Reporting Requirements

Investing in Precious Metals can be a confusing experience when you are just beginning, but just like with anything else, a little knowledge can go a long way. Knowing what information you are, and are NOT required to give to your dealer will help keep your transactions Safe, Private, and Legal.

  1. When the client is purchasing precious metals in ANY quantity, Oxbridge House is not required to report the specific transaction to any governing agency, unless, client pays in cash, for a total of more than $10,000, in which case, dealer must fill out IRS form 8300.
  2. When the client is selling precious metals to Oxbridge House, there are limited 1099 reporting requirements based on product, and quantity. The following summarizes these requirements:

1099 EXEMPT SILVER BULLION


 

 

The following coins are exempt from form 1099 reporting requirements in any quantity:

  • American Silver Eagle Coins
  • Canadian Maple Leaf Silver Coins
  • Austrian Philharmonic Silver Coins
  • Mexican Libertad Silver Coins
  • Chinese Panda Silver Coins

1099 REQUIRED SILVER BULLION

100 oz silver bars

 

 

The following coins require form 1099 reporting in quantities of 1000 ounces or more:

  • .999 fine silver bullion bars (any sizes)
  • .999 fine silver bullion rounds (any sizes)
  • $1000 face value bag or more of 90% silver coins (50 cents, 25 cents, 10 cents)

 

1099 EXEMPT GOLD BULLION

The following coins are exempt from form 1099 reporting requirements in any quantity:

  • American Gold Eagle Coins
  • American Gold Buffalo Coins
  • Gold Austrian Philharmonic Coins

1099 REQUIRED GOLD BULLION


 

The following coins require form 1099 reporting in quantities of 25 ounces or more:

  • Canadian Gold Maples (1 oz)
  • South African Krugerrands (1 oz)
  • Chinese Panda Gold Coins (1 oz)

1099 REQUIRED GOLD BULLION BARS


 

The following barss require form 1099 reporting in quantities of 32.15 ounces or more:

  • .999 fine gold bullion bars (any sizes)

 

The above information applies only to the reporting requirements that your coin dealer should legally be following. Please consult with your CPA in regards to any reporting requirements, you are required to follow.