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Message:: [QUOTE="Blaubart, post: 2091862, member: 37498"]In the US, those trading between different commodities can be liable for taxes based on the difference between the basis and current value of the commodity being traded, even if no cash trades hands.  The current value of the commodity that you're receiving becomes your new basis. If that isn't complicated enough, there are different rules for reporting based on the product: IRS form 1099 EXEMPT silver bullion productsAmerican Silver Eagle - any quantityCanadian Maple Leaf - any quantityAustrian Philharmonic - any quantitySilver bar of any size - less than 1000oz per transactionSilver round of any size - less than 1000oz per transaction IRS form 1099 REQUIRED silver bullion productsSilver bar of any size - 1000oz or more per transactionSilver round of any size - 1000oz or more per transaction IRS form 1099 EXEMPT gold bullion productsAmerican Gold Eagle - any quantityAmerican Gold Buffalo - any quantityAustrian Philharmonic - any quantityCanadian Maple Leaf - less than 25ozSouth African Krugerrand - less than 25ozGold bar of any size - less than 32.15oz (1kg) per transaction IRS form 1099 REQUIRED gold bullion productsCanadian Maple Leaf - 25oz or more per transactionSouth African Krugerrand - 25oz or more per transactionGold bar of any size - 32.15oz (1kg) or more per transaction[/QUOTE]