In the context of precious metals transactions, dealers must complete a Form 1099-B. This is done when a customer sells any of the products mentioned in the IRS's list of reportable items in specific quantities, which we'll discuss later in this article. The Internal Revenue Service (IRS) requires that you report any physical sale of gold on Form 1099-B. The IRS considers that selling gold is part of the income and, therefore, you must submit the form and indicate the type of metal you are selling.
For more information on gold IRA rollovers, please refer to our Gold IRA Rollover Guide. People in the 33% or 35% and 39.6% bracket will only have to pay 28% of the profits they make from selling gold.