How IRS Form 1099-B and 8300 reporting works for bullion sellers

What to take away

IRS reporting for bullion sales runs on two tracks: Form 1099-B for specified bullion items and Form 8300 for cash over $10,000.
Dealers, not sellers, file both forms, but sellers must still report gains and keep cost records.
Bars and rounds of gold, silver, platinum, and palladium are reportable in quantities that meet IRS minimums; many coins are not.
Form 8300 is due 15 days after the cash transaction; 1099-B copies go to the IRS and the seller by the last day of February.
Wrong or missing forms do not erase the tax; you can correct them and document basis with IRS transcripts.
Penalties start at $310 per unfiled 1099-B and rise for intentional disregard of Form 8300 rules.

Why bullion sales trigger IRS information reporting

The United States treats physical precious metals as capital assets. When you sell gold, silver, platinum, or palladium, the difference between what you paid and what you received is a taxable gain or loss.

To make sure those gains show up on returns, Congress put two reporting duties on dealers. One covers specific bullion products through Form 1099-B. The other covers large cash payments through Form 8300. Neither duty falls on the seller, but both create a paper trail that the IRS can match against your return.

The two reporting tracks

Form	Trigger	Who files	Main threshold
1099-B	Sale of specified bullion items	Dealer or broker	Quantity minimums set by IRS instructions
8300	Receipt of cash	Dealer or business	More than $10,000 in one transaction or related transactions

Why dealers, not sellers, file

Dealers hold the reporting duty because they handle the transaction and know the product. A seller who walks into a coin shop in Dallas or a bullion desk in New York does not file a 1099-B. The dealer does.

That does not remove the seller's duty to report the sale on Schedule D or Form 8949. It simply means the IRS often learns about the sale before the seller files.

What the IRS gets

A 1099-B tells the IRS the date of sale, the gross proceeds, and the item sold. Form 8300 tells the IRS that a business received more than $10,000 in cash. Both can be cross-checked against your return. If you sold a 100 oz silver bar in Texas and the dealer filed a 1099-B, the proceeds are on record.

State-level attention

Federal reporting is the main event, but states watch too. Attorneys general in California, New York, and Florida have pursued dealers over cash reporting failures. The Commodity Futures Trading Commission and the Securities and Exchange Commission police fraud in leveraged metals products, not physical coin sales.

The Financial Industry Regulatory Authority and the National Futures Association supervise brokers in related markets. None of them replace the IRS rules for physical bullion.

What this means for you

Keep your own records even when a dealer files a form. A 1099-B shows proceeds, not basis, so it cannot compute your gain. Sellers who track purchase price, premiums, and shipping costs are ready for the return. Those who do not may overpay tax. Our bullion formats guide helps you assemble the paperwork before the sale.

Form 1099-B: who must file and which bullion items are reportable

Form 1099-B is the broker and barter exchange statement. For bullion, it applies to dealers who, in the course of a trade or business, sell specified precious metals to customers. The dealer files the form, sends a copy to the seller, and sends a copy to the IRS.

The seller uses the copy to fill out Schedule D and Form 8949.

Who counts as a dealer

A dealer is any person or business that regularly buys and sells bullion to customers. That includes coin shops, online bullion retailers, pawnbrokers who deal in metals, and some jewelers. It does not include a private seller who sells a few coins to a friend. The duty attaches to the trade or business, not to a one-off sale.

The 1099-B filing duty

The Form 1099-B dealer filing duty is specific. The dealer must file for each sale of a reportable bullion item that meets the IRS quantity threshold. The form reports gross proceeds, not gain. The dealer does not need to know your cost basis for the 1099-B itself, though basis reporting rules can apply to certain products.

Which items are reportable

Reportable bullion items under IRS instructions are limited. They include:

Gold bars and rounds of at least 1 kilogram (32.15 troy ounces)
Silver bars and rounds of at least 1,000 troy ounces
Platinum bars and rounds of at least 25 troy ounces
Palladium bars and rounds of at least 100 troy ounces
Gold 1 oz coins, 1 oz silver coins, and 1 oz platinum coins only when sold in lots of 25 or more

What is not reportable

Most coins are not reportable. A single 1 oz American Gold Eagle is not reportable. A 90 percent silver bag is not reportable unless it meets the 1,000 oz silver threshold. Numismatic coins, graded coins, and small gold coins such as the 1/10 oz Eagle are generally outside the 1099-B rules.

That does not make the sale tax-free. It just means no 1099-B is filed.

Why the distinction matters

Sellers who assume every coin sale generates a 1099-B may be surprised. Sellers who assume no coin sale generates one may be wrong. The rules turn on metal, form, and quantity. A 100 oz silver bar in Nevada triggers a 1099-B. Ten 10 oz silver bars sold separately may not. The dealer applies the rules to each sale.

The dealer's side

Dealers must collect the seller's name, address, and taxpayer identification number. They use Form W-9 for that. If the seller refuses to give a TIN, the dealer may apply backup withholding. Dealers also need to keep records of each reportable sale.

The IRS businesses hub covers these dealer obligations, including Form 8300, at Businesses | Internal Revenue Service.

The $10,000 cash threshold and Form 8300 obligations

Form 8300 is separate from 1099-B. It applies when a trade or business receives more than $10,000 in cash in one transaction or in related transactions. The form goes to the IRS and to the Financial Crimes Enforcement Network. It is an anti-money-laundering report as much as a tax report.

What counts as cash

For Form 8300, cash includes U.S. and foreign currency, cashier's checks, bank drafts, traveler's checks, and money orders with a face value of $10,000 or less. A personal check is not cash. A wire transfer is not cash. A cashier's check for $12,000 is cash for this purpose.

The $10,000 cash threshold

The Form 8300 $10,000 cash threshold is more than $10,000, not $10,000 or more. A $10,000 cash payment does not trigger the form. A $10,001 payment does. Related transactions within 24 hours count together.

A customer who pays $6,000 in the morning and $5,000 in the afternoon has made a reportable $11,000 cash payment.

Who must file

Any business that receives the cash must file. That includes bullion dealers, coin shops, and pawnbrokers. It also includes a private dealer who sells bullion as a business. A one-time private seller who is not in business generally does not file, though the buyer's business may have its own duty if it receives cash.

What the form asks

The form asks for the name, address, and TIN of the person who paid the cash. It asks for the amount, the date, and the nature of the transaction. It also asks whether the transaction is suspicious. Dealers must file even if the customer is a long-time client. There is no exception for known customers.

Common mistakes

Dealers sometimes split a payment to stay under $10,000. That is structuring and can be a federal crime. Dealers sometimes treat a cashier's check as a non-cash item. That is wrong.

Dealers sometimes file late. The form is due 15 days after the transaction. A dealer in Utah who takes a $15,000 cashier's check on a Monday must file by the second Tuesday after.

The seller's side

The seller does not file Form 8300. The seller should still keep a receipt. A cash sale of bullion can draw attention from the IRS and from state authorities.

If you pay cash for bullion and later sell it, your basis record is your receipt. Without it, you may struggle to prove what you paid. A guide to bullion marking problems covers the records that matter.

Reportable items under IRS instructions: bars, coins and specific products

The IRS publishes instructions that list reportable bullion items. The list is narrow. It covers specific bars, rounds, and coins by metal and minimum quantity. Dealers use the list to decide whether to file a 1099-B. Sellers can use it to predict what the IRS will see.

Gold items

Reportable gold includes bars and rounds of at least 1 kilogram, which is 32.15 troy ounces. It also includes 1 oz gold coins when sold in lots of 25 or more. The 1 oz American Gold Eagle, the 1 oz Canadian Gold Maple Leaf, and the 1 oz South African Krugerrand are all in this group.

A single coin is not reportable. A roll of 25 is.

Silver items

Reportable silver includes bars and rounds of at least 1,000 troy ounces. It also includes 1 oz silver coins when sold in lots of 25 or more. That covers the 1 oz American Silver Eagle, the 1 oz Canadian Silver Maple Leaf, and the 1 oz Austrian Silver Philharmonic.

A 100 oz silver bar is not reportable under the 1,000 oz bar rule, but 10 of them sold in one transaction may be treated as a reportable lot.

Platinum and palladium

Reportable platinum includes bars and rounds of at least 25 troy ounces. Reportable palladium includes bars and rounds of at least 100 troy ounces. Both also include 1 oz coins when sold in lots of 25 or more. Platinum and palladium are thinner markets, so large bar sales are less common, but the rules apply the same way.

Coins outside the list

Many coins are not on the reportable list. These include:

90 percent silver bags, unless they meet the 1,000 oz silver threshold
Numismatic and graded coins
Gold coins smaller than 1 oz, such as the 1/10 oz Eagle
Silver coins smaller than 1 oz
Foreign coins not listed in the instructions
Proof and uncirculated coins sold individually

A worked example

Maria in Florida sells 30 American Silver Eagles to a dealer. Each coin is 1 oz of silver. The lot is 25 or more 1 oz silver coins, so the dealer files a 1099-B. Maria also sells a 100 oz silver bar.

That bar is under the 1,000 oz bar threshold, so no 1099-B is filed for it. Maria still reports both sales on her return. The 1099-B only changes what the IRS already knows.

Why product form matters

A 1 kg gold bar and a 1 oz gold coin are both gold, but they are treated differently. The bar is reportable on its own. The coin is reportable only in a lot of 25.

Sellers who want to avoid a 1099-B can sell coins in smaller lots, but that does not avoid the tax. It only changes the reporting. Dealers who misclassify items can face penalties.

Timelines: when dealers and sellers must file and furnish statements

Deadlines for 1099-B and 8300 are set by statute and IRS instructions. Missing them can trigger penalties. The dates are fixed, though weekends and holidays can push them to the next business day.

Form 1099-B deadlines

Dealers must furnish a copy of Form 1099-B to the seller by the last day of February. They must file the form with the IRS by the last day of February if filing on paper, or by the last day of March if filing electronically.

The IRS when to file page lists the general individual filing deadlines that interact with these dates at When to file | Internal Revenue Service.

Form 8300 deadlines

Form 8300 is due 15 days after the cash transaction. If a dealer receives more than $10,000 in cash on June 1, the form is due June 16. If the 15th falls on a weekend or holiday, the due date moves to the next business day.

There is no annual filing window for 8300. Each transaction has its own 15-day clock.

Sellers' return deadlines

Sellers report bullion sales on their annual return. For most individuals, that is Form 1040 with Schedule D and Form 8949. The return is due April 15, or the next business day if that falls on a weekend or holiday. An extension to October 15 gives more time to file, not more time to pay.

Steps to meet the deadlines

Get a W-9 from the seller before the transaction closes.
Decide whether the item is reportable under IRS instructions.
File Form 8300 within 15 days if cash exceeds $10,000.
Furnish Form 1099-B to the seller by the last day of February.
File Form 1099-B with the IRS by the last day of February on paper or the last day of March electronically.

Where to file

Paper returns go to different addresses depending on return type and whether payment is enclosed. The IRS where to file page lists addresses by return type at Where to file tax returns - Addresses listed by return type | Internal Revenue Service.

Dealers filing 1099-B electronically use the IRS FIRE system. Form 8300 has its own electronic filing system.

State deadlines

Some states impose their own reporting on dealers. California and New York have rules for certain transactions. These are separate from federal deadlines. A dealer in those states may need to file with both the IRS and a state agency. Sellers should not assume a federal form covers state duties.

Cost basis, proceeds and how reporting affects your return

A 1099-B reports proceeds, not gain. The seller must supply the cost basis. That is the price paid plus certain costs such as shipping, insurance, and dealer premiums. The difference between proceeds and basis is the gain or loss.

Proceeds

Proceeds are what the dealer paid you. If you sold a 1 kg gold bar for $80,000, the 1099-B shows $80,000. That is not your taxable gain. It is the starting point for the calculation. The dealer does not subtract your original cost.

Basis

Basis is what you paid. If you bought the same bar for $60,000, your basis is $60,000. Your gain is $20,000.

If you held the bar more than a year, the gain is long-term and taxed at the long-term capital gains rate. If you held it a year or less, it is short-term and taxed at ordinary rates.

Collectibles rate

Gold, silver, platinum, and palladium coins and bars are collectibles. Long-term gains on collectibles are taxed at a maximum rate of 28 percent, higher than the standard long-term rate. That rate applies to the gain, not the proceeds. Sellers should not confuse the two.

Basis reporting for bullion

Bullion cost basis reporting is limited. For most physical bullion, the dealer does not report basis to the IRS on Form 1099-B. The seller must keep records. That is different from stocks, where brokers report basis. For bullion, the burden is on the seller. Our bullion pricing guide explains how to track basis through a sale.

How reporting affects your return

If a 1099-B is filed, the IRS has a record of the proceeds. The seller must report the sale on Form 8949 and Schedule D. If the seller does not, the IRS can send a notice. The notice proposes tax on the full proceeds, not just the gain.

The seller then has to prove basis to reduce the tax. That is why records matter.

Inherited bullion

Inherited bullion gets a step-up in basis. The basis is the fair market value on the date of death. If you inherit a gold bar worth $50,000 and sell it for $52,000, your gain is $2,000. The 1099-B shows $52,000 in proceeds. You report $2,000 of gain.

Without the step-up, you would pay tax on the full $52,000. Our bullion break-even calculation shows how this works in practice.

Records and transcripts to document bullion sales

Good records reduce tax and defend against notices. Sellers should keep purchase receipts, sales receipts, shipping records, and insurance records. Dealers should keep W-9s, 1099-B copies, and 8300 copies. The IRS can request these records on audit.

What to keep

Purchase receipts showing date, item, price, and premium
Sales receipts showing date, item, and proceeds
Shipping and insurance invoices
Dealer statements and confirmations
Form 1099-B copies
Form 8300 copies, if you are a dealer
Estate documents for inherited bullion

How long to keep records

The IRS generally can audit a return within three years of filing. If income is understated by more than 25 percent, the window is six years. If no return is filed, there is no limit. For bullion, the safest approach is to keep records for at least seven years after the sale.

Getting transcripts

If you lose a 1099-B, you can request a transcript from the IRS. Wage and income transcripts show information returns filed under your TIN, including 1099-B.

You can get tax records and transcripts to document bullion cost basis and sales at Get your tax records and transcripts | Internal Revenue Service. Transcripts are free and can be requested online.

Using transcripts with your own records

A transcript shows what the IRS has. It does not show your basis. Use it to confirm the proceeds figure and the date. Then match it to your own purchase records. If the transcript shows a sale you do not recognize, it may be an error or identity theft. Report it promptly.

Dealer records

Dealers must keep copies of filed 1099-B and 8300 forms. They must also keep the W-9s. These records support the filings and show good faith. A dealer who cannot produce them may face penalties if the IRS challenges a filing.

When records are thin

Some sellers have no purchase receipts. They may still reconstruct basis using bank records, credit card statements, or dealer records. If the bullion was a gift, the donor's basis carries over. If it was inherited, the estate's valuation applies. Our bullion format case can help organize what you have before you sell.

Penalties, corrections and what to do if a form is wrong

Penalties for reporting failures are real. They apply to dealers who fail to file, file late, or file incorrect forms. Sellers face penalties for not reporting gains, but not for a dealer's 1099-B error.

1099-B penalties

The penalty for failing to file a correct 1099-B is $310 per form for 2025 filings, with higher caps for large businesses. The penalty rises if the failure is intentional. The IRS can also assess penalties for late filing and for failing to furnish a copy to the seller.

Form 8300 penalties

IRS 8300 penalties are steeper. The base penalty for failing to file a correct Form 8300 is $310 per form. If the failure is intentional, the penalty is the greater of $31,000 or the amount of cash received, up to $155,000. There are also criminal penalties for willful failures.

Correcting a 1099-B

If a dealer files a wrong 1099-B, it can file a corrected form. The corrected form must be marked as corrected and filed with the IRS. The dealer should also furnish a corrected copy to the seller. Sellers who receive a corrected form should use the corrected figures on their return.

Correcting a Form 8300

A dealer can file a corrected Form 8300 if the original had errors. The correction should include the original transaction date and the corrected information. Dealers should keep a copy of both the original and the correction.

What sellers should do

If you receive a 1099-B that is wrong, contact the dealer. Ask for a corrected form. If the dealer will not correct it, you can still report the correct amount on your return and explain the difference. Keep your records. If the IRS sends a notice based on the wrong form, respond with the correction and your evidence.

What dealers should do

Dealers should review their reporting annually. Check that reportable items were flagged, that 8300s were filed on time, and that W-9s are on file. The IRS newsroom posts announcements on reporting thresholds and enforcement at Newsroom | Internal Revenue Service. Dealers should also watch for changes in the instructions each year.

When to get help

If penalties are proposed, a tax professional can help. The IRS appeals process allows a dealer or seller to challenge a penalty. For large cash transactions, an attorney may be needed. The cost of help is often less than the penalty.

Common questions

Does a dealer file a 1099-B for every bullion sale? No. A dealer files only for reportable items under IRS instructions, such as 1 kg gold bars or 1,000 oz silver bars. Many coin sales are not reportable.

Is Form 8300 required for a $10,000 cash payment? No. The threshold is more than $10,000. A payment of exactly $10,000 does not trigger the form. A payment of $10,001 does.

Who pays the tax on a bullion sale, the dealer or the seller? The seller pays tax on the gain. The dealer files information returns but does not owe tax on the seller's gain.

What if I never received a 1099-B? You still must report the sale. You can request a transcript to see what the IRS has. If no form was filed, report the sale on your return using your own records.

Are gold coins always reportable? No. Only 1 oz gold coins sold in lots of 25 or more are reportable. Smaller coins and single coins are generally not reportable.

What happens if a dealer files a wrong 1099-B? The dealer can file a corrected form. The seller should use the corrected figures. If the IRS notices a mismatch, the seller can explain with records.