Pinehurst Coins & Government Reporting

For most transactions, Pinehurst Coins does not report your precious metals purchase details with the government. However, Pinehurst Coins has a reporting obligation when cash or related cash payments surpass $10,000 within a 24-hour period. Please be advised that this also encompasses cashier’s checks and money orders valued up to and in excess of $10,000. In these instances Pinehurst Coins will be required to file Form 8300 with the IRS.

Reporting on Buybacks

Some products that we might repurchase from our clientele necessitate reporting to the IRS. Such transactions involve Form 1099-B. Customers must fill out a Form W-9 for the 1099-B to be sent to the IRS. Pinehurst Coins provides the W-9 during transaction discussions, and it’s crucial for us to have it before making the payment. Expect the 1099-B forms to be dispatched by February 15 of the subsequent year after the buyback.

The ICTA has given the subsequent guidelines concerning Precious Metal transactions. Keep in mind, both these and IRS directives could be modified at any time without notice.

Reportable ItemMinimum FinenessMinimum Reportable Amount
Gold Bars0.995Any size bars totaling at least 1 Kilo (32.15 troy oz)
Silver Bars0.999Any size bars totaling at least 1000 troy oz
Platinum Bars0.995Any size bars totaling at least 25 troy oz
Palladium Bars0.9995Any size bars totaling at least 100 troy oz
Gold 1 oz Krugerrandas mintedTwenty-five (25) 1 oz coins
Gold 1 oz Maple Leafas mintedTwenty-five (25) 1 oz coins
Gold 1 oz Mexican Onzaas mintedTwenty-five (25) 1 oz coins
U.S. 90% Silver Coinsas mintedAny combination of dimes, quarters, or half-dollars totaling at least $1,000 face value
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