does anyone have experience in selling larger sized bars to bullion dealers. i have a couple of 100 ouncers and was just wondering what kind of paperwork/red tape i have to go through when going to sell them. is there any reporting to irs or anything? T.I.A.
I've called and gotten quotes on selling a large quantity of 40% Halves I found but I haven't sold them. I'm thinking holding may be better right now but my oppinion is no better than anyone else's.
Check out the Sell to Apmex link on their site, call them to ask them about the process or use the live chat online. Ditto that on Kitco Here's some info from Bullion Direct on reporting bullion sales
Have you considered selling on CT. There is section area for members to sale what appears to be on a casual basis. The members of CT that have posted sales have passed on some really special items and prices. I have been a very happy customer from at least three of the members. At a bar at a time, you would not be doing anything underhanded that I could think of, but then I am not a tax lady. Just an idea to look into. I'm not real knowledgable about these things.
you could check out some local places. get to know them and they will help you out.:kewl: i know someone who sells gold bars every few months to some coin shop and they give 80% cash and the other 20% is a check and reported.
This chart may help you. Part of the reason I prefer coins. I could unload them in smaller quantities. I'm sure I could unload quite a bit undetected by hiting a few Diamond district dealers one afternoon. http://www.blanchardonline.com/customerservice/icta-broker-reporting-1099-b.php It appears there are no requirements for 40% silver.
You should have no problem selling to a reputable coin shop for cash provided the bars are from well known producers and are well marked.Most coin shops will offer 5% below spot to buy and 5% over spot to sell.I would avoid selling privately unless you know the person and certainly don't list them in a local newspaper or online.
