Selling your
precious metals

Would you like to sell gold and silver bullion to Texas Precious Metals?
The process is simple!

1099-B IRS reporting requirements

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.

Packing instructions

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.

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.

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.

still have questions?
Call us at 361-594-3624 or email