Got a 1099B today

lathmach · February 4, 2004 11:37AM

I sold Liberty Coins in Lansing Mich $2017 face value in 90% U.S. silver coins last November.
They sent me a 1099B. Surprised me, as I've never got one from a dealer on a sale before. Won't make any difference on my taxes, but it's a heads up for anyone that they better keep records of their purchases.

Ray

CarlWohlforth · February 5, 2004 12:03AM

mercurynut · February 5, 2004 12:21AM

fishcooker · February 5, 2004 12:38AM

Is there anything different, that you suspect caused a 1099 for this trade?

Rittenhouse · February 5, 2004 3:25AM

Check the IRS regs for 1099-B: "A sale of a precious metal (gold, silver, platinum, or palladium) in any form that may be used to satisfy a Commodity Futures Trading Commission (CFTC)-approved regulated futures contract (RFC) if the quantity, by weight or by number of items, is less than the minimum required to satisfy a CFTC-approved RFC. A sale of a precious metal in any form that cannot be used to satisfy a CFTC-approved RFC is not reportable."

If I remember correctly $1000.00 bags are a listed trade.

Got a 1099B today

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