When it comes to selling gold, silver, and other precious metals, you may be wondering if you need to report the transaction to the IRS. The answer is yes - you should generally report gold transactions to the IRS. However, tax liabilities for the sale of precious metals such as gold and silver are not paid at the time they are sold. Instead, physical gold or silver sales must be reported on Schedule D of Form 1040 on your next tax return.
The Internal Revenue Service (IRS) requires you to report any physical sale of gold on Form 1099-B.The IRS believes that the sale of gold is part of the revenue and, therefore, you should submit the form and indicate the type of metal you are selling. When it comes to sales tax, because gold, silver, and platinum are considered capital assets, capital gains taxes may apply to your items.