There seems to be a lot of disinformation regarding Precious Metal Sales and the Reporting procedures to the IRS. There is only a select group of specific items that are reportable by quantity. If you do not see the items spelled out in this blog, they are NOT REPORTABLE! Also any sales of the mentioned items that are under the specified limits are NOT REPORTABLE! We are your local Bullion and Coin specialists in San Antonio, Texas and we are committed to educating on all the ins and outs of Bullion/Coins as well as other Precious Metals and to stop the flow of false information. We are committed to providing a PRIVATE transaction for all of our customers and nothing is ever reported by us, unless it meets the Reporting Guidelines. This information is instrumental for you to make a decision on what you may want to sell and what type of quantity you may want to sell. Keep in mind Jewelry, Flatware, Dental Gold, Scrap Gold/Silver, and Sterling Silver are always exempt from IRS reporting guidelines. At Texas Gold and Silver Buyers of San Antonio, we are licensed with the State of Texas and we follow ALL legal guidelines pertaining to the law with Precious Metals, but on the other hand we feel it is important to spell out the law for you, so you can make your own informed decisions when it comes time to liquidate your Precious Metals. We are your No-Hassle, Fast, Safe, Friendly and Family Owned option to sell all of your Precious Metals. We are very aggressive buyers on Bullion, Coins, Jewelry, Scrap, Sterling Silver, Dental Gold, Flatware and Tableware. We give free NO PRESSURE quotes each and every day. Below you can follow up with all of the reporting guidelines!
WHAT IS A W-9? A W-9 is a Request for Taxpayer Identification Number and Certification. It is a commonly used IRS form that individuals and businesses provide to businesses that are paying them.
WHY WOULD I NEED TO FILL OUT A W-9? There are certain purchases of specific products in specific quantities (See Below) that require Texas Gold and Silver Buyers to file a 1099B. In order to file a 1099B, we must have a W-9 completed to have the necessary information in order to file that form.
WHAT ITEMS ARE IRS-REPORTABLE ITEMS? The IRS has specific rules related to reportable transactions that require a Form 1099-B to be filed and those rules are included in the Form 1099-B instructions on the IRS website. The following are guidelines provided related to Precious Metal sales, and these guidelines, as well as the IRS rules, are subject to change at any time without notice.
Thanks for stopping by our blog. My name is Evan and I am the owner of Texas Gold and Silver Buyers in San Antonio. From time to time I will post blog entries to help educate and inform our customers and potential future customers on all aspects of Precious Metals (Gold, Silver, Platinum & Palladium!)