THE SHORT ANSWER
Form 1099-B is a broker reporting rule, not a list of tax-free gold sales
The IRS corrected the 2025 and 2026 precious-metals instructions in June 2026 and removed an example. Current treatment turns on CFTC-approved regulated futures contracts, deliverable form, minimum contract quantity, 24-hour aggregation and anti-avoidance language. Whether a broker files a form does not determine whether the owner must report gain.
CURRENT FOUR-PART TEST
Read the corrected instruction in sequence
Non-approved forms are outside this reporting rule.
Below the minimum can qualify for the exception.
Customer sales are considered together.
Known structuring defeats the exception.
WHY OLD CHARTS FAIL
Product-name tables can go stale when contract specifications or instructions change
An internet chart that lists coins and bars without an IRS revision date, futures contract reference and aggregation rule cannot establish current reporting. The June 28, 2026 correction removed the example in the instructions and supplied revised text. It did not convert a dealer blog into official guidance.
Ask the broker for the current instruction and contract basis used for the exact form and quantity. Preserve the buyer's legal name, proceeds, date, fees and any information return received.
TAXPAYER DUTY
No form, wrong form and taxable gain are three separate questions
Form 8949 reconciles relevant capital-asset sales, including transactions reported on an information return and transactions requiring owner reporting without one. Schedule D summarizes capital gains and losses. If a form is missing or appears wrong, retain the transaction evidence and seek a correction or professional guidance; do not omit a real disposition merely because paperwork is absent.
SELLER CHECKLIST
Records to keep even when the sale falls below broker reporting
- Exact product, weight, quantity, fineness and acquisition lot.
- Acquisition date, purchase invoice and established adjusted basis.
- Sale date, gross proceeds, buyer and settlement receipt.
- Commission, assay, shipping, insurance and other documented sale costs.
- Form 1099-B or written explanation of the buyer's reporting treatment, if available.
- Copies of the current IRS instructions and June 2026 correction used.
PRIMARY SOURCES
Current forms and correction
FAQ
Precious-metals reporting questions
Which gold sales require Form 1099-B?
The current IRS instructions use whether the metal form is deliverable under a CFTC-approved regulated futures contract and whether the sale reaches the minimum contract quantity, with 24-hour aggregation and anti-avoidance provisions. Product and quantity must be matched to current official instructions.
Are all 25-ounce or 1,000-ounce internet reporting charts correct?
Do not rely on an undated dealer chart. The IRS removed an example from the 2025 and 2026 instructions in June 2026 and replaced the precious-metals text. Use the current correction and instructions.
Do I report a gain if the dealer issues no 1099-B?
Potentially yes. Information reporting by a broker and income reporting by an owner are different obligations. Form 8949 and Schedule D may apply to a capital-asset sale even without a 1099-B.
Can I split a sale to stay below a reporting quantity?
The corrected instructions aggregate qualifying sales for one customer during a 24-hour period and deny the exception when a broker knows or has reason to know related persons are structuring sales to avoid reporting.