We are often asked whether or not bullion transactions at Texas Precious Metals are “private”. The privacy of our customers is one of our utmost concerns. When you buy from us, there are no reporting requirements of any kind – no matter the quantity, the metal type, or the product.
However, when it comes time to sell your products, the government does require bullion dealers to file certain reports where applicable. The IRS report is the 1099-B form, and it applies ONLY to the following transactions:
|reportable items||minimum fineness||minimum reportable amount|
|gold bars||.995||Any size bars totaling 1 kilo (32.15 troy oz) or more|
|silver bars||.999||Any size bars totaling 1000 troy oz or more|
|Platinum bars||.9995||Any size bars totaling 25 troy oz or more|
|Palladium bars||.9995||Any size bars totaling 100 troy oz or more|
|Gold 1 oz maple leaf||As minted||25 - 1oz coins|
|Gold 1 oz krugerrand||As minted||25 - 1oz coins|
|Gold 1 oz mexican onza||As minted||25 - 1oz coins|
|u.s. 90% silver coins||As minted||Any combination of dimes, quarters, or half dollars totaling $1,000 face value or more|
You might wonder why sales of these specific objects are reportable. These reporting requirements are related to the regulations that require brokers to report all proceeds from stack and commodity transactions. These specific objects are currently traded (or used to be traded) on commodity exchanges.
Form 1099-B reporting requirements do not apply to any other coins. They do not apply at all to American Gold Eagles, American Buffalo, Austrian, Australian (Perth Mint Coins), Chinese or any fractional bullion gold coins. And they apply only if you sell at least the minimum quantity that is equal to the quantity of a commodity contract for the object.
Please take the following steps when preparing your shipment to us:
Remove all references to gold and silver bullion on the exterior of the package. This includes your business name (if applicable) and product names and descriptions. This is an effective theft prevention measure. If there are no hints as to what might be in the package, it is less likely to attract attention.
Double box using cardboard boxes. Place one box inside of another. This will help protect your shipment should the outer box fail.
Pack your items tightly with solid materials like foam, newspaper or bubble wrap. Packing material such as peanuts easily compress leaving room for items to shift and cause the packing to fail.
Secure the lids of all coin tubes by placing a strip of tape accross the lids to ensure that they do not come loose during shipping.
Tape all box seams with heavy duty strapping tape. The most likely place for packaging to fail is at the seams. Use a good quality tape containing nylon fibers or similar durable tape and ensure all seams are taped securely.
For heavy packages (over 30lbs), reinforce the box by taping over the entire surface with strapping or brown tape.
Use clear tape over your shipping label. Clear taping the shipping label reduces the chances that the label is damaged or marred. Damaged labels lead to delayed shipments.
Include a voided check with your package. We will use the routing and account number on the check to issue payment via electronic ACH transfer within 24 hours of receipt of your package.