We do not report the majority of precious metals purchases to the government. That being said, we do have an obligation to file Form 8300 in the instance of cash payments over $10,000. The $10,000 minimum also applies to related cash transactions within 24 hours of each other that together total more than $10,000. Please note, cash includes cashier’s checks and money orders with a face value of $10,000 or less. For full details, view our infographic and video detailing bullion reporting requirements
Buyback Reporting Requirements
Certain products that JM Bullion may buy back from customers are reportable to the IRS. These reportable items require the filing of a Form 1099-B. In order for the Form 1099- B to be filed with the IRS , the customer will need to complete a Form W-9. The Form W-9 should be sent to the customer during the sale negotiation and must be completed and received by JM Bullion prior to payment for the sale. Forms 1099- B will be mailed to customers by February 15 in the year following the buy back.