The IRS Just Corrected Its Confusing Coin Example: What Precious Metals Sellers Need to Know About 1099-B Reporting in 2026

This article reflects IRS reporting rules for precious metals dealer transactions as of publication in September 2026. Confirm any specific reporting question with a tax professional and with the current IRS Form 1099-B instructions before relying on this information. Nothing in this article is tax advice for your specific situation.

The rules for what a precious metals dealer has to report to the IRS when a customer sells them bullion have generated more confusion than almost any other corner of the industry. In late 2025 the IRS made the confusion worse by including a misleading example in the 2025-2026 Form 1099-B instructions that seemed to suggest even individual coin sales might trigger reporting. On January 30, 2026, after sustained pressure from the National Coin & Bullion Association, the IRS corrected the instructions and removed the offending example.

The correction did not change the underlying rule. It clarified what the rule actually says. This piece walks through what dealers are required to report on Form 1099-B in 2026, what the misleading example said and why it was withdrawn, how the separate Form 8300 cash-reporting rule fits, and what a seller should actually expect.

What the rule actually says

Form 1099-B is the IRS form dealers file to report proceeds paid to a non-corporate seller of certain items — including specific precious metals transactions. It is a broker-reporting form; it exists so the IRS can match dealer-reported proceeds to seller-reported gains on Form 8949 and Schedule D.

The corrected 2026 instructions now state that a sale of a precious metal is not reportable on 1099-B if the CFTC has not approved trading by regulated futures contract for that metal in that form, or if the quantity sold is less than the minimum required to satisfy a CFTC-approved regulated futures contract. Sales of precious metals for a single customer during a 24-hour period must be aggregated and treated as a single sale to determine if the exception applies.

Translated: a dealer has to file a 1099-B for your sale only if:

1. Your metal is in a form for which there is a CFTC-approved futures contract, and
2. The quantity you sell meets or exceeds the minimum contract size, and
3. You are not a corporation (dealer reporting is on non-corporate sellers).

If any of those elements is missing, the dealer does not file a 1099-B for your sale.

Which sales actually trigger reporting

Based on the current CFTC-approved contract structure and long-standing dealer practice, the sales that trigger 1099-B reporting in 2026:

Gold bars and rounds: each item at least .995 fineness, with total sale quantity of 1 kilo (32.15 troy ounces) or more in a single transaction or aggregated 24-hour window.

Silver bars and rounds: each item at least .999 fineness, with total sale quantity of 1,000 troy ounces or more in a single transaction or aggregated 24-hour window.

Platinum bars and rounds: each item at least .9995 fineness, with total sale quantity of 25 troy ounces or more.

Palladium bars and rounds: each item at least .9995 fineness, with total sale quantity of 100 troy ounces or more.

Specific foreign gold coins that have historically been treated as reportable in industry practice: 1 oz Gold Maple Leaf, 1 oz Gold Krugerrand, 1 oz Gold Mexican Onza — in quantities of 25 or more. The status of these coin thresholds became less clear after the January 30, 2026 correction (see next section).

What does NOT trigger reporting

American Gold Eagles and American Silver Eagles are not reportable on 1099-B regardless of quantity. This is a long-standing industry practice.

Rare coins and numismatic coins are not reportable — these are outside the CFTC-approved-contract framework.

Individual small bar or coin sales below the quantity thresholds are not reportable. A one-ounce silver bar sale is not reportable. A five-ounce gold bar sale is not reportable (below the 1-kilo threshold). A single American Gold Eagle sale is not reportable.

Structuring warning: the exception does not apply if the broker knows or has reason to know that a customer, either alone or with a related person, is engaging in sales to avoid information reporting. Selling 999 ounces of silver on one day and one more ounce on the next day at the same dealer does not evade the aggregation rule.

The January 30, 2026 correction and what it actually changed

In late 2025, the IRS published draft 2025-2026 instructions for Form 1099-B that included an example under “Sales of precious metals” on page 5 referencing “a single gold coin.” The example implied that even small, individual coin sales might trigger 1099-B reporting under certain readings — despite the IRS's own 2024 clarification that such transactions are not reportable when quantities fall below the CFTC-approved regulated futures contract minimums.

The example generated significant confusion in the dealer and collector community. Dealers were unsure whether to over-report to be safe or continue under prior practice. Sellers of small quantities worried that even routine sales would trigger unexpected 1099-Bs.

The National Coin & Bullion Association engaged with the IRS over the course of 2025 to seek clarification. On January 30, 2026, the IRS posted a formal Correction to the 2025 and 2026 Instructions for Form 1099-B. The correction removed the misleading “single gold coin” example and restated the rule in its current form: precious metals sales are not reportable if there is no CFTC-approved regulated futures contract for that metal form, or if the quantity is less than the contract minimum.

The correction is important for two reasons. First, it removed a source of dealer overreporting that would have generated unnecessary 1099-Bs for small coin sellers. Second, it reaffirmed the underlying rule that had been settled but was becoming muddled by the draft instructions.

For a seller in 2026, the practical takeaway: if you sold individual gold or silver coins in modest quantities in 2025 or early 2026 and your dealer did not issue a 1099-B, that is likely correct under the current rule. If a dealer over-issued 1099-Bs during the confusion, sellers may want to check with a tax professional about how to reconcile on their return.

Form 8300: the cash-transaction rule that is not the same thing

A separate but frequently-conflated reporting rule is Form 8300, which precious metals dealers (like other businesses) must file when they receive cash payments of $10,000 or more in a single transaction or in related transactions. Form 8300 is filed with FinCEN and the IRS, and it applies regardless of what is being sold.

Form 8300 is an anti-money-laundering rule, not a tax reporting rule. It applies to the dealer receiving cash from a buyer of precious metals — not to a dealer buying metals from a customer. So the two reporting rules operate in opposite directions:

• 1099-B covers a customer selling reportable-quantity metals to a dealer. The dealer reports the sale proceeds.
• Form 8300 covers a customer paying $10,000+ in cash to a dealer to buy metals. The dealer reports the cash receipt.

“Cash” for Form 8300 purposes includes physical currency, cashier's checks, money orders, bank drafts, and traveler's checks — but does not include personal checks, wire transfers, or credit card payments. This matters because a common misconception is that any $10,000 precious metals transaction triggers Form 8300. It does not. A $10,000 wire transfer for a gold purchase generates no Form 8300 filing.

Structuring cash transactions to stay under $10,000 (paying $9,500 today and $8,000 next week for related purchases) is a federal crime independent of any tax issue. Dealers who receive structured payments have their own reporting and legal obligations.

The Form 1099-K and Form 1099-MISC updates that also affect 2026

Two adjacent reporting changes worth mentioning because they get confused with 1099-B in the metals context:

Form 1099-MISC threshold increased from $600 to $2,000 beginning January 1, 2026. This affects miscellaneous income reporting broadly. It is not a change to 1099-B and does not affect metals-sale reporting thresholds, but the timing of the change contributed to some confusion in the market.

Form 1099-K threshold remains at $20,000 in gross payments and 200 transactions for third-party payment networks. Sellers who receive payment for metals through a payment platform above these thresholds may receive 1099-Ks in addition to any 1099-B the dealer files.

Neither of these changes the underlying 1099-B rule for precious metals sales. Both change the shape of the paper the IRS receives, which affects how sellers reconcile their returns.

Regardless of dealer reporting, the seller still owes tax

The most important point about 1099-B reporting is that dealer non-reporting does not eliminate the seller's tax obligation. If you sell metals at a gain and the dealer does not issue a 1099-B, you still owe capital gains tax on the gain and are still required to report it on Form 8949 and Schedule D. The IRS treats precious metals as collectibles under IRC § 408(m), which means long-term capital gains are taxed at a maximum rate of 28% (rather than the 15% or 20% that applies to most other long-term capital gains), and short-term gains are taxed at ordinary income rates.

The absence of a 1099-B does not create a compliance safe harbor. It just means the IRS does not receive a matching document from the dealer, which affects audit selection but not underlying liability.

What a seller should expect from a reputable dealer

When you sell precious metals to a reputable dealer in 2026, here is what should happen:

1. The dealer weighs and verifies your metals.
2. The dealer quotes a price based on current spot minus a small dealer margin.
3. If the sale is above a 1099-B threshold (1 kg gold, 1,000 oz silver, etc.), the dealer collects your name, address, and Social Security number for the 1099-B filing. If the sale is below the threshold, this information is not required for reporting purposes (though the dealer may still request identification for the purchase itself).
4. The dealer pays you, typically by check or bank transfer.
5. If a 1099-B is required, you receive a copy in January of the following year and the IRS receives one at the same time.

If a dealer refuses to buy without collecting identification for a small sale that is clearly below reporting thresholds, ask why. Some dealers apply their own internal policies that exceed IRS requirements — legal, but worth understanding before you decide to sell.

This article is general information only, not investment or financial advice. Precious metals prices fluctuate, and tax treatment depends on individual circumstances, so confirm reporting and tax questions with a qualified tax professional. Browse our dealer directory to compare pricing across dealers in your area.