


    << <i>It's tax time, and I was wondering if apmex sent me the tax forms for selling to them?
    I know paypal and amazon already send the forms, however I can't find any info if apmex does? It's just more convenient if they send out the form, I'm going to pay either way.

    Any insight? >>



    I believe that they are required to do so for sales totaling over 10k within 1 year.,,,Not sure though.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    It's self report for all income regardless of whether or not you get tax forms from your buyer. This is why good record keeping is important. Your buyer also reports your sale to the IRS if a form is required. This is to assist the IRS in identifying taxpayers who do not self report income.

    Best to ask Mr. Snowden.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

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  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>They were the only precious metals or numismatic company to ever ask for my social security number. So if a company reports income, you must to or take your chances....I'm not sure how the major auction companies handle reporting requirements; but without an SS number it is hard for government entities to do investigations. >>



    Auction houses don't give out 1099s or anything else because they are only giving you YOUR money and not their money. I would think that if they bought/bid for and won your coins that you had at auction, they'd have to send you some sort of paperwork.
    theknowitalltroll;
  • OPAOPA Posts: 17,121 ✭✭✭✭✭
    It has a lot to do with what you are selling. The below link will give you a general idea when a 1099 is generated.

    IRS 1099 Reporting
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,824 ✭✭✭✭✭
    Keep in mind that if a buyer is not required to report their purchase from you on a 1099, they are still claiming their payment to you as an expense. If they are audited then a back door to you has been opened.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • jdimmickjdimmick Posts: 9,676 ✭✭✭✭✭
    Yes,

    it depends on what your selling. Ex: 2 years ago, sent them 34 K rands at one time, they sent a form with just that info (copy to me copy to irs)
    Also had it on a nother large bullion transaction

    Doesn't matter to me because all my transactions are on paper. even when I go to a show and some of the dealers don't want a receipt , Ill make one listing purchases or sales.

    jim
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  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭


    << <i>

    << <i>Keep in mind that if a buyer is not required to report their purchase from you on a 1099, they are still claiming their payment to you as an expense. If they are audited then a back door to you has been opened. >>



    Quite true, Derry but what are the statistics on audits? Rates are less than 1% under $100K income or so. I am all for more audits and accountability as we saw 30 years ago. >>



    The only ones likely to report a purchase are dealers like the ones who come here and solicit board members to buy limited issue mint products for them. If someone like MCM was to get audited, I can't imagine the IRS wasting resources to follow up on hundreds or thousands of $200 purchases.
    theknowitalltroll;
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