Which specific bullion products and weight/purity thresholds are listed as reportable by the IRS/CFTC?
Executive summary
The IRS’s 1099-B reporting for bullion is limited to precious-metal forms and quantities that match Commodity Futures Trading Commission (CFTC)–approved deliverable contracts; dealers and industry guides identify specific coins and bar specifications but disagree on exact weight thresholds, so reporting depends on whether a sale matches CFTC-deliverable units [1] [2]. Dealers also combine sales over short windows (aggregation rules) and continue to treat many modern bullion coins (e.g., American Eagles) as non‑reportable under current guidance [3] [4].
1. Which coins are named as “reportable” by IRS/CFTC lists
Multiple industry sources point to a narrow list of coins that the CFTC’s deliverable-contract definitions make reportable: South African Krugerrands, Canadian Maple Leafs, Mexican gold Onza/50‑peso coins, and certain U.S. 90% pre‑1965 silver coins (dollars, half dollars and dimes — not quarters), while modern U.S. bullion coins such as American Eagles are explicitly not on the list used for reporting [2] [5] [6].
2. Per‑coin quantity thresholds that trigger 1099‑B reporting
The IRS/CFTC framework applies minimum contract delivery sizes expressed as numbers of coins; industry guidance repeatedly cites that current CFTC-approved gold‑coin contracts call for delivery of at least 25 coins, meaning sales of 25 or more of the listed gold coins to a dealer are the common threshold that prompts a dealer to file Form 1099‑B [3] [6].
3. Bars and rounds: purity and weight thresholds — the contested specifics
Reporting for bars and rounds depends on both fineness and minimum weight that match CFTC deliverables; several dealer resources cite gold bars at a minimum fineness of .995 and deliverable units of one kilogram (32.15 troy oz) or multiples thereof as reportable [7] [2]. Other major dealers’ FAQs, however, list larger or alternative formulations derived from CFTC contract specs — for example, JM Bullion/JM FAQ and related pages state gold bullion reportability as either a single 100 troy‑ounce bar or three 1‑kilogram bars with minimum .995 fineness, silver as 5,000 troy ounces at .999, and platinum/palladium thresholds and piece‑size minimums that differ by metal (e.g., platinum/palladium .9995 with 10 oz minimum pieces) [1] [4].
4. How aggregation and payment form affect reporting
Even when items individually fall below a threshold, the IRS instructions require dealers to aggregate precious‑metal sales by customer over a 24‑hour period and to file when the aggregated sale meets the CFTC‑deliverable threshold; separations intended to avoid reporting can be disregarded when the dealer “knows or has reason to know” evasion is occurring [3] [8]. Separately, Form 8300 cash‑reporting rules (cash receipts over $10,000) apply regardless of item type and are distinct from 1099‑B rules [9] [1].
5. Why industry sources disagree and what the IRS actually bases reporting on
The IRS bases its reportable‑items list on the forms/quantities that CFTC‑approved regulated futures contracts allow for delivery, but the IRS’s historical guidance is sparse and vendors interpret the CFTC specs differently; some dealer sites present a compact kilo/.995 interpretation [7], while larger dealers cite 100‑ounce and multi‑kilogram combinations as the operative delivery units [1]. The practical consequence is that dealers follow conservative compliance interpretations and file 1099‑B when a sale matches their reading of CFTC deliverables; consumers should therefore expect variation in dealer practices and consult the dealer’s compliance statements and current IRS/Form 1099‑B instructions when assessing reportability [4] [8].