We do not report the majority of precious metals purchases to the government. That being said, we do have an obligation to file Form 8300 in the instance of cash payments over $10,000. The $10,000 minimum also applies to related cash transactions within 24 hours of each other that together total more than $10,000. Please note, cash includes cashier’s checks and money orders with a face value of $10,000 or less.
Buyback Reporting Requirements
Certain products that Wallace Precious Metals may buy back from customers are reportable to the IRS. These reportable items require the filing of a Form 1099-B. In order for the Form 1099- B to be filed with the IRS , the customer will need to complete a Form W-9. The Form W-9 should be sent to the customer during the sale negotiation and must be completed and received by Wallace Precious Metals prior to payment for the sale. Forms 1099- B will be mailed to customers by February 15 in the year following the buy back.
The following are guidelines provided by ICTA related to Precious Metal sales, and these guidelines, as well as the IRS rules, are subject to change at any time without notice.
Reportable Item Minimum Fineness Minimum Reportable Amount
Gold Bars 0.995 Any size bars totaling 1 Kilo (32.15 troy oz) or more
Silver Bars 0.999 Any size bars totaling 1000 troy oz or more
Platinum Bars 0.995 Any size bars totaling 25 troy oz or more
Palladium Bars 0.9995 Any size bars totaling 100 troy oz or more
Gold 1 oz Krugerrand as minted Twenty-five (25) 1 oz coins
Gold 1 oz Maple Leaf as minted Twenty-five (25) 1 oz coins
Gold 1 oz Mexican Onza as minted Twenty-five (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