1099-B
Definition
A 1099-B is an IRS information return a dealer or broker files to report the proceeds of certain sales, including some precious-metals buy-backs. It reports the sale to the IRS; it does not set the tax you owe and does not make a sale tax-free if no form is issued.
When you sell metal back to a dealer, specific products sold in specific quantities can trigger a 1099-B, while many common transactions do not.
Why it matters
Reporting rules cover only certain coins and bars at defined quantity thresholds, following long-standing IRS guidance. So whether a 1099-B is issued depends on what you sell and how much, not simply on the dollar value of the sale.
Common confusion
The most important point is this: “no 1099” does not mean “tax-free.” If you sell metal at a gain, that gain is generally taxable whether or not a form was filed. The 1099-B is a reporting document for the IRS, not the rule that decides if tax is owed. You remain responsible for reporting gains accurately.
How it’s used
The dealer files the 1099-B based on the buy-back and provides you a copy. You use your own records, your purchase price, your sale price, and holding period, to calculate the gain or loss when you file. Keeping clear purchase records makes this straightforward.