Form 8300
Definition
Form 8300 is the IRS report a dealer files when it receives more than $10,000 in cash from a customer in a single transaction or in related transactions. It records the payment; it is not a tax and does not by itself create any tax liability.
Form 8300 exists to track large cash payments across many industries, and precious-metals dealers fall under the same rule as auto dealers, jewelers, and others.
Why it matters
The threshold is about the form of payment, not the kind of metal. “Cash” here means physical currency and certain cash-equivalent instruments. Bank wires and personal checks generally do not count as cash for this rule. So paying for a large order by wire usually does not trigger a Form 8300.
Common confusion
Many buyers assume a Form 8300 means they owe tax or have done something wrong. Neither is true. The form simply reports a cash payment. Whether you owe tax on a sale of metal is a separate question answered by your gain or loss, not by this report.
How it’s used
The dealer files the form; the buyer does not file it. The buyer is typically notified that a report was made. Structuring payments into smaller amounts specifically to avoid the report is itself illegal, so the cleanest approach is to pay normally and let the dealer handle any required filing.