Selling Gold Bullion

[Tom]

Just as a hypothetical - when you sell gold bullion to a dealer, do they take your information and issue a 1099 of the sale?  Never had to do this so just curious.

[foglifter]

I never sold it either, but I doubt they issue any tax forms.

Here's what a quick Google search returned:

"Gold dealers are not required to report an individual's sale of gold except in instances where more than 25 oz. of South African Krugerrands, Canadian Maple Leafs and Mexican Gold Onzas gold are sold. These types of gold are considered to be a regulated commodity, and the sale of such items must be reported by gold dealers to the IRS. The reporting of capital gain from the sale of all other forms of gold is otherwise left up to the individual seller to report."

[Kevin K.]

I had the same question as I sold bullion for the first time this year. I haven't been able to get a response from the holding company/vault. Does anyone have definitive info on this?

[frugal]

http://www.coininvestdirect.com/en/buy_back.html

i dont like the way they do it (you have to send it and receive after) but they buy...