What tax reporting forms and thresholds apply to sales of bullion and numismatic coins in 2025?
Executive summary
Form 1099‑B remains the primary information return dealers use to report certain sales of bullion and numismatic coins to the IRS, but 2025 IRS guidance narrowed some reportable categories and set specific quantity and purity thresholds for different metals; sellers, however, must report capital gains on their tax returns regardless of whether a dealer files a 1099‑B [1] [2]. Industry guidance and dealer FAQs list the familiar reportable triggers — pre‑1965 90% U.S. silver coin face value over $1,000 and sales of certain 1‑oz gold coins in counts of 25 or more — while also pointing to new clarifications and bulky‑metal thresholds in the 2025 Form 1099‑B instructions [3] [4] [5] [1].
1. What form applies: 1099‑B is the dealer’s reporting tool
When a precious‑metals dealer must notify the IRS about a customer sale, the mechanism is Form 1099‑B: dealers collect taxpayer data (often via Form W‑9) and issue 1099‑B returns to both the seller and the IRS for reportable transactions, a practice emphasized by multiple dealer resources and trade reporting explanations [1] [6] [7].
2. Classic thresholds: which coins and counts trigger 1099‑B filing
Longstanding industry guidance identifies specific reportable items: sales of U.S. 90% silver coins (pre‑1965 dimes, quarters, half dollars) where the combined face value exceeds $1,000, and sales of certain 1‑ounce gold coins — historically Canadian Maple Leafs, South African Krugerrands and Mexican Onzas — when sold in quantities of 25 or more, must be reported by dealers on Form 1099‑B if the sale meets the prescribed totals [3] [4] [5] [6].
3. 2025 clarifications and bullion‑weight thresholds
The IRS’s 2025 Instructions for Form 1099‑B clarified that many precious‑metals sales not tied to CFTC‑approved regulated futures contracts are not reportable, and dealers cite explicit weight/purity thresholds for larger bullion lots that remain reportable — for example, silver bullion in lots of 5,000 troy ounces (minimum .999 purity), platinum at 50 troy ounces (.9995 purity), and palladium at 100 troy ounces (.9995 purity) under dealer summaries of the guidance [1]. These numeric thresholds are now central to what dealers classify as “reportable bullion transactions” [1].
4. Exemptions, numismatic value, and industry caveats
Several common items are routinely listed as exempt from 1099‑B reporting: fractional gold coins, modern U.S. American Eagles, and many commemorative or numismatic pieces not on the IRS’s reportable list are treated as outside the automatic dealer reporting rules, a point stressed by dealer FAQs and trade articles [8] [9] [10]. Industry sources also argue that coins traded for numismatic value (collector premiums) may fall outside the commodity‑style reporting categories, though dealers differ in practice about which pieces they voluntarily report [6] [7].
5. Seller obligations, reporting gaps and penalties
Even when a dealer does not file a 1099‑B, sellers remain legally responsible to report any capital gains from sales of bullion and coins on their tax returns; failing to report gains can trigger back taxes, interest, and penalties, and dealers who neglect to file required 1099‑Bs face separate IRS penalties [2] [11]. Dealers warn about “split sale” avoidance — verbal or sequential sales that together meet a threshold can be treated as a single reportable transaction — which shifts compliance obligations back onto both buyer and seller if the dealer reasonably aggregates sales [11].
6. Practical takeaway for 2025 transactions
Dealers and dealer‑oriented guides urge customers to expect W‑9 requests for reportable sales, to keep purchase records for basis calculations, and to consult tax professionals for capital gains treatment, while noting that the 2025 IRS instruction shifts some previous assumptions about which precious‑metals transactions trigger 1099‑B filing [1] [3]. Industry commentary and dealer FAQs consistently recommend confirming whether a specific coin or bullion lot appears on the IRS Reportable Items List and treating any sale that could meet face‑value, count or weight thresholds as potentially reportable [3] [4].