IRS INFORMATION

IRS Reporting Requirements

Folsom Gold Exchange is required to file Internal Revenue Service Information Form 1099-B for the following precious metals sales for a single customer within a 24-hour period:
Reportable Item Minimum Fineness Minimum Reportable Amount
Gold Bars .995 Any size bars totaling 1 Kilo (32.15 troy oz.) or more
Silver Bars .999 Any size bars totaling 1,000 troy oz. or more
Platinum Bars .9995 Any size bars totaling 25 troy oz. or more
Palladium Bars .9995 Any size bars totaling 100 troy oz. or more
Gold 1 oz. Maple Leaf As minted 25 1-oz. coins
Gold 1 oz. Krugerrand As minted 25 1-oz. coins
Gold 1 oz. Mexican Onza As minted 25 1-oz. coins
U.S. 90% Silver Coins As minted Any combination of dimes, quarters, or half-dollars totaling $1,000 face value or more
Note: Sales of quantities less than shown on the chart above, or sales of other precious metals, are not reportable on Form 1099-B.
W-9 Requirement: If you engage in a reportable sale, Folsom Gold Exchange will require that you complete and sign IRS Form W-9, Request for Taxpayer Identification Number and Certification, before completing the transaction.

For more information, visit www.irs.gov.

Required Information for Cash Transactions

Folsom Gold Exchange, like all financial institutions, is required to comply with state and federal laws and regulations which require that we know who is conducting a transaction with us. We are required by law to report certain cash transactions to the Internal Revenue Service. These reporting requirements include both single "cash" transactions and aggregated "cash" transactions.

In order to meet IRS reporting requirements, our policy is to collect identification information as listed below for cash transactions whenever deemed necessary as a requirement.

Accordingly, Folsom Gold Exchange may be required to obtain personal information about individuals conducting a cash transaction. Required information may include:

  • Complete legal name
  • Permanent street address
  • Telephone number
  • Taxpayer Identification Number
  • Social Security Number
  • Date of birth
  • Occupation
  • Business and ID number
  • Driver's license or government-issued ID card
Questions?
If you have questions about reporting cash activity, contact the Internal Revenue Service (IRS) at www.irs.gov.

For questions about any other requirements, contact the Financial Crimes Enforcement Network (FinCEN) at www.fincen.gov.