Do you have to report precious metals to IRS? You generally do not have to report simply owning physical gold, silver, or other precious metals to the IRS. However, selling or exchanging them can create tax-reporting obligations.
If you sell investment metals, you generally report the transaction on Form 8949 and Schedule D, including any taxable gain. This applies even if your dealer does not issue Form 1099-B. A dealer’s reporting requirements are separate from your responsibility to report taxable sales.
Cash purchases can also trigger reporting. Businesses generally must file Form 8300 when they receive more than $10,000 in cash in one transaction or related transactions. The business files that form, not the buyer.
Keep records of purchase costs, fees, and sale proceeds so you can accurately calculate gains.