Customer Service
Bullion Reporting Rules
Industry Council for Tangible Assets
Broker Reporting (1099-B)
Items to be Reported
The basics of ICTA’s negotiations with the IRS on Broker Reporting was to achieve a fair, reasonable, and consistent minimum threshold for reporting. The resulting Revenue Procedure (Rev. Proc. 92-103) defines “Excepted Sales.” While it may not spell out every specific instance that requires reporting, it is ICTA’s understanding and was the spirit of these negotiations that the following are those items to be reported under the new regulation:
| Reportable Item | 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 1-oz. coins |
| Gold 1 oz. Krugerrand | as minted | 25 1-oz. coins |
| Gold 1 oz. Mexican Onza | as minted | 25 1-oz. coins |
| U.S. 90% Silver Coins | as minted | Any combination of dimes, quarters, or half dollars totaling $1,000 face value or more |
*For bars, any hallmark regardless of whether that hallmark is accepted as “good delivery” on any of the commodity exchanges.
CAUTION: While a stricter interpretation of the regulations is possible, ICTA believes the above guidelines to be those, which fulfill the spirit of the negotiations and the intent of the Internal Revenue Service, which is to identify “investment level”, or other substantial transactions that could generate taxable profit. Though the information provided herein is based on ICTA’s discussions with the Internal Revenue Service, others may differ with ICTA’s interpretations of these regulations. ICTA strongly cautions that alternative interpretations may not fulfill the requirements.
This information is provided to assist you and is not intended to be used by you as the sole guidance for complying with these regulations. You should consult with your tax professional.
