Do Gold Dealers Report Your Purchases or Sales to the IRS?

Many people buying gold for the first time ask whether the dealer tells the IRS. The short answer is that buying is usually not reported, selling is reported only in some cases, and large cash payments are reported either way.

There are two different IRS forms involved, and they work in different ways. Form 1099-B is about sales. Form 8300 is about cash. The rules for Form 1099-B and precious metals also changed in January 2026, so older articles may be out of date.

This page explains both forms, what changed, and the one point that matters most: whether or not a dealer reports anything, a gain on gold or silver is taxable when you sell.

When you buy gold, is it reported to the government?

Not on Form 1099-B. That form reports what a broker paid you when you sold something. The IRS instructions describe reporting proceeds from "dispositions," meaning sales, and don't describe purchases as reportable.

The main exception is cash. If you pay a dealer more than $10,000 in cash, the dealer has to file Form 8300 (see below). Personal checks and bank wires don't count as cash for Form 8300.

Some states also charge sales tax when you buy, which is a separate matter. See sales tax on gold and silver.

What is Form 1099-B, and when does a dealer file one for metal?

Form 1099-B is the form brokers use to report sale proceeds to you and to the IRS. A dealer who buys metal from you can count as a broker for this purpose. For precious metals, only some sales are reportable.

The current IRS rule works in two steps:

1. The form of the metal. A sale of gold, silver, platinum or palladium "in any form" is not reportable if the CFTC (Commodity Futures Trading Commission, the federal futures regulator) has not approved trading of that form by a regulated futures contract.
2. The quantity. Even if the form matches an approved contract, the sale is not reportable if the amount, by weight or number of items, is less than the minimum quantity that contract calls for.

Two more rules close the obvious gaps. Sales by one customer within a 24-hour period are added together and treated as one sale. And the exception does not apply if the dealer "knows or has reason to know" that a customer, alone or with a related person, is selling in a way meant to avoid reporting.

What changed in January 2026?

In January 2026, the IRS corrected the 2025 and 2026 Instructions for Form 1099-B. The correction removes the example that sat under "Sales of precious metals" and restates the rule described above.

For years, many dealers relied on an older industry list of reportable items. It included lots of one-ounce gold Krugerrands, Maple Leafs and Mexican Onzas, and bags of 90% silver US coins. Some articles and videos still repeat that list. It no longer matches the IRS instructions.

Does a 1099-B mean I owe more tax?

No. A 1099-B does not create tax, and the lack of one does not remove it.

If you get a 1099-B, the IRS already knows the sale price, so it expects to see the sale on your return. If you don't get one, you still report the sale the same way. Either way, you work out your gain from your own cost basis and report it on Form 8949 and Schedule D. Our guide to how gold and silver are taxed walks through the forms, the collectibles rate and the records to keep.

What is Form 8300, and when is it filed?

Form 8300 is a report a business files when it receives a large amount of cash. It applies to bullion dealers like any other business.

According to the IRS:

• A business must file Form 8300 if it receives more than $10,000 in cash in a single transaction or in related transactions.
• It must file within 15 days of receiving the cash.
• It must give each person named on the form a written statement by January 31 of the next year, saying the information was reported to the IRS.

What counts as cash. US and foreign coins and currency count. The IRS guide also says cashier's checks, bank drafts, traveler's checks and money orders with a face value of $10,000 or less can count as cash in certain cases, including a "designated reporting transaction" such as a retail sale of a collectible. Personal checks drawn on your own account do not count.

Related transactions. Payments within 24 hours are added together. Payments more than 24 hours apart can also count as related if the business knows they are connected.

Form 8300 is about cash the dealer receives, so it mainly comes up when you buy with cash. A Form 8300 is not an accusation of anything. It is a routine report that the law requires.

Is it illegal to split payments to avoid reporting?

Yes. Breaking a large cash payment into smaller ones to avoid a report is called structuring, and it is illegal.

The IRS Form 8300 guide defines structuring as "breaking up a large cash transaction into small cash transactions." It says penalties can apply to any person, including the customer paying the money, who tries to stop a correct Form 8300 from being filed. The same idea appears in the 1099-B rule: a dealer can't treat sales as small if it knows a customer is splitting them up to dodge reporting.

Can I sell gold without the IRS knowing?

Possibly, in the sense that no form may be filed. But that doesn't change what you owe.

The IRS expects you to report your sales and pay tax on any gain, whether or not a dealer files anything. If you held the metal more than one year, the gain can be taxed at up to 28%, and state income tax may also apply. "Not reported" never means "not taxed."

Selling at a loss is also worth reporting, because a capital loss can offset other gains and, within limits, other income.

Questions to ask a dealer about reporting

Before a large purchase or sale, these questions can save surprises:

• Will you file a Form 1099-B for this sale? Which items do you treat as reportable?
• If I pay in cash, will you file a Form 8300? (A dealer that says it can "avoid" this is a red flag.)
• Will I get a written invoice or sale confirmation showing the date, items, quantity and price?

Keep every invoice and sale confirmation. They are what you use to show your cost basis and the sale price at tax time. For more on checking a dealer before you pay, see how to buy gold online safely, and when it's time to sell, see how to sell gold and silver for a fair price.

What reporting rules can't tell you

None of these forms say whether metal is a good fit for you. Gold and silver pay no income, cost money to buy, sell, store and insure, and can fall in price or stay flat for years. Reporting rules only decide what paperwork follows a purchase or sale. For your own situation, talk to a tax professional or a fee-only fiduciary.