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Cash or IRS Reporting

Centennial Gold and Silver

Reporting Requirements for Bullion Transactions

The information provided herein is for educational purposes only and is not intended to serve as financial or tax advice. Please consult your tax professional for advice regarding your individual financial or tax situation.


There are two circumstances in which precious metals dealers are legally obligated to report consumer transactions to the IRS:

  1. When a consumer buys goods from a dealer and pays $10,000 or more in cash for the goods.
  2. When a consumer sells reportable quantities of specific bullion or coins; and


The former is a tax issue and will be discussed below. The latter is an anti-money laundering issue and is not the subject of this post.  Contact us for personalized help with your IRS reporting needs.


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  • The $10,000 Cash Rule and Form 8300

    Form 8300 is not specific to the precious metals industry. It is a federal reporting requirement that applies whenever a business receives more than $10,000 in physical cash from a customer. The filing requirement applies whether the cash is received in one transaction or in multiple related transactions conducted within a short period. 


    What the IRS Considers “Cash”


    For reporting purposes, the IRS includes several instruments under the definition of cash:

    • U.S. or foreign currency
    • cashier’s checks of $10,000 or less
    • money orders of $10,000 or less
    • bank drafts
    • traveler’s checks

    What the IRS does not qualify as “Cash”

    • bank wire transfers
    • personal checks
    • credit cards or debit cards
    • ACH transfers
    • electronic payment systems

    For example:

    • Purchasing $40,000 worth of gold bullion by bank wire would not trigger Form 8300 reporting.
    • One $12,000 Cashiers' check -- NO FORM

  • What is a 1099-B IRS Form?

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  • Why is 1099-B form required to be filed?

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  • When is a 1099-B filed?

    A dealer files IRS Form 1099-B only when purchasing certain reportable bullion products that meet the IRS reporting requirements.   Unlike what many people believe, the reporting requirement is not based on the dollar amount of your transaction.


    Instead, it is based on:

    • The type of precious metal
    • Whether it qualifies under IRS reporting guidance
    • Whether the minimum reportable quantity has been met

  • Capital Gains and Taxes on Precious Metals

    It is important to distinguish between transaction reporting and tax obligations.


    The IRS does not tax the act of buying or selling precious metals. Instead, taxes apply only to profits realized when metals are sold for more than their purchase price.


    Precious metals are generally classified as collectibles for tax purposes, which means gains may be subject to a specific capital gains rate.


    Understanding tax treatment is only part of the process. Investors should also maintain accurate records of their transactions.


    Maintaining accurate records helps investors calculate taxable gains if metals are sold. Important information to keep includes:

    • purchase dates
    • purchase price (cost basis)
    • product descriptions
    • sale prices

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What items are IRS-reportable items?

Current IRS guidance, examples include:
Transactions completed within a 24-hour period may be combined when determining whether reporting thresholds have been met.

Reportable Item Minimum Fineness Minimum Reportable Amount
 Gold  0.999  100 oz bars or qualifying 3-kilogram bars or higher in weight
 Silver  0.999  5,000 ounces or more
 Platinum  0.995  50 ounces or more
 Palladium Bars  0.9995  100 troy oz or more
 Gold 1 oz Krugerrand  As minted  No Longer reported.
 Gold 1 oz Maple Leaf  As minted  No Longer reported.
 Gold 1 oz Mexican Onza      As minted  No Longer reported.
 U.S. 90% Silver Coins  As minted  No Longer reported.

Disclaimer: This table is provided for general informational purposes only and reflects commonly referenced IRS reporting thresholds for certain precious metal transactions. Reporting requirements may vary based on transaction type, payment method, or changes in federal regulations. Customers should consult a qualified tax professional or the IRS directly for guidance specific to their situation.