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<p>[QUOTE=&quot;coin0709, post: 7848931, member: 37995&quot;]It is not that simple I&#039;m afraid. If I pay cash (hypothetically 3000x$16)=$48,000, then that would trigger me having to file an IRS 1099B to report the sale and would then trigger a Capital Gains reporting requirement for my seller. However, some sites say I can pay via a personal check and there are no 1099-B reporting or Capital Gains tax implications. I just don&#039;t know what is 100% accurate. I just found this too, but I wonder if anyone has already consulted their tax professional for a definitive answer from the IRS?</p><p><br /></p><p>&quot;The International Council for Tangible Assets (ICTA) has published guidelines for which precious metals transactions must be reported to the IRS based on negotiations it had with the IRS. While ICTA believes they reflect the spirit of their discussions with the IRS, they are only guidelines, not a ruling, and are thus open to interpretation by the IRS and subject to change without notice. As you likely know things aren’t always black and white with the IRS, which is why it’s important to check with your tax professional.&quot;[/QUOTE]</p><p><br /></p>

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