Pure files IRS Form 1099-B for reportable bullion transactions, as the IRS requires of precious metals brokers. The IRS list of reportable items is narrow: it only covers specific large bars, from accredited brands, sold in quantities big enough to satisfy a commodity futures contract, so most everyday bullion sales fall outside it.
Which sales are reportable
A sale is reportable only if the metal could be used to satisfy a CFTC-approved futures contract. Under IRS Revenue Procedure 92-103, as confirmed with the IRS by the National Coin & Bullion Association in 2024, that means all of the following at once: an accredited-brand bar, at the minimum fineness, at or above the minimum quantity within a 24-hour period.
Metal | Reportable form | Minimum fineness | Reportable amount |
Gold | 100 troy oz bars or 1 kilo bars | .995 | One 100 oz bar, or three kilo bars |
Silver | 1,000 troy oz bars | .999 | Five bars (5,000 troy oz) |
Platinum | Bars or plates of 10 troy oz or more | .9995 | 50 troy oz |
Palladium | Bars or plates of 10 troy oz or more | .9995 | 100 troy oz |
Only bars from brands accredited for futures-contract delivery count toward these thresholds.
Which sales are not reportable
Under the 2024 clarification, bullion coins are not reportable. That includes 1 oz Gold Maple Leafs, Krugerrands, and Mexican Onzas, which appeared on older industry lists. Bags of 90% silver coins are also not reportable, and neither are fractional bars, bars below the quantity thresholds, or bars from non-accredited brands.
A few details worth knowing
- Sales by the same customer (or related customers) within a 24-hour period are aggregated and treated as one sale. Splitting a sale to avoid reporting does not make it exempt.
- Form 1099-B covers proceeds from sales. Buying metal on Pure does not generate a 1099-B.
- If your sale is reportable, Pure furnishes the form to you and to the IRS after the end of the tax year.
- Gains on metals you sell can be taxable even when no 1099-B is issued; the form is about reporting, not about whether tax applies.
For the full background, including the IRS source language and the history of these requirements, see our blog post on 1099-B reporting requirements.
The futures-contract specifications above can change over time. This article is general information, not tax or legal advice; for questions about your own situation, talk to a qualified tax professional.