Gold  $1,753.50  -5.20     Silver  $19.27  -0.32     Platinum  $909.50  -11.40
Michael Scott Gold & Silver
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Reporting
We comply with all federal laws related to the purchasing or selling of precious metal products. If you are buying precious metals for an IRA, your custodian will be responsible for your compliance.
IRS Form 1099-B
The 1099-B (Proceeds from Broker and Barter Exchange Transactions) form is required when certain amounts of reportable precious metal products are sold to a dealer by non-corporate customers. This form in essence notifies the IRS of large bullion transactions for the prevention of any tax evasion by keeping track of individuals who may be selling precious metals as a source of income. Precious metal dealers are required to fill out a 1099-B form when a non-corporate customer sells reportable precious metal products that meet or exceed the amounts listed below.
Reportable Items
  • Silver Bullion (.999) - 1000 troy ounces or more in silver bars/rounds regardless of size.
  • Junk Silver (90%) - $1,000 face value bag in any combination of dimes, quarters or halves.
  • Gold Bars - Totaling 32.15 troy ounces in weight or more.
  • Generic Gold Rounds - Totaling 32.15 troy ounces in weight or more.
  • 1 oz. Gold Maple Leafs - 25 troy ounces or more.
  • 1 oz. Gold Krugerrands - 25 troy ounce or more.
  • 1 oz. Gold Mexican Onzas - 25 troy ounce or more.
  • Platinum Bars (.9995) - Any size totaling 25 troy ounces or more.
  • Palladium Bars (.9995) - Any size totaling 100 troy ounces or more.
Exempt Items
  • American Eagles (any size in gold or silver)
  • American Gold Buffaloes
  • Australian Perth Mint Products
  • Austrian Philharmonics (gold or silver)
  • Canadian Silver Maple Leafs
  • Chinese Pandas (any size in gold or silver)
IRS Form 8300
The IRS Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business) was created in the 1980's. The 8300 form (also known as a Cash Transaction Report or CTR) was introduced by the federal government to manage cash activities that could financially hurt the U.S. Government.

After September 11, 2001, the U.S. department of Homeland Security implemented stringent requirements involving all cash transactions exceeding $10,000 to assist in the management of money laundering activities. The FinCen (Financial Crimes Enforcement Network) under the Department of the Treasury dictates that precious metal dealers are required to report cash payments received for a single transaction of $10,000 or more or multiple transactions by the same person within a 24 hour period of $10,000 or more.

"Cash" is defined as U.S. currency (paper or coin), foreign currencies. When less than $10,000; traveler's checks, cashier's checks, money orders and bank drafts are considered cash. Forms of payment that are not considered "cash" include personal checks, bank wires and credit/debit cards.
Call 817-617-3011 For More Information
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Michael Scott Gold & Silver  1521 N. Cooper St, Suite 216, Arlington, TX 76011
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