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1099-B reporting has changed - this is huge!
Posted:
Thu Jan 02, 2025 12:00 pmby Cu Penny Hoarder
Any amount of gold and silver coin sales are no longer reportable to the IRS... just large bars. Hard to believe really... https://youtu.be/PlWIg6NoXk4
Re: 1099-B reporting has changed - this is huge!
Posted:
Fri Jan 03, 2025 11:56 amby Cu Penny Hoarder
Not one comment? I thought this would be a hot topic. I certainly was pleasantly surprised by this.
Any buyer who bought gold and/or silver coins and filed a 1099-B on the seller during 2024 is now null and void.
These reporting requirements have been misinterpreted for many years because they were so general. IRS should give back all the taxes those sellers had to pay.
More here:
https://www.collectpure.com/blog/updated-1099-b-tax-reporting-requirements-for-bullion-transactions
Re: 1099-B reporting has changed - this is huge!
Posted:
Fri Jan 03, 2025 3:14 pmby Silver4face
"IRS should give back all those taxes"
I agree, but the odds of that are roughly ZERO.
Re: 1099-B reporting has changed - this is huge!
Posted:
Fri Jan 03, 2025 4:27 pmby pmbug
Yes, well, I'll be very busy next week asking the IRS to please nullify all those 1099b forms from last year for the multitude of times I went to my LCS and bought 25+ 1toz gold coins at a time.
Re: 1099-B reporting has changed - this is huge!
Posted:
Fri Jan 03, 2025 6:58 pmby Cu Penny Hoarder
pmbug wrote:Yes, well, I'll be very busy next week asking the IRS to please nullify all those 1099b forms from last year for the multitude of times I went to my LCS and bought 25+ 1toz gold coins at a time.
The 1099b is/was only generated when you're selling, not buying.
Re: 1099-B reporting has changed - this is huge!
Posted:
Fri Jan 03, 2025 7:32 pmby Morsecode
I've sold to national dealers, local coin stores, pawn shops...In 45 years, no one has asked me for my SS#. One sale in the early 90's involved a kilo bar of yellow, so these 1099 limits must have been fairly high even then.
Re: 1099-B reporting has changed - this is huge!
Posted:
Sat Jan 04, 2025 8:45 amby pmbug
Cu Penny Hoarder wrote:...
The 1099b is/was only generated when you're selling, not buying.
Diamond hands for the win!
Re: 1099-B reporting has changed - this is huge!
Posted:
Sun Jan 05, 2025 2:11 amby Recyclersteve
I wonder if your typical coin shop knows about this…
Re: 1099-B reporting has changed - this is huge!
Posted:
Sun Jan 05, 2025 8:33 pmby Cu Penny Hoarder
Recyclersteve wrote:I wonder if your typical coin shop knows about this…
If yours doesn't, make sure you tell them.