For those just starting out investing or thinking about investing in precious metals you should be aware of the IRS guidelines on reportable sales to the IRS from a precious metals dealer. So let’s just get to it. Here is what I have found out about precious metals and taxes.

First off, currently if you buy precious metals from a dealer within the United States they are not required to report sales transactions to the IRS. When purchasing physical gold or silver in bullion, bars, coins, or rounds. These are the most common forms of gold and silver bought for investing purposes. However when you go back to any dealer to sell your precious metals, there are certain types of transactions that are required by US law to be reported back to the IRS. This means the dealer will be sending you an IRS form 1099-B reporting the sale of your transaction and a copy of that 1099-B will go to the Internal Revenue Service....

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